The global smart pills market is expected to reach USD 3.0 billion by 2025 at a CAGR of 15.5% during the forecast period, according to a new report by Grand View Research, Inc. Increase in prevalence of diseases such as colorectal cancer and gastrointestinal disorders, expansion in geographical reach of major players, rising cancer screening awareness programs, and expeditious FDA approvals are prime factors that are expected to drive market growth over the forecast period.
Smart pills have transformed the landscape of small bowel, colon, and gastrointestinal endoscopy by providing a non-invasive and accurate method for visualizing distal duodenum, jejunum, small bowel, colon, gastrointestinal, and ileum. Smart pills are mostly used for screening and treatment of diseases such as colorectal cancer, gastroparesis, gastric ulcers, and gastroesophageal disorders.
Consumers of smart pills mostly include geriatric population, immobile patients, and patients with paralysis. Considering the steady rise in geriatric population around the globe, the demand for advanced medical devices will also increase as they offer a degree of convenience to patients.
Established players in this market are enhancing their portfolio by upgrading existing devices. On the other hand, new players are focused on capturing emerging economies with breakthrough products that are both advanced and affordable.
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Further key findings from the report suggest:
Capsule endoscopy is the largest application segment owing to factors such as growth in cancer screening awareness programs, increase in incidence of Crohn’s disease and bowel cancer, and increase in demand for minimally invasive procedures
North America is the dominant region with the largest revenue share. Wide availability of products, favorable reimbursement policies, increase in government investments in healthcare, and an overall rise in healthcare expenditure support market growth
Asia Pacific is expected to witness the fastest growth over the forecast period. Factors such as increase in disposable income, mandatory healthcare insurance, and rise in healthcare expenditure are expected to drive the market
Commercially available smart pills include PillCam Capsule, ABILIFY MYCITE, CapsoCam, and Olympus Endocapsule
Key players in the smart pills market include Medtronic, Olympus Corporation, Proteus digital Health, MediSafe, and CapsoVision
Grand View Research has segmented the smart pills market on the basis of application and region:
Application Outlook (Revenue, USD Million, 2014 - 2025)
Patient Monitoring Software
Regional Outlook (Revenue, USD Million, 2014 - 2025)
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