Pune, India -- (SBWire) -- 12/07/2018 --Global Smart Pills Market: Information by Application (Patient Monitoring and Others), Target Area (Esophagus, Small Intestine, and Others), Disease Indication (Disease Indication, and Others) End User (Hospitals and Others)—Global Forecast till 2023
The global smart pills market accounts for USD 1,800 million and expected to register healthy CAGR ~14.2% during the forecast period.
According to the National Diabetes Statistics Report published by Centers for Disease Control and Prevention, in 2015, In the US 1.5 million new cases of diabetes were registered and approximately USD 245 billion spent on diagnosis and treatment of diabetes
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Smart pills are small capsule-sized ingestible medical devices. Smart pills are used for diagnosis, treatment, and drug delivery. The growing geriatric population and with-it increasing diseases like paralysis are responsible for increasing demand for on-site diagnosis, increasing cases of chronic diseases like diabetes, cancer, and others, and rising prevalence of lifestyle disorders such as obesity, gastroesophageal reflux disease (GERD), and gastric ulcers are expected to drive the growth of the market.
Market Driving Key Players
Some of the key players in the global smart pills market are Olympus Corporation, Proteus Digital Health, Inc., CapsoVision, Inc., MEDTRONIC, FUJIFILM Holdings Corporation, RF Co., Ltd., Check-Cap, BDD Limited, JINSHAN Science & Technology, MEDISAFE, PENTAX Medical, and INTROMEDIC.
The increasing government restrictions, stringent regulatory authorities, and high cost associated with smart pills may hamper the growth of the market during the assessment period.
Global Smart Pills Market Has Been Segmented On The Basis Of Application, Target Area, Disease Indication, And End-User.
On the basis of application, the market has been classified capsule endoscopy, drug delivery, patient monitoring, and others. The capsule endoscopy segment has been further divided into small bowel capsule endoscopy, controllable capsule endoscopy, colon capsule endoscopy, and others. Patient monitoring segment has been divided into capsule pH monitoring and others.
Smart pills on the basis of the target area have been segmented into esophagus, small intestine, large intestine, and stomach.
The disease indication segment is divided into esophageal diseases, small bowel diseases, colon diseases, and others.
The market, by end-user, has been segmented into hospitals, diagnostic center, and research institute.
The market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The smart pills market in the Americas has further been segmented into North America and South America, with the North American market divided into the US and Canada.
The European smart pills market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The smart pills market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The smart pills market in the Middle East & Africa has been segmented into the Middle East and Africa.
Intended Audience
Smart capsule manufacturers
Healthcare providers
Medical device manufacturers
Research institutes and academic centers
Contract manufacturing organizations (CMOs)
Market research and consulting
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The Americas are expected to dominate the global smart pills market owing to the favorable reimbursement policies, increasing prevalence of chronic diseases, and adoption of highly advanced technology. According to The Partnership to Fight Chronic Disease (PFCD), more than 133 million Americans are suffering from at least one chronic disease which is equal to 45% of the total population and responsible for 7 out of 10 deaths.
The European market is expected to be the second-largest smart pills market. The market growth in this region can be attributed to the increasing number of lifestyle-related diseases like obesity, gastroesophageal reflux disease (GERD), and gastric ulcers along with rising healthcare expenditure are expected to drive the growth of the market. According to the European Commission, in 2016 European nations invested 16.2% of its total expenditure on healthcare.
Asia-Pacific is expected to be the fastest-growing smart pills market during the forecast period owing to the increasing geriatric population in the region, continuously increasing investment in healthcare and the adoption of technology in healthcare. According to the Economic and Social Commission for Asia and the Pacific (ESCAP), 12.4% of the total Asian population is 60 or above 60-year-old and by 2050 one third of the population will cross 60 years.
The market in the Middle East & Africa is expected to account for the smallest share of the global smart pills market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
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World Industry Scenario on Smart Pills Market Opportunities, Share, Emerging Technologies Analysis by Major Eminent Players by 2023