Smart Pills Technology Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3304
Smart Pills Technology Market size is projected to experience significant growth from 2019 to 2025.
Increase in number of people suffering from gastrointestinal disorders will influence the smart pills market growth over the forecast period. Gastrointestinal, pancreatic and liver diseases are a major source of significant amount of mortality, morbidity and burden on healthcare system across the globe. High prevalence of liver and gastrointestinal diseases has led to substantial amount of burden on the healthcare system, propelling the business growth.
Increase in demand for minimally invasive surgeries and devices will result in smart pills technology gaining considerable growth in the near future. Growing intake of ingestible medical devices has propelled the consumption of smart pills, replacing the conventional method of invasive endoscopic procedures; such factors will play vital role in industry growth.
Recent technological advancements in smart pills such as minuscule cameras and embeddable wireless device allows the patients to detect any health concerns, diseases and other problems sooner, hence increasing the product demand. Also, the increasing use of smart pills in maintaining and monitoring adherence to medication will help drive the smart pills technology market growth.
High cost and extreme health risks associated with the consumption of smart pills and will impede the growth of smart pills technology market in the coming years. The use of smart pills has several advantages in diagnosis of diseases, patient monitoring and drug delivery but also has severe side effects on the patient’s health. These side effects from the use of smart pills may hamper the industry growth.
Capsule endoscopy is anticipated to show robust growth in the forecast timeframe. It is regarded as a main technological innovation that influence management and diagnosis of various gastrointestinal diseases such as bowel diseases, esophageal disorders, and colonic disorders. Capsule endoscopy segment is gaining strong foothold in the smart pills technology market owing to various complete gastrointestinal examinations that include intestine, esophagus and stomach.
Crohn's disease is estimated to show lucrative growth in the forthcoming years. According to the Center for Disease Control and Prevention (CDC), in 2015, around 3 million U.S. adults were diagnosed with Crohn’s disease. Rising prevalence of Crohn's disease in young population aged between 15 and 30 along with several environmental factors that increase the severity of the disease will augment the growth of smart pills technology market in the Crohn's disease segment.
U.S. smart pills technology market is estimated to hold a majority of market share in North America. Presence of enhanced healthcare infrastructure, rapid technological advancements and high prevalence of gastrointestinal disorders among the people will boost the demand for smart pills. According to the National Institute of Diabetes and Digestive and Kidney Diseases, around 60 to 70 million Americans are currently affected by various types of digestive diseases. Rising prevalence of gastrointestinal diseases and technological advancements will foster the growth of smart pills technology market in the U.S.
India will witness considerable growth in the smart pills technology market during the forecast period. The gastrointestinal diseases account for large number of mortality cases across the Asia Pacific region owing to consumption of unhealthy spicy food, fermented food and alcohol, smoking, and inappropriate sanitary conditions in the country. According to the Gastroenterology and Hepatology Journal, developing nations such as India are experiencing exceptionally high demand for minimally invasive devices and procedures, fueling the smart pills technology market growth.
Some of the key industry players are Boston Scientific Corporation, GE Healthcare, Given Imaging Ltd, Microchips, Novartis AG, Olympus Medical Technology, Phillips, Pixie Scientific, Proteus Pharmaceuticals, and Vitality. The players focus on major strategies such as new product launch and development along with strategic alliances to expand their business product portfolio.
Smart Pills Market by Technology, 2014-2025 (USD Million)
- Capsule Endoscopy
- Patient Monitoring
- Drug Delivery
Smart Pills Market by Disease, 2014-2025 (USD Million)
- Crohn’s Disease
- Celiac Disease
- Inherited Polyposis Syndromes
- Small Bowel Tumors
- Occult GI Bleeding
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Boston Scientific Corporation
- GE Healthcare
- Given Imaging Ltd
- Novartis AG
- Olympus Medical Technology
- Pixie Scientific
- Proteus Pharmaceuticals
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