Global Smart Pills Market Overview:
MRFR in its latest report projects that the global smart pills market will surge as impressive CAGR of 14.2% during the review period. Smart pills are ground-breaking ingestible medical devices. They are finding application opportunities in areas such as drug delivery, treatment, and diagnosis. A considerable emphasis is being placed on development of capsule-sized medical devices to make various types of medical procedures safer and simpler.
Expanding global geriatric population and increased prevalence of various types of chronic and acute disorders such as cancer, diabetes etc. have led to a greater need for innovative medical solutions such as Smart Pills Market. These pills facilitate on-site diagnosis with minimum medical arrangements. Nonetheless, there are several challenges in the form of regulatory norms, lengthy product approval process and high cost that are yet to be tackled.
Global Smart Pills Market: Segmental Analysis:
MRFR’s report includes a detailed segmental analysis of the market based on target area, application, end-user, and disease indication. By target area, the market has been segmented into esophagus, stomach, large intestine, and small intestine. By application, the market has been segmented into drug delivery, patient monitoring, capsule endoscopy, and others. The capsule endoscopy segment is further sub-segmented into colon capsule endoscopy, controllable capsule endoscopy, small bowel capsule endoscopy and others. The patient monitoring segment is further sub-segmented into capsule pH monitoring and others. Bases on end-user, the market has been into diagnostic center, research institute and hospitals. By disease indication, the market is segmented into small bowel diseases, esophageal diseases, colon diseases and others.
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Smart Pills Market: Competitive Landscape
INTROMEDIC, PENTAX Medical, JINSHAN Science & Technology, Check-Cap, RF Co., Ltd., CapsoVision, Inc., Olympus Corporation, FUJIFILM Holdings Corporation, Proteus Digital Health, Inc., BDD Limited, MEDISAFE and MEDTRONIC are some of notable market players mentioned in the report.
Global Smart Pills Market: Regional Analysis
In the report, the market has been covered across Europe, Asia Pacific (APAC), North America, South America, and the Middle East & Africa (MEA). North America and South America collectively hold the largest market share in terms of value. North America especially is likely to remain highly lucrative during the assessment period. Factors such as rising incidence of chronic disorders, presence of robust reimbursement policies, rapid adoption of next-generation medical technologies are reflecting favorably on the region’s market. As per the organization Partnership to Fight Chronic Disease (PFCD) over 133 Mn people in the U.S have at least one chronic disease, which is equivalent to almost 45% of the total population. In the U.S., chronic diseases are also responsible for a sizable number of deaths.
Europe and Asia Pacific are the other two important market for smart pills. In Europe, factors such as high healthcare expenditure and increased focus on delivering effective healthcare is driving the growth of the market. The European Union continues to strive for higher cost-efficiency and safety in healthcare. The European Commission revealed that healthcare accounted for more 16% of total expenditure in Europe in 2016.
Meanwhile, the market in Asia Pacific is projected to witness the fastest growth during the forecast period. Fueled by the expanding patient pool, increased investment in healthcare and rapid healthcare penetration, the smart pills market in APAC is set to exhibit a strong CAGR over 2022. The market in MEA is also expected to register an impressive growth rate but from a smaller growth rate. The healthcare sector is undergoing tremendous transformation in the Middles East, which GCC countries such as Saudi Arabia, UAE and Qatar at the forefront. However, differences in socio-political ideologies among various MEA countries and extensive reliance on the Oil and gas sector are some of the issues that pose a threat to the market in the region.
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Smart Pills Market 2021Smart pills Market are indigestible capsules which are being used in multiple healthcare applications such as medical imaging, drug delivery, cancer diagnostics, etc.
Smart pills are essentially microelectronic devices that have the capability of reaching different parts of the digestive system without having any counter effects on the individual's body.
Check-Cap, for instance, provides micro pills that help in the faster detection of polyps, thereby preventing the formation of cancerous cells.
The rising demand for accurate diagnosis and treatment of adverse health conditions using advanced imaging systems is leading to the growth of the global Smart Pills Market.Access Full Report Details and Order this Premium Report @ https://www.absolutemarketsinsights.com/reports/Smart-Pills-Market-2020-2028-787Major Key Players:Some of the players operating in the Smart Pills Market are BDD Pharma Ltd, CapsoVision, Inc, Check-Cap, etectRx, HQ, Inc., Jinshan Science & Technology (Group) Co., Ltd., Medimetrics Personalized Drug Delivery B.V., Medtronic, Olympus, Veloce Digital Health, amongst others.Key findings of the report:In terms of revenue, the global Smart Pills Market was valued at US$ 3234.14 Mn in 2019 and is anticipated to grow at a CAGR of 18.50% over the forecast period.North America accounted for the highest market share in the global Smart Pills Market in 2019.
The greater awareness regarding the use of smart pills in countries like the U.S. and Canada, coupled with the higher investment in technological innovation in healthcare is a major reason for the greater share of North America in the global Smart Pills Market.
However, the APAC region is expected to show the highest growth during the forecast years in the global Smart Pills Market.Diagnostic imaging accounted for a considerable share in the global Smart Pills Market as far as the applications of smart pills are concerned.
