Smart pill is a technological innovation that has bridged the unsought gap between healthcare and digital technology. The advent of novel smart pill technologies has revolutionized gastrointestinal (GI) monitoring and diagnosis techniques. Non-invasiveness, patient convenience and real time monitoring offered by smart pills boost their adoption in the treatment of numerous diseases. The growth of global smart pills technology market is supplemented by the growing adoption of capsule endoscopy, spurring demand for smart pills in GI monitoring and the rising prevalence of gastrointestinal diseases. However, factors such as high costs, limited technical know-how and low acceptance among patients (fear of ingesting electronic devices) are likely to restrain the growth of the market.
According to a new report by Allied Market Research, titled, “World Smart Pills Technology – Market Opportunity and Forecast, 2014-2020″, the world smart pills technology market would reach $627.1 million by 2020, registering a CAGR of 21.2% during 2015-2020. GI monitoring technology is forecast as the fastest growing segment, expected to register a CAGR of 42% during the forecast period. This growth is primarily supplemented by the growing popularity of smart pills in the monitoring of motility disorders.
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Gastrointestinal diagnosis accounted for the highest revenue with about 84% of market share. The growth of this segment is primarily supplemented by the increasing incidences of obscure gastrointestinal bleeding and small bowel tumours, popularity of capsule endoscopy techniques and the availability of varied capsule endoscopy products.
Key finding of the study
- Capsule endoscopy accounted for the highest revenue in 2014
- GI monitoring application segment is expected to register fastest growth forecast period, fastest among all segments
- North America and Europe collectively accounted for the largest market share of 83% in the overall smart pills technology market, in 2014
North America accounted for about 3/5th of the market revenue in 2014, highest amongst all. The growth in this region is primarily attributed to the early adoption of novel technologies, a large patient population, high disposable incomes and the frequent commercialization of smart pill products. The leading players in the market are adopting acquisition and collaborations as key developmental strategies. The leading companies profiled in this report are – Given Imaging Inc., Olympus Corporation, IntroMedic Inc., CapsoVision Inc., Chongqing Jinshan Science & Technology Group Co. Ltd., Proteus Digital Health Inc., Medimetrics.
To know more about the report, visit the website at https://www.alliedmarketresearch.com/Smart-pills-technology-market
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