Global Smart Pills Technology Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $627.1 million by 2026, registering a CAGR of 21.2% during the period 2018-2026. 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.
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.
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COVID-19 scenario analysis:
1) The COVID-19 impact on the Smart pills technology market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
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Key Finding of Smart Pills Technology Market:
Capsule endoscopy accounted for the highest revenue in 2016
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 2016
List of Key Players Profiled in the Report: