Global smart pills market is anticipated to post a notable CAGR of 20.8% during the forecast period i.e. 2017-2024. Additionally, growing inclination of consumers towards innovative and advanced healthcare products is believed to propel the growth of smart pills market. Moreover, the global smart pills market is projected to account for exponential sales of USD 8.5 Billion by the end of 2024.
The global smart pills market is segmented into application such as capsule endoscopy, drug delivery and patient monitoring out of which, capsule endoscopy segment dominated the overall smart pills market in 2016 and is projected to capture a noteworthy CAGR of 18.1% by the end of 2024. In addition to this, increased complexity in endoscopy procedures has augmented the demand for capsule endoscopy due to its patient friendly procedure to obtain imaging of the whole bowel. Apart from this, patient monitoring segment is believed to register a phenomenal CAGR by the end of 2024. Likely, growing prevalence of long terms disease such as colon cancer, Crohn’s and other diseases is believed to bolster the growth of Global Smart Pills Market.
In terms of geography, with 52.6% share, North America is slated to account for the lion share in the market of global smart pills. Moreover, U.S. is the dominating country in this region owing to presence of large healthcare industry along with presence of key vendors of smart pills that are rigorously investing in the research and development activities in order to develop advanced pills. Apart from this, Asia-Pacific region is projected to be most lucrative market of smart pills market owing to growing geriatric population and rising government initiatives. Additionally, Japan is believed to augment the demand for smart pills due to large population affected with colon cancer along with presence of high net worth individual.
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Increasing Government Initiatives
Rising healthcare expenditure along with favorable government initiatives to develop the healthcare infrastructure all across the globe is projected to flourish the growth of smart pills market. According to CDC, in 2015, U.S. healthcare spending increased 5.8% to reach USD 3.2 trillion which is also expected to impel the growth of smart pills market.
Growing Occurrence of Chronic Diseases
Rising prevalence of long term diseases is believed to foster the growth of smart pills market during the forecast period. For instance, there are 2,565,000 number of population affected with Crohn’s disease and this number is significantly increasing further which is expected to augment the demand for smart pills. Furthermore, growing awareness among the population regarding the benefits of smart pills in developed nations such as U.S., Japan and others is also propelling the market of smart pills market.
Although, high cost associated with smart pills is envisioned to hamper the growth of smart pills market by 2024.
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The report titled “Smart Pills Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global smart pills market in terms of market segmentation by application, by target area and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global Smart Pills market which includes company profiling of Medtronic, Inc., Proteus Digital Health, CapsoVision, Inc., Olympus Corporation, Medisafe, Medimetrics & Bio-Images Research, Given Imaging, Inc. and Philips Healthcare. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global smart pills market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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