Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Smart Pills Market.
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. 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.
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.
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.
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