- Global Smart Pills Market is expected to generate around $1.5 billion by 2025.
- The CAGR of Smart Pills Market around 8.3% between 2019 and 2025.
- North America is likely to dominate the global smart pills market over the forecast time period.
Smart pills are revolutionary technological innovations that have reduced the gap between digital technology and healthcare. Smart pills are basically small-embedded electronic appliances or medical devices that are embedded with cameras, sensors, and trackers. These electronic devices can be easily swallowed, as they provide a complete evaluation of the gastrointestinal monitoring tract. The advent of these healthcare-cum-technology devices has addressed the soaring needs for better diagnosis and monitoring. The growing prevalence of chronic gastrointestinal illnesses is driving the smart pills market globally, as these are more efficient in diagnosing these diseases. Additionally, the changing lifestyle also includes a shift in the dietary patterns, which is also boosting the smart pills market globally. Similarly, the rising disposable income of the population in developing countries of the Asia Pacific is further propelling this market, owing to its affordability. Furthermore, there has also been a noticeable shift of patients from hospitals to home care settings. Many patients require constant health monitoring and prefer the comforts of home healthcare monitoring over the costly and inconvenient hospital care, which is further boosting the market growth for smart pills.
According to the report, the global smart pills market was approximately $860 million in 2018 and is expected to generate around $1.5 billion by 2025, at a CAGR of around 8.3% between 2019 and 2025.
The component segment of the global smart pills market includes workstation and smart pills (capsule endoscopy and patient monitoring). The capsule endoscopy segment further includes esophagus endoscopy, small bowel endoscopy, and colon endoscopy. The smart pills segment held a major market share in 2018. Diagnostic devices or sensor embedded systems support the monitoring of vital parameters like pH, pulse rate, temperature, and other signs in the comfort zone of the patient.
On the basis of application, the smart pills market is bifurcated into patient monitoring and imaging. The patient monitoring segment is likely to grow at the fastest rate in the future.
By end-user, the smart pills market includes clinics, hospitals, home healthcare, and research institutes. Hospitals held a major market share in terms of revenue in 2018. Additionally, the home healthcare segment is likely to register the highest CAGR over the forecast time period, owing to its convenience to the patients.
North America is likely to dominate the global smart pills market over the forecast time period, owing to the growing of non-invasive treatments in the U.S. and Canada, favorable reimbursement policies, FDA approvals for smart pills, and rising investments by government and private agencies. The Asia Pacific smart pills market is relatively new to the smart pills technology, but the rising support for endoscopy research, growing investments by corporate players, and changing reimbursement scenario across the region is likely to drive the growth of the smart pill technology in the Asia Pacific.
Some leading players in the global smart pills market include Proteus Digital Health, Check-Cap, Body-Cap Medical, CapsoVision, Medimetrics, Given Imaging, Chongqing Jinshan Science and Technology, IntroMedic, Olympus Corporation, and Philips Respironics.