Smart Pills Market Growth & Trends
The global smart pills market size is expected to reach USD 4.09 billion by 2030, registering a CAGR of 11.4% during the forecast period, according to a new report by Grand View Research, Inc. An increase in prevalence of diseases such as colorectal cancer and gastrointestinal disorders, expansion in the geographical reach of major players, rising cancer screening awareness programs, and expeditious FDA approvals are prime factors that are expected to drive the market growth over the forecast period.
Smart pills have transformed the landscape of small bowel, colon, and gastrointestinal endoscopy by providing a non-invasive and accurate method for visualizing distal duodenum, jejunum, small bowel, colon, gastrointestinal, and ileum. Smart pills are mostly used for screening and treatment of diseases such as colorectal cancer, gastroparesis, gastric ulcers, and gastroesophageal disorders.
Consumers of smart pills mostly include geriatric population, immobile patients, and patients with paralysis. Considering the steady rise in geriatric population around the globe, the demand for advanced medical devices will also increase as they offer a degree of convenience to patients. Established players in this market are enhancing their portfolio by upgrading existing devices. On the other hand, new players are focused on capturing emerging economies with breakthrough products that are both advanced and affordable.
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Smart Pills Market Report
Smart Pills Market Report Highlights
- Capsule endoscopy is the largest application segment owing to factors such as growth in cancer screening awareness programs, increase in the incidence of Crohn’s disease and bowel cancer, and an increase in demand for minimally invasive procedures
- North America is the dominant region with the largest revenue share. The wide availability of products, favorable reimbursement policies, increase in government investments in healthcare, and an overall rise in healthcare expenditure support market growth
- Asia Pacific is expected to witness the fastest growth over the forecast period. Factors, such as an increase in disposable income, mandatory healthcare insurance, and rise in healthcare expenditure are expected to drive the market
- Commercially available smart pills include PillCam Capsule, ABILIFY MYCITE, CapsoCam, and Olympus Endocapsule
- Key players in the smart pills market include Medtronic, Olympus Corporation, Proteus Digital Health, MediSafe, and CapsoVision
