Zion Market Research has published a new report titled “Ingestible Smart Pills Market by Component Type (Smart Pills and Workstation), Applications and End-User: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, global ingestible smart pills market was valued at approximately USD 743.6 million in 2016 and is expected to generate revenue of around USD 1,147.6 million by 2022, growing at a CAGR of 7.5% between 2017 and 2022.
The ingestible smart pill is a revolutionary technological innovation that has reduced the gap between healthcare and digital technology. Smart pills are basically medical devices and small embedded electronic appliances such as sensors, cameras, and trackers. This electronic device can be easily swallowed and provides a complete evaluation of the gastrointestinal tract (GIT). The emergence of these healthcare-cum-technology devices has addressed the soaring need for better diagnostics and monitoring. It has outperformed the conventional GI monitoring endoscopy with more convenient smart pill technology, which has now become the standard non-invasive diagnosis technique for motility disorders. Moreover, it helps physicians in real-time patient monitoring through remote controlling options.
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The elderly population is more prone to gastrointestinal disorders. Capsule endoscope plays a pivotal role in early diagnosis and proper treatment. With new component innovations and hybrid imaging technologies, more patients undergo screening and diagnostic endoscopy. This particular factor is creating a positive impact on the smart pills segment. Also, this segment is seen as the next big frontier by component in the global ingestible smart pills market, where many of the novel and most interesting advances are expected to take place in the near future. The population with the utmost need for home health care services experiences difficulty in operating these devices. Therefore, creators and developers are striving to increase the usability and accessibility of smart pills, so that these devices offer valuable insights on user health. The devices are developed in such a manner that a layman can interpret the data easily. Most companies in this market provide compatible software that collects data over a long period of time and offers valuable information on patient health along with suggestions to improve lifestyle. These smart pill devices can also be connected to smartphones through the Bluetooth component. Thus, users can view data in a statistical and user-friendly format. This has increased market demand for smart pills globally.
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The ingestible smart pills market is segmented on the basis of component type into smart pills and workstations. Smart pills segment is expected to grow at fastest rate in the global market over the forecast period.
The ingestible smart pills market is segmented on the basis of application into imaging and patient monitoring. Patient monitoring segment is expected to grow at fastest rate in global market over the forecast period
Hospitals, clinics, research institutes and home health care are key end-users of the global ingestible smart pills market. The hospital’s segment dominated the market in terms of revenue in 2016.
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North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of global ingestible smart pills market. North America is anticipated to remain the leading region over the forecast period. Gastrointestinal diseases affect around 60 to 70 million Americans annually. Spending on gastrointestinal diseases in the U.S. has been estimated at $142 billion per year in direct and indirect costs. Asia Pacific is expected to be the fastest growing region in ingestible smart pills market during the forecast period reasons being large geriatric population and increasing investment/expansion by companies. Moreover, the Middle East and Africa and Latin America are also expected to show considerable growth for this market owing to the increased burden of diseases.
Some of the key players in ingestible smart pills market include Body-Cap Medical, CapsoVision, Inc., Check-Cap Ltd, Chongqing Jinshan Science and Component (Group) Co., Ltd., Given Imaging Ltd., IntroMedic Co., Ltd., Medimetrics, Olympus Corporation, Philips Respironics, Proteus Digital Health, Inc. Companies are involved in collaboration agreements for R&D to exploit maximum potential.
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