Surge in the prevalence of lifestyle-related disorders, such as obesity, gastroesophageal reflux disease (GERD), gastric ulcers, and others drive the growth of the global smart pills technology market.
PORTLAND, Ore., April 21, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Pills Technology Market by Application (Capsule Endoscopy, Drug Delivery, Patient Monitoring), by Target Area (Esophagus, Stomach, Small Intestine, Large Intestine), by Disease Indication (Barrett'S Esophagus, Small Bowel Diseases, Colon Cancer, Others), by End User (Hospitals and Clinics, Diagnostic Centres, Research Centres): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global smart pills technology industry was estimated at $3.2 billion in 2020, and is expected to hit $7.5 billion by 2030, registering a CAGR of 8.8% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Increase in chronic disorders such as cancer, diabetes, and others, and surge in the prevalence of lifestyle-related disorders, such as obesity, gastroesophageal reflux disease (GERD), gastric ulcers, and others drive the growth of the global smart pills technology market. On the other hand, high cost associated with the ingestible sensor impedes the growth to some extent. Nevertheless, rise in technological advances pertaining to the best smart pill is expected to create lucrative opportunities in the industry.
Covid-19 Scenario-
- There was a significant decline in overall outpatient visits across the world, which impacted the global smart pills technology market negatively, especially during the initial period, since they are generally provided to patients in hospitals and healthcare centers.
- However, as the global situation is getting better, the market is anticipated to get back on track soon.
The hospitals & clinics segment to retain the lion's share
By end-user, the hospitals & clinics segment held the major share in 2020, garnering nearly half of the global smart pills technology market, owing to surge in the number of patients suffering from colon cancer. The research centers segment, on the other hand, is projected to cite the fastest CAGR of 13.0% throughout the forecast period, due to increased R&D investments in developing smart pills.
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The Barrett'S Esophagus segment to dominate by 2030
By disease indication, the Barrett'S Esophagus segment contributed to the lion's share in 2020, holding nearly two-fifths of the global smart pills technology market, due to rise in the prevalence of gastrointestinal disorders among people. However, the colon cancer segment is projected to manifest the fastest CAGR of 9.7% from 2021 to 2030.
North America held the major share in 2020
By region, North America dominated in 2020, garnering around two-fifths of the global smart pills technology market. This is attributed to increase in technological advancements in the healthcare sector, rise in the prevalence of colorectal cancer, and regulatory approvals of new products across the region. The market across Asia-Pacific, simultaneously, is expected to cite the fastest CAGR of 10.2% throughout the forecast period. Developments in healthcare infrastructure coupled with the higher prevalence of chronic and targeted diseases such as cancer and others in the region drive the market growth.
Key players in the industry-
- Proteus Digital Health
- Olympus Corporations
- RF Co., Ltd
- HQ, Inc.
- CapsoVision, Inc.
- Medtronic Plc.
- IntroMedic Co., Ltd
- JINSHAN Science and Technology
- Check Cap
- Koninklijke Philips N.V
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