DUBLIN, July 28, 2023 /PRNewswire/ — The “Smart Pills Market by Application (Capsule Endoscopy, Drug Delivery, Patient Monitoring), Target Area (Esophagus, Small Intestine, Large Intestine, Stomach), End User (Hospitals, Diagnostic Centers), Region – Global Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global smart pills market is projected to reach USD 1.1 billion by 2028, growing at a CAGR of 11.8% during the forecast period.
Market Dynamics:
The Smart Pills Market is driven by several factors that impact its growth. The key market dynamics are as follows:
Drivers:
- Rising Demand for Non-Invasive Diagnostic Monitoring Devices: The growing demand for non-invasive diagnostic monitoring devices is a major driver for the smart pills market. Smart pills offer a less invasive and more comfortable alternative to traditional diagnostic procedures.
- Technological Advancements in Capsule Endoscopy: Advancements in capsule endoscopy technology have led to improved diagnostic capabilities, enhanced patient experience, and better operational efficiency, driving the adoption of smart pills.
- Increasing Incidence of Colon Cancer: The rising incidence of colon cancer is fueling the demand for effective screening, diagnosis, and monitoring of gastrointestinal disorders, contributing to the growth of the smart pills market.
Restraints:
- High Costs: The high costs associated with smart pills may limit their adoption, especially in cost-sensitive healthcare settings.
- Technical Limitations: Some technical limitations related to the accuracy of smart pills may restrain market growth to some extent.
Opportunities:
- Growing Demand for Advanced Drug Delivery Systems: The increasing need for advanced drug delivery systems presents opportunities for market players to develop innovative smart pills for drug delivery.
- Need for Rapid Drug Development Process: The demand for a rapid drug development process is expected to create opportunities for market players to develop smart pills for efficient drug testing.
Challenges:
- Patient Privacy Concerns: Concerns related to patient privacy and data security may pose challenges for the widespread adoption of smart pills.
Market Segmentations:
The Smart Pills Market is segmented based on Application, Target Area, and End User.
- By Application, the market is divided into:
- Capsule Endoscopy
- Drug Delivery
- Patient Monitoring
- By Target Area, the market is broadly segmented into:
- Esophagus
- Small Intestine
- Large Intestine
- Stomach
- By End User, the market is classified into:
- Hospitals
- Diagnostic Centers
Regional Outlook:
Europe accounted for the second-largest share of the smart pills market in 2022, driven by the growth in the aging population and increased utilization of capsule endoscopy for gastrointestinal bleeding. The endorsement of capsule endoscopy by the European Society of Gastrointestinal Endoscopy (ESGE) guidelines provides standardized approaches for healthcare professionals, enhancing the quality of care provided to patients and driving the demand for smart pills and related technologies.
Companies Mentioned:
The key players operating in the smart pills market include RF Co., Ltd (Japan), etectrx(US), Olympus Corporation (Japan), BodyCap (France), Chongqing Jinshan Science Technology (Group) Co., Ltd (China), Check-Cap Ltd. (Israel), CapsoVision, Inc. (US), ANX Robotica Corp. (US), Medtronic plc (US), IntroMedic (South Korea), Shenzen Jifu Medical Technology Co., Ltd (China), and Otsuka America Pharmaceutical, Inc. (US).
Scope of the Study:
The report offers a comprehensive evaluation of the Global Smart Pills Market, including key market dynamics, trends, segmentation analysis, historical and projected market size, and market shares of key players. It also provides recommendations to companies for strengthening their foothold in the market.
For more information about this report visit https://www.researchandmarkets.com/r/7kh0j1
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