Smart pills are indigestible capsules which are being used in multiple healthcare applications such as medical imaging, drug delivery, cancer diagnostics, etc. Smart pills are essentially microelectronic devices that have the capability of reaching different parts of the digestive system without having any counter effects on the individual's body. Check-Cap, for instance, provides micro pills that help in the faster detection of polyps, thereby preventing the formation of cancerous cells. The rising demand for accurate diagnosis and treatment of adverse health conditions using advanced imaging systems is leading to the growth of the global smart pills market.
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The COVID-19 pandemic is forcing healthcare and pharmaceutical companies to come up with innovative solutions to tackle the spread of the virus, and provide remote care to the patients. Smart pills have the potential of evaluating the impact of the coronavirus on the human body with the help of diagnostic imaging. Furthermore, smart pills can also be used for targeted drug delivery, thereby increasing the effectiveness of the drugs. Therefore, the COVID-19 pandemic is expected to have a positive impact on the global smart pills market.
The detailed research study provides qualitative and quantitative analysis of smart pills market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- In terms of revenue, the global smart pills market was valued at US$ 3234.14 Mn in 2019 and is anticipated to grow at a CAGR of 18.50% over the forecast period.
- North America accounted for the highest market share in the global smart pills market in 2019. The greater awareness regarding the use of smart pills in countries like the U.S. and Canada, coupled with the higher investment in technological innovation in healthcare is a major reason for the greater share of North America in the global smart pills market. However, the APAC region is expected to show the highest growth during the forecast years in the global smart pills market.
- Diagnostic imaging accounted for a considerable share in the global smart pills market as far as the applications of smart pills are concerned. The ability of the smart pills to provide accurate imaging of the digestive tract, with a greater degree of accuracy, is leading due to the growth of smart pills for diagnostic imaging.
- Acute gastrointestinal bleeding segment is expected to show considerable growth in the global smart pills market during the forecast years. Gastrointestinal bleeding is a major concern amongst the healthcare professionals as it can lead to complications, thereby increasing the fatality rate. Studies show that the annual expenditure on gastro-related illnesses was around US$ 136 billion in the U.S. alone. Smart pills can help in the faster diagnosis of gastrointestinal illnesses, especially internal bleeding in the small intestine, thereby saving countless lives.
- Some of the players operating in the smart pills market are BDD Pharma Ltd, CapsoVision, Inc, Check-Cap, etectRx, HQ, Inc., Jinshan Science & Technology (Group) Co., Ltd., Medimetrics Personalized Drug Delivery B.V., Medtronic, Olympus, Veloce Digital Health, amongst others.
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Global Smart Pills Market:
- By Application
- Diagnostic Imaging
- Vital Sign Monitoring
- Targeted Drug Delivery
- By Area
- Esophagus
- Stomach
- Small Intestine
- Large Intestine
- Others
- By Disease Indication
- Acute gastrointestinal bleeding
- Crohn’s disease (CD)
- Esophagitis and Barrett’s esophagus
- Others
- By End User
- Hospitals
- Clinics
- Diagnostic Centers
- Research Centers
- Universities
- Others
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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