Global Smart Pill Market Detailed Analytical Overview by 2024
The Infinium Global Research analyzes the Smart Pill Market over the period of 2018 to 2024. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global smart pill market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of smart pill. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the smart pill market during the period. The global smart pill market is projected to grow at a CAGR of 19.57% over the forecast period of 2018-2024.
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Smart pill is a capsule-sized ingestible device that consists of components such as sensors, cameras, patches, and trackers that help in better diagnostics, patient monitoring, as well as targeted drug delivery. The smart pill capsule is slightly bigger than a multi-vitamin capsule which measures about 26 mm x 13 mm in size. The smart pill system is comprised of capsules, a data receiver, an activation fixture, a docking station, and a system computer loaded with software. It possesses a small wearable sensor patch, an application on a mobile device, and a provider portal. Once swallowed, it gets activated in the gut. As the capsule travels through the GI tract, it will collect pressure, pH, and temperature data.
Demand for Less Invasive and More Comfortable Technologies is A Major Driving Factor for the Expansion of the Smart Pill Market
The shifting trend towards fast food consumption has led to growing cases of gastronomical disorders. The Smart pill is a convenient and radiation-free process to assess gastrointestinal motility and diagnose gastroparesis and chronic constipation. The demand for less invasive and more comfortable technologies is a major driving factor for the expansion of the smart pill market. The increase in the geriatric population stimulates the acceptance of Smart pills owing to the increasing vulnerabilities in old age. Relatives can monitor the patient’s medication habits by using a smart pill. Additionally, to monitor the temperature of the body, smart pills are also used by sportspersons applied to their performance which propel the smart pill market. However, the adaptability of the body to these pills, low availability, and privacy issues hamper the growth of the smart pill market.
Smart Pill Market: Segmentation
The global smart pill market is segmented on the basis of components and technology. On the basis of components, the global smart pill market is categorized into hardware and software. On the basis of technology, the global smart pill market is categorized into monitoring and diagnosis. Many of the key players in the market are offering compatible software for collecting data over a longer duration and imparting valuable information about patient health, coupled with suggestions for improving their life quality which makes the software segment more dominant. The facility of being connected to smartphones through Bluetooth, and provision of data in user-friendly & statistical format is likely to boost the demand for smart pills. The diagnostic is dominating segment on the basis of technology owing to the growing preferences toward non-invasive diagnostic procedures and the significant increase in gastrointestinal disorders across the globe.
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North America Holds the Highest Share in the Smart Pill Market
Geographically, the global smart pill market is divided into four regions, North America, Europe, Asia-Pacific, and RoW. North America holds the highest share in the smart pill market owing to the eating habits, rising disposable income, and the increase in the elderly population in this region. Additionally, the strong presence of the major industrial players in the North America region boosts the smart pill market. Europe is the fastest-growing region owing to the increasing trend of the adoption of smart technologies.
Smart Pill Market: Competitive Analysis
Some of the major companies in the global smart pill market are Given Imaging Ltd., Smart Pill Corporation, Medtronic PLC, Check-Cap, MediSafe, IntroMedic, Olympus Corporation, Bio-Images Research Limited, CapsoVision, Inc., and GE Healthcare among others.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the smart pill.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.