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Smart Pills Market Segmented By Capsule Endoscopy, Drug Delivery, Patient Monitoring Application in Esophagus, Stomach, Small Intestine, Large Intestine Target Area
Smart pills have emerged as a revolutionary technological innovation, bridging the gap between digital technology and healthcare. Advent of these healthcare-cum-technological devices has enabled addressing soaring demand for better monitoring and diagnostics. Smart pills have now become standard technique for non-invasive diagnosis regarding motility disorders. Physicians prefer smart pills as they enable real-time patient monitoring via remote controlling options.
Demand for drug delivery systems having integral benefits such as minimal side/adverse effects, targeted drug delivery, optimal use of API, and reduced dosage frequency has witnessed a surge. This has further led to the integration of innovative drugs, advanced technologies and medical devices into drug delivery systems, thereby resulting into the development of smart pills. People suffering from chronic diseases who require to follow specific dose of medication are likely to be target patient base for smart pills.
Numerous smart pills are now being analyzed for potential application in therapeutics as well as diagnosis of several acute and chronic diseases. In addition, growing inclination toward minimally invasive surgeries has resulted into innovative techniques such as capsule endoscopy.
The elderly population is highly prone to gastrointestinal disorders. The capsule endoscopy plays an integral role in early diagnosis & proper treatment of these disorders, along with hybrid imaging technologies and new component innovations. Patients with utmost requirement for home healthcare services face challenges regarding access & use of smart pills. This has led developers and producers in increasing the accessibility & usability of these devices, facilitating the interpretation of data even for a layman.
Majority of the industries are offering compatible software for collecting data over longer duration and imparting valuable information about patient health, coupled with suggestions for improving their life quality. The facility of being connected to smartphones through Bluetooth, and provision of data in user-friendly & statistical format is likely to augment demand for smart pills in the near future.
According to Persistence Market Research (PMR), global smart pills market will reflect a splendid expansion through the forecast period (2017-2026). Sales of smart pills across the globe are estimated to exceed revenues worth US$ 3,000 Mn by 2026-end.
North America will continue to be the most remunerative market for smart pills, mainly driven by factors such as fast regulatory approval of new products, growing cases of colorectal cancer, and technological advancements in the healthcare sector. The market in Asia-Pacific excluding Japan (APEJ) is projected to register a robust expansion through 2026, closely trailing North America.
Mandatory healthcare insurance provisions, and growing prevalence of gastrointestinal disorders and stomach cancer are primary factors influencing the market growth in APEJ. High prevalence of target disorders coupled with increasing government support is further expected to pave growth opportunities for smart pills market in APEJ.
Significant demand for minimally invasive surgeries has led toward development of innovative techniques such as the capsule endoscopy. Ease of administration and in-depth observation of gastrointestinal tract offered by capsule endoscopy has made it to replace conventional endoscopy procedures. Capsule endoscopy will be the largest application of smart pills during the forecast period. Drug delivery will also remain a remunerative application of smart pills.
Esophagus will continue to be the dominant target area for smart pills, followed by stomach. Sales of smart pills of target areas small intestine and large intestine will register the highest CAGR through 2026.
The global smart pills market is dominated by few well-established players. These players have dedicated their focus toward expansion of their product portfolio through advanced offerings of their existing smart pill versions. New market entrants are increasingly concentrating on development of breakthrough products with affordable yet advanced alternatives to their existing counterparts, in order to leverage opportunities in developing and untapped markets.