The Global Smart Pills technology market is expected to reach USD million by 2020 growing at a CAGR of 18.51% from 2015 to 2020. The smart pills technology is a technique used for preparation of prescription pills, drug delivery systems, diagnosis, and patient monitoring. This technology is revolutionizing the diagnosis of gastrointestinal disorders such as colorectal cancers, constipation, and gastro-paresis.
The smart pills is a wireless capsule that can be swallowed and with the help of a receiver (worn by patients) and software that analyzes the pictures captured by the smart pill, the physician is effectively able to examine the gastrointestinal tract. The gastrointestinal disordrers are a very common, but from the recent past there have been increasing incidence of colorectal cancer, inflammatory bowel disease, Crohn’s Diseases, etc. According to US Center for disease control and prevention, in 2012, 134,784 people were diagnosed with colorectal cancer and 51,516 people died of colorectal cancer. This depicts the disease burden in USA, and the similar trends follows globally.
The global smart pills technology market is expected to have a rapid growth in the near future. The increasing prevalence of gastrointestinal disorders, increasing patient preference for minimally invasive devices, favorable reimbursement policies in USA and Japan and technological advancement are propelling the growth of the market as key drivers. The Aging population and increasing patient/physician preference for this advanced technology which tracks bodily functions and forewarn potential illness is also going to boost the growth of the market. However, increasing cost with technological advancements and ethical constraints are turning out to be restraints for this market.
The global smart pills market have been segmented based on type into patient monitoring device, drug delivery system, capsule endoscopy and diagnostics. Geographically, the market have been segmented into North America, Europe, Asia-Pacific, Middle East and North Africa, and South America. The segmentation on North America discusses different market trends, and market size of smart pills in USA, Canada and Mexico. The Europe segment have been further subdivided into UK, France, Germany, Benelux, and Scandinavia. The segmentation on Asia-Pacific have been subdivided into China, Japan, India, Australia and New Zealand. The Middle-east & North Africa segment includes GCC, Israel and others. The South America region includes Brazil, Argentina, and rest of Latin America. US has the largest market share globally followed by Europe. In the emerging markets, this technology is still in the nascent stages. The key players in the market are Novartis AG, Philips Healthcare, Medtronic, Olympus Medical Technology, GE Healthcare, Given Imaging, Proteus, Boston Scientific Corporation, Smart Pill Inc., and Medimetrics.