LONDON--(BUSINESS WIRE)--The global smart pills market size is poised to reach USD 212.97 million by 2023, according to a new report by Technavio, progressing at a CAGR of over 10% during the forecast period.
Read the 135-page research report with TOC on "Smart Pills Market Analysis Report by application (diagnostics and drug therapy) and geography (Asia, Europe, North America, and ROW) 2019 - 2023". Request Free Sample Pages
The market is driven by the growing demand for non-invasive procedures and increasing medication adherence. In addition, the increasing prevalence of chronic conditions is anticipated to further boost the smart pills market during the forecast period.
Currently, the demand for non-invasive diagnostic procedures is increasing, owing to their ease of operation, fewer side-effects, and minimum discomfort. Capsule endoscopy is used for the diagnosis of small bowel diseases. This technique is used as an alternative to conventional endoscopy for the diagnosis of illnesses in the upper and lower digestive tract. Moreover, smart pills are unique devices that can be easily swallowed and offer a non-invasive examination of the GI tract. Therefore, the effective outcome of smart pills coupled with the growing demand for non-invasive diagnostic procedures, is likely to drive the growth of the global smart pills market during the forecast period.
Furthermore, the prevalence of chronic conditions such as IBD, GI cancer, obscure GI bleeding, celiac disease, polyps, schizophrenia, and bipolar disorders is increasing globally. This will result in the rise in demand for diagnostic and drug therapy products. With the introduction of smart pills, the diagnosis and treatment monitoring of chronic conditions has become more convenient and accurate when compared to conventional methods. Hence, the increasing prevalence of chronic conditions is likely to increase the adoption of smart pills, thereby driving the growth of the market.
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The report includes detailed profiles of the leading companies & prominent vendors of the market:
- CapsoVision Inc.
- Chongqing Jinshan Science & Technology (Group) Co. Ltd.
- Intromedic Co. Ltd.
- Medtronic Plc
- Olympus Corp.
- Otsuka Holdings Co. Ltd.
Market Segmentation by Category and Product Types:
The Smart Pills Market can be broadly categorized into the following application:
- Drug therapy
Key Regions for the Smart Pills Market:
Featuring a breakdown of region wise market shares until 2019.
- North America
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
Market segmentation analysis
- Market definition
Market size and forecast
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
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