Global Smart Pills Market: Key Highlights
- The smart pills market is majorly segments into disease indication, application and end-user
- On the basis of application, the market is bifurcated into capsule endoscopy, patient monitoring and drug delivery. The capsule endoscopy is excepted to hold the largest share in the forecast period. As these smart pills are being used to treat the related disease in the GI tract, such as Crohn’s disease, obscure GI bleed, and celiac disease
- On the basis of region, the market is segmented into Americas, Europe, Asia-Pacific, and Middle East & Africa
- Americas accounted for the major market share with the growing technological advancements in the healthcare sector as well as the growing investments by government
- Top players that account for the major share include Boston Scientific Corporation CapsoVision, Inc., Cerner Corporation, Fujifilm Holdings Corporation, Medtronic, Novartis AG, Olympus Corp, PENTAX Medical, Pixie Scientific, LLC, Proteus Digital Health, Inc. and among others.
Global Smart Pills Market: Key Market Dynamics
- There has been increasing geriatric population is play a significant role for the smart pills market. With the rising geriatric population is projected to boost the demand for the advance medical devices to grow the convenience of the patients
- The growth in technological advancements is also lead to enhance the demand of the smart pills market growth
- Further, rising in R&D investments in healthcare as a significant opportunities for the market growth
- However, potential health risks and rising cost with the technological growth are hindering the growth of the market.
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Global SMART PILLS MARKET: Regional Overview
- America region is further divided into North America and Latin America.
- Americas accounted for the major market share with the growing technological advancements in the healthcare sector, growing in the prevalence of colorectal cancer and regulatory approval of new products, lead to fuel the market growth.
- The American Cancer Society has been projected that in 2017, more than 90,000 new cases of colon cancer as well as 39,910 new cases of rectal cancer will be diagnosed in the U.S. This will lead crate a key factor for the players operating in the U.S. market.
- Asia-Pacific region is segmented into five major countries including China, Japan, India, Australia, and South Korea
- Asia-Pacific is projected grow at the fastest growth rate, with the factors such as the presence of small companies in China and Japan, technological growth as well as the rising trend of research in academic organizations in the region
- As per the Microsoft Asia-Pacific study, in 2018 the healthcare organizations embracing digital transformation have seen improvements of between 14% to 21% in patient outcomes, disease prevention, patient experience, and cost reductions
- Also, by 2021, digital transformation will add an estimated of about USD1.16 trillion to Asia Pacific’s GDP, and increase the growth rate by 0.8% annually
- As per the World Cancer Research Fund International, the Japan ranks third among Asian countries in the prevalence of stomach cancer. Hence the high prevalence of target diseases, coupled with rising government support, lead to boost the growth opportunities in Japan.
Global Smart Pills Market: Key Players
Some of the key players operating in the Boston Scientific Corporation, CapsoVision, Inc., Cerner Corporation, Fujifilm Holdings Corporation, Medtronic, Novartis AG, Olympus Corp, PENTAX Medical, Pixie Scientific, LLC, Proteus Digital Health, Inc. and among others.
Global Smart Pills Market: Key Developments
- On May 2019, the FUJIFILM Corporation has announced to build a new smart manufacturing facility in the site of FUJIFILM Techno Products Co., Ltd. which is one of Fujifilm’s production bases for endoscopy products. The new site will lead to help the global growing in demand for endoscopy that facilitate direct in-vivo observation, which are designed to provide reduced stress on patients.
- On October 2019, Novartis and Microsoft had announce the collaboration to transform medicine with artificial intelligence.
- On May 2020, the Proteus Digital Health had announces the first state Medicaid outcomes-based initiative with digital medicines.
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