Smart Pills Market by Application and Geography - Forecast and Analysis 2019-2023

The global smart pills market size will grow by USD 212.97 million during 2019-2023. This market report provides a detailed analysis of the market by application (diagnostics and drug therapy) and geography (Asia, Europe, North America, and ROW). Also, the report analyzes the market's competitive landscape and offers information on several market vendors, including CapsoVision Inc., Chongqing Jinshan Science & Technology (Group) Co. Ltd., Intromedic Co. Ltd., Medtronic Plc, Olympus Corp., and Otsuka Holdings Co. Ltd.

Key Insights on Smart Pills Market - Global Forecast 2019-2023

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Industry Overview

The rising demand for smart pills, owing to their enhanced diagnostics, monitoring, and treatment of life-threatening health conditions, has prompted vendors to increase R&D and release improved products. For instance, CapsoCloud, an exam management system developed by CapsoVision, allows physicians to access and review patient data and facilitates data transfer to designated third-party capsule endoscopy-reading services. One of the crucial trends is the invention of smart pills for tracking and monitoring drug adherence along with targeted therapy. Such technological advances are expected to boost the use of smart pills, which will drive market growth over the next five years.

According to the smart pills market report analysis, the growing demand for non-invasive procedures and increasing medication adherence will contribute to market growth. Smart pill capsule endoscopy devices are increasingly being preferred over conventional diagnostic techniques, such as endoscopy and colonoscopy for the diagnosis of small bowel diseases. Conventional endoscopy requires moderate to heavy sedation and is associated with pain and complications, such as hemorrhage and perforation. As a result, the demand for non-invasive diagnostic procedures, such as the use of smart pills has increased. These pills can be easily swallowed and provide a non-invasive examination of the GI tract. Smart pills are also being used to monitor various physiological metrics and medication adherence in patients. These factors will fuel the demand for smart pills and drive the market growth at a CAGR of over 10% during the forecast period.

Top Companies in Smart Pills Market

The global market is fragmented and has many market players, which is owing to the conducive business growth opportunities. The lucrative market landscape is due to the growth driver discussed above. To help clients improve their market positions, this report provides an analysis of the market's competitive landscape and offers information on the products offered by various companies. Moreover, this smart pills market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make most of the upcoming growth opportunities.

The report offers a detailed analysis of several leading smart pill manufacturers, including:

• CapsoVision Inc.
• Chongqing Jinshan Science & Technology (Group) Co. Ltd. 
• Intromedic Co. Ltd.
• Medtronic Plc
• Olympus Corp.
• Otsuka Holdings Co. Ltd.

Market Segmentation

Smart Pills Market by Application

• Diagnostics
• Drug therapy

The diagnostics segment will account for the highest smart pills market share. The presence of strong vendors, new product launches, growing prevalence of GI diseases, and technological advancements in capsule endoscopy are a few factors boosting the demand for smart pills for diagnostics applications. This market research report provides an accurate prediction of the contribution of all the segments to the growth of the smart pills market size.

Smart Pills Market by Region

• Asia
• Europe
• North America
• ROW

With a complete study of the growth opportunities for companies, it has been identified that North America will account for the highest share of the smart pills market throughout the forecast period. Factors such as the rising prevalence of GI diseases, the growing presence of regional and global vendors, product launches, and initiatives by governments and non-profit organizations are contributing to the smart pills market growth in this region.

Major Highlights of the Smart Pills Market - Global Forecast 2019-2023

• CAGR of the market during the forecast period 2019-2023
• Detailed information on factors that will accelerate the growth of the smart pills market during the next five years
• Precise estimation of the global smart pills market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the smart pills industry across Asia, Europe, North America, and ROW
• A thorough analysis of the market's competitive landscape and detailed information on several vendors
• Comprehensive details of factors that will challenge the growth of smart pills companies

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