Image: The global smart pills market is expected to reach USD 3 billion by 2025 (Photo courtesy of Shutterstock).
The global smart pills market was valued at USD 779.4 million in 2016 and is expected to grow at a CAGR of 15.5% during the forecast period (2017-2025) to reach USD 3.0 billion by 2025, driven by the increased prevalence of colorectal cancer and gastrointestinal disorders, geographical expansion by the major players, rising cancer screening awareness programs and faster FDA approvals.
These are the latest findings of Grand View Research, Inc. (San Francisco, CA, USA), a market research and consulting company.
The geriatric population, immobile patients, and patients with paralysis are the major consumers of smart pills. Smart pills are used mainly for screening and treatment of diseases, such as colorectal cancer, gastroparesis, gastric ulcers, and gastroesophageal disorders. As a result, capsule endoscopy is expected to be the largest application segment of the global smart pills market due to the increase in cancer screening awareness programs, rising incidence of Crohn's disease and bowel cancer, and higher demand for minimally invasive procedures. Capsule endoscopy is expected to replace traditional endoscopy methods due to its advantages, such as ease of administration and detailed observation of the gastrointestinal tract.
Regionally, North America dominates the global smart pills market with the largest revenue share of 57.1% in 2016 due to the wide availability of products, favorable reimbursement policies, rise in government healthcare investments, and increase in healthcare expenditure in the region. However, Asia Pacific is expected to be the world’s fastest-growing market for smart pills during the forecast period, led by a rise in disposable income, mandatory healthcare insurance, and increased healthcare expenditure in the region. Japan, China, and India are expected to be the key markets for smart pills in the Asia Pacific region.
Being a new technology, there have been limited product approvals so far and even fewer products are commercially available. However, the market players are studying a large number of smart pills for their potential use in diagnosis and in therapeutics of various chronic and acute diseases. The smart pills market is dominated by a limited number of players. The established players in the smart pills market are expanding their portfolio by upgrading their existing devices, whereas the new players are focusing on capturing the market in the emerging economies by launching breakthrough products, such as video endoscopy capsules, at affordable prices.
Grand View Research