Smart Pills Market to Reach $650.3 Mn, Globally, by 2025 at 12.1% CAGR, Says Allied Market Research
PORTLAND, Oregon, November 14, 2018 /PRNewswire/ --
Increase in geriatric population, need for less complex & painless diagnostic examinations, and rise in prevalence of gastrointestinal disorders would facilitate the growth of the global smart pills market
Allied Market Research published a report, titled, Smart Pills Market by Application (Capsule Endoscopy, Patient Monitoring, and Drug Delivery), Target Area (Stomach, Esophagus, Small Intestine, and Large Intestine), Disease Indication (Esophageal Diseases, Small bowel Diseases, Colon Diseases, and Others), and End User (Hospital, Diagnostic Center, and Research Center): Global Opportunity Analysis and Industry Forecast, 2018-2025. The research provides detailed analyses of the top investment pockets, industry trends, driving forces & opportunities, key market segments, major developments, and competitive landscape. According to the report, the global smart pills market generated $256.7 million in 2017, and is estimated to reach $650.3 million by 2025, growing at a CAGR of 12.1% from 2018 to 2025.
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Increasing prevalence of gastrointestinal (GI) disorders among geriatric population and growing requirement for diagnostic examinations drive the growth of the market. However, long approval process and high cost related to smart pills hinder the market growth. On the other hand, augmenting need for technological advancements and heavy inflow of R&D investments would provide new opportunities to the market.
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Capsule endoscopy segment to lead throughout the forecast period
Capsule endoscopy segment contributed more than half of the total market share in 2017, owing to the increased adoption of smart pills for the diagnosis of GI diseases. This segment would continue to dominate throughout the forecast period. However, patient monitoring segment would register the fastest CAGR of 12.7% from 2018 to 2025 due to extensive use of smart pills for monitoring pH, body temperature, and other parameters, countering medication non-adherence, and diagnosing diseases. The drug delivery application segment would grow at a steady rate during the forecast period.
Small intestine segment to dominate in terms of revenue by 2025
Smart pills for small intestine segment accounted for nearly half of the total market share in 2017, owing to the prevalence of small intestinal disorders including Crohn's Disease, celiac disease, and others. This segment would remain dominant in terms of revenue through 2025. Moreover, smart pills for large intestine segment would register the highest CAGR of 13.6% from 2018 to 2025, owing to rise in incidence of large intestinal disorders including colon cancer and others. The other target areas analyzed in the report include esophagus and stomach.
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Small bowel diseases segment to remain dominant during the forecast period
Small bowel diseases segment accounted for nearly half of the total market share in 2017, owing to rise in usage of capsule endoscopy for treatment. This segment would remain dominant during the forecast period. Colon diseases segment would register the highest CAGR of 13.6% from 2018 to 2025, owing to rise in incidence of colon cancer and others. The research analyzes esophageal diseases and others.
Diagnostic centers segment to contribute its lion's share by 2025
Diagnostic centers segment accounted for more than half of the total market share in 2017 and is expected to continue its lion's share through 2025. This is attributed to the rise in adoption of capsule endoscopes for the diagnosis of GI tract disorders along with safe, cost-efficient, and less time-consuming protocols followed at diagnostic centers. However, hospitals segment would grow at the highest CAGR of 12.6% from 2018 to 2025, owing to the increase in hospitalization rate for disease diagnosis. The research centers segment would grow at a steady rate during the forecast period.
North America to garner the highest revenue, Asia-Pacific to grow the fastest
Easy access and rapid adoption of the newest endoscopic technologies in North America have enabled the region to contribute nearly half of the total market share 2017. However, Asia-Pacific would register the highest CAGR of 14% from 2018 to 2025, owing to rise in prevalence of GI disorders and huge investments in R&D activities by major industry players.
Leading industry players
The leading industry players analyzed in the research include Proteus Digital Health, CapsoVision, Inc., HQ, Inc., Olympus Corporations, Medtronic Plc., RF Co., Ltd., IntroMedic Co., Ltd., Check-Cap, JINSHAN Science & Technology, and Koninklijke Philips N.V. These market players have implemented various strategies such as collaborations, partnerships, joint ventures, expansions, and others to gain stronghold in the industry.
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