Increasing demand for novel endoscopic tools which are capable of monitoring human anatomy and various other gastrointestinal structures are expected to boost usage rates of smart pills over the forecast period. Based on multiple factors such as density, temperature, pressure, pH, and other, smart pills focuses on the medication recording. Furthermore, growing geriatric population with gastrointestinal (GI) disorders like gastric ulcers, gastritis, and constipation, increasing adolescent population with unhealthy food habits like skipping meals, consumption of junk food, and poor diet, and growing predominance of gastrointestinal disorders such as GERD, gastroparesis, diverticulitis and colitis are expected to positively reinforce market growth over the estimated period of seven years. Moreover, increasing demand for MIS procedures, growing prevalence of colon cancer & peptic ulcers, implementation of technological advancement in endoscopic procedures and endoscopic therapies like esophageal banding, and technological advancements such as integration of software based analysis, and wireless capsule implementation are amongst few factors propelling market growth.
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The capsule endoscopy emerged as one of the highest revenue contributing application area of smart pills. The adaptation rates of capsule endoscopy is encouraged by the introduction of various reimbursement policies by the government, growing prevalence of peptic ulcers & crohn’s disease, and growing demand for fast and uncomplicated diagnosis. Furthermore, drug delivery is expected to grow at a lucrative rate over the forecast period owing to the factors such as growing awareness regarding targeted drug deliveries among the patient population, and growing demand for effective and efficient treatment options.
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The key regional market players included in the study are North America, Europe, Asia Pacific, MEA and Latin America. In 2014, North America was one of the most profitable region in smart pills market. The key factors attributing for its large share includes increasing government initiatives pertaining to reimbursement policies, increasing healthcare expenditure and growing awareness regarding GI diseases, its diagnostics procedures, and treatment among patient and physician. However, Asia Pacific is expected to witness lucrative growth over the forecast period owing to rising awareness levels pertaining to advantages associated with minimally invasive procedures, growing incidences of intestinal infection and colon cancer, and favorable government initiatives such as Patient Focus Drug Development.
Key players operating in the global smart pills market include Boston Scientific Corporation, Philips Healthcare, Given Imaging Ltd, Olympus Medical Technology, Smart pill Inc, Siemens Healthcare, Novartis, Pentax Medical Company, Medtronic, Inc, GE Healthcare, and Stryker Corporation.
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