A new market study, titled “Discover Global Smart Pills Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
Global Smart Pills Market to Experience Growth due to the Prevalence of Colon Cancer
The report published in DataM Intelligence on the global smart pills market revealed the growth of the market to be at a notable pace. The valuation of the smart pills market was further stated to surpass its previous valuation.
Key Players of Global Smart Pills Market =>
The global smart pills market comprises a host of key players. This includes names like Olympus Corporations, In Capsovision, Inc., Proteus Digital Health, Jinshan Science & Technology, Medisafe, Intromedic Co., Ltd., HQ, Medtronic PLC, Check-Cap, Rani Therapeutics, and Others.
The rising geriatric population, increasing advancements in the field of endoscopy technology, and the widespread prevalence of colon cancer and inflammatory bowel diseases are anticipated to push the growth of the global market during the forecast period. Increasing cases of wrong medication intake or forgetting to take pills are additionally contributing to the growth of the market as the all new smart pill technology aids in monitoring the intake of drug and alerts the patient. These smart pills offer a substitute option than the conventional colonoscopies that are used to screen patients for the detection of colon cancer.
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The global smart pills market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
North America holds the dominant hand in the global smart pills market. This is due to the increasing preference of patients towards minimally invasive surgical procedures, the availability of wide ranging products across the region because of its increasing adoption rate, proliferating investments by the government in the healthcare sector. The regional market is expected to continue being the leader of the global standings for smart pills in the coming years. The huge pool of patient population and growing number of research-based initiatives on smart pills by various research organizations are further contributing to the growth of the market in the North American region.
The global smart pills market has been segmented in terms of product type, end-user, disease indication, and target area.
By product type, the market segments into drug delivery, capsule endoscopy, and patient monitoring. The capsule endoscopy segment leads the global market for smart pills and is expected to remain atop during the forecast period. This is mainly due to its wide array of applications, continuous and consistent technological advancements in the endoscopy market, and increasing demand for a faster and efficient tool for the diagnosis of colorectal cancer. Capsule endoscopy is a medical procedure that uses a small wireless camera to take pictures of the patient’s digestive tract. The benefits offered by smart pills such as faster and easier diagnosis and real-time visualization of the entire intestine has prompted physicians and patients to incline towards this procedure of capsule endoscopy, thereby driving its market growth.
By target area, the market comprises large intestine, esophagus, small intestine, stomach, and others.
By disease indication, the market divides into esophageal diseases, digestive tract diseases, colon diseases, small bowel tumors, and others.
By end users, the market branches into diagnostic centers, hospitals, research institutes, ambulatory surgical centers, and others.
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