An increase in the geriatric population, growing prevalence of lifestyle-related disorders such as obesity, gastric ulcers, gastroesophageal reflux disease (GERD), and others, and rise in chronic disorders such as cancer, diabetes, and others are major factors fueling the growth of Smart Pills Market.
Jersey City, New Jersey, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Smart Pills Market” By Application (Capsule Endoscopy, Drug Delivery, and Patient Monitoring), and By Geography. According to Verified Market Research, the Global Smart Pills Market size was valued at USD 3.63 Billion in 2020 and is projected to reach USD 11.45 Billion by 2028, growing at a CAGR of 15.36 % from 2021 to 2028.
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Global Smart Pills Market Overview
The rising need for minimally invasive devices that are suitable and offer accurate therapeutic treatment strategies has led to an interest in research on smart pills. The key players in the market offer high-value products like Insulet Omnipod, the Medtronic MiniMed, and Animas OneTouch Ping. These systems combine features of a drug reservoir, a blood sugar monitor, insulin pump, and handheld management devices. Smart pills have revolutionized the field of gastrointestinal diagnosis and since they are non-invasive, can be considered as an alternative approach against invasive procedures such as gastrointestinal endoscopy/colonoscopy.
A considerable increase in the geriatric population, along with the rise in chronic disorders such as diabetes, cancer, and others, and surge in occurrence of lifestyle-related disorders, such as gastroesophageal reflux disease (GERD), obesity, gastric ulcers, and others majorly drive the growth of the Smart Pills Market in coming years. In addition, increased R&D investments in developing advanced medical devices such as smart pills further boost the market growth.
On the other hand, the high cost associated with the ingestible sensors and stringent government regulations regarding the increased use of these devices is the factors anticipated to restrain the growth of the market. Moreover, the rise in technological advances relating to smart pills such as micro-cameras, miniaturization, bioelectronics, availability of microprocessors, and others are predicted to offer lucrative opportunities in the future.
The major players in the market are GE Healthcare, Boston Scientific Corporation, Given Imaging, Inc., Olympus Corporation, Bio–Images Research Ltd., Medimetrics S.A. DE C.V, Karl Storz Gmbh & Co. KG, Fujifilm Holdings Corporation, Cerner Corporation, and Proteus Digital Health, Inc.
Verified Market Research has segmented the Global Smart Pills Market On the basis of Application, and Geography.
Smart Pills Market, By Application
Smart Pills Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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