Ingestible Smart Pills Market to Observe Maximum Demand for Smart Pills Segment In The Near Future

Increased demand for miniaturization of diagnostic disorders is significantly stimulating the market for ingestible smart pills rapidly. The market is also driven by advancements in the medical technology sector and will continue to aid the market to grow over the coming years. The global market exhibits the intense competition among the top-most market players. It is also estimated that the minor players operating in the market are also gearing up at the fast pace and may pose the challenge to the top dominators in the near future. Some of the renowned players in the market consist of Given Imaging Ltd., Medimetrics, CapsoVision, Inc., Check-Cap ltd., BodyCap Medical, Proteus Digital Health, and Olympus Corporation. According to a recent analysis, the global market for ingestible smart pills is projected to cross US$ 1,475 million in the terms of value. It will expand at the lucrative CAGR of 7.7% during the assessment period (2016-2024).

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Factors Propelling the Global Ingestible Smart Pills Market Demand

  • The market is said to be considerably fueled by the technological improvements that encourage device and software designers to manufacture and commercialize innovative and urbane component based devices. This may augment the threat of new entrants.

  • Over the past few years, several research organizations have developed novel endoscopic components which are considerably supporting the product miniaturization. Thus, the insertion of ingestible smart pills in endoscopic treatments may rise owing to aforementioned aspect.

  • Also, easy availability of precise data on ingestible smart pills is another factor driving the market. Companies are also increasing research in order to develop more advanced and upgraded software for deriving data.

  • Rising occurrence of gastrointestinal disorders has stimulated the industry for ingestible smart pills as early diagnosis of such disease uses an appropriate endoscopic treatment.

Key Segmentation Analysis by Components and Regions

Key components in the market comprise smart pills and workstation. The smart pills segment leads the market. It was estimated to cross over 80% of the total revenue share in 2016. Further, the market is expected to consume over 500 BPS by the end of 2024. According to the projections, the revenues of smart pills segment will possibly reach US$ 1,000 million by the end of 2024. It is expanding at the lucrative CAGR of 6.4% throughout the predictable period (2016-2024). Over 80% of the total ingestible smart pill revenues is said to be accumulated from sales of smart pills. Although, the demand for workstations will display sluggish growth for the second half of the predictable period.

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Regionally, North America is expected to be the major market for smart pills segment. In 2015, this region led in terms of revenue. This owes to the high demand for capsule endoscopy sub-segment of smart pills. Furthermore, the segment is anticipated to display lucrative demand also in Europe. Latin America’s increasing healthcare expenditure will extensively drive the market for ingestible smart pills. Increasing investment from several top manufacturers in the Asia Pacific region will attribute to the regional growth. Additionally, the region is also influenced by huge geriatric population.

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