The smart pills market is segmented on the basis of applications and regions. On the basis of applications, the market is categorized into capsule endoscopy, drug delivery, and patient monitoring.
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The Smart pills market in 2014 is valued at $1.56 billion. It is forecasted to reach $3.83 billion in the year 2020, growing at a CAGR of 16.16% (2014 – 2020).
This will continue to reach $8.98 billion by the year 2024, growing at a CAGR of 23.7% (2020 – 2024).
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On the basis of regions, the market is divided into North America, Europe, Asia, and Rest of the World (RoW: Pacific countries, Africa, and Latin America)
The major factors driving the smart pills market are favourable reimbursement scenario across the globe, patient preference for minimally invasive procedures, and rising prevalence of colon cancer. Moreover, benefits provided by the smart pills technology such as increased sophistication in endoscopy procedures, controlled drug delivery, and remote patient monitoring are resulting in the increasing adoption of smart pills technology.
However, technological incompetence of capsule endoscopes, high costs, and fear among patients regarding swallowing a microchip are restraining the growth of this market.
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The North American market commanded the largest share of the global smart pills market in 2014. The Asian market, on the other hand, is relatively new, and the increasing reimbursements, training in endoscopes handling, and huge corporate investments in R&D in countries like Japan will drive the growth of this market.
The major players in the global smart pills market are CapsoVision, Inc. (U.S.), Given Imaging, Inc. (Israel), Medimetrics S.A. de C.V. (Mexico), Olympus Corporation (Japan), and Bio-Images Research Limited (U.K.).
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