Sarasota, FL, Oct. 04, 2017 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled "Ingestible Smart Pills Market by Component Type (Smart Pills and Workstation), Applications and End-User: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022". According to the report, global ingestible smart pills market was valued at approximately USD 743.6 million in 2016 and is expected to generate revenue of around USD 1,147.6 million by 2022, growing at a CAGR of 7.5% between 2017 and 2022.
The ingestible smart pill is a revolutionary technological innovation that has reduced the gap between healthcare and digital technology. Smart pills are basically medical devices and small embedded electronic appliances such as sensors, cameras, and trackers. This electronic device can be easily swallowed and provides a complete evaluation of the gastrointestinal tract (GIT). The emergence of these healthcare-cum-technology devices has addressed the soaring need for better diagnostics and monitoring. It has outperformed the conventional GI monitoring endoscopy with more convenient smart pill technology, which has now become the standard non-invasive diagnosis technique for motility disorders. Moreover, it helps physicians in real-time patient monitoring through remote controlling options.
Browse through 90 Market Tables and 25 Figures spread through 110 Pages and in-depth TOC on "Global Ingestible Smart Pills Market: Smart Pills Market Size, Growth, Analysis and Forecast 2016 – 2022".
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The elderly population is more prone to gastrointestinal disorders. Capsule endoscope plays a pivotal role in early diagnosis and proper treatment. With new component innovations and hybrid imaging technologies, more patients undergo screening and diagnostic endoscopy. This particular factor is creating a positive impact on the smart pills segment. Also, this segment is seen as the next big frontier by component in the global ingestible smart pills market, where many of the novel and most interesting advances are expected to take place in the near future. The population with the utmost need for home health care services experiences difficulty in operating these devices. Therefore, creators and developers are striving to increase the usability and accessibility of smart pills, so that these devices offer valuable insights on user health. The devices are developed in such a manner that a layman can interpret the data easily. Most companies in this market provide compatible software that collects data over a long period of time and offers valuable information on patient health along with suggestions to improve lifestyle. These smart pill devices can also be connected to smartphones through the Bluetooth component. Thus, users can view data in a statistical and user-friendly format. This has increased market demand for smart pills globally.
The ingestible smart pills market is segmented on the basis of component type into smart pills and workstations. Smart pills segment is expected to grow at fastest rate in the global market over the forecast period.
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The ingestible smart pills market is segmented on the basis of application into imaging and patient monitoring. Patient monitoring segment is expected to grow at fastest rate in global market over the forecast period
Hospitals, clinics, research institutes and home health care are key end-users of the global ingestible smart pills market. The hospital's segment dominated the market in terms of revenue in 2016.
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North America represents developed regional markets for ingestible smart pills and is expected to see a rapid growth in the years to come. The high growth of this region can be attributed to the favorable reimbursement scenario, FDA approvals for smart pills, and rising investments by government and other agencies.
Europe is the second largest regional market and is expected to show significant growth in coming years. Rising count of the aged population in European nations along with a large number of endoscopy training workshop and enhanced investments in Australia are the factors that are likely to drive the growth of this market in Europe.
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Asia Pacific is expected to witness noticeable growth in the near future. The Asian market is relatively new to smart pills technology; however, increasing investments by corporate players, changing reimbursement scenario, and support for endoscopy research in this region will drive the growth of this market in Asia Pacific.
In Middle East & Africa; the African region is projected to register noticeable growth owing to increased government funding. Latin America is another important regional market and is expected to experience moderate growth over the forecast period. An increasing healthcare expenditure supports the growth of the smart pills segment in this region. Thus, all the aforementioned parameters are expected to propel the market growth globally.
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Some of the key players in ingestible smart pills market include Body-Cap Medical, CapsoVision, Inc., Check-Cap Ltd, Chongqing Jinshan Science and Component (Group) Co., Ltd., Given Imaging Ltd., IntroMedic Co., Ltd., Medimetrics, Olympus Corporation, Philips Respironics, Proteus Digital Health, Inc. Companies are involved in collaboration agreements for R&D to exploit maximum potential.
This report segments the global Ingestible smart pills market as follows:
Global Ingestible Smart Pills Market: By Component
- Smart Pills
- Patient Monitoring
- Capsule Endoscopy
- Small Bowel Endoscopy
- Esophagus Endoscopy
- Colon Endoscopy
- Workstation
Global Ingestible Smart Pills Market: By Application
- Imaging
- Monitoring
Global Ingestible Smart Pills Market: By End-Users
- Hospitals
- Clinics
- Research Institute
- Home Healthcare
Global Ingestible Smart Pills Market: By Region
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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