(PharmaNewsWire.Com, March 23, 2018 ) Smart pill technology is used to diagnose gastrointestinal (GI) disorders such as constipation and gastroparesis. Smart pill technology functions by providing the practitioner, with information pertaining to various parameters such as pH, temperature and pressure of gastrointestinal tract. Smart pill is a nascent technology that holds immense potential in the field of medical diagnostics.
The market for Smart Pill Technologies is mainly driven due to rising prevalence of geriatric gastrointestinal diseases, changing lifestyle which includes shift in diet pattern and aging population, as elderly people are at a higher risk of acquiring various gastrointestinal diseases such as ulcerative colitis and IBD. But, the market growth can be restrained due to technological incompetence of capsule endoscopes, high costs and possible health risks associated with a smart pill inserted into the body.
Global market for Smart Pill Technologies is segmented based on Application. By Application, the market is further sub-segmented into Capsule Endoscopy, Drug Delivery, Patient monitoring. Capsule Endoscopy segment is further sub-segmented into Small Bowel Video Capsule Endoscopy, Colon Capsule Endoscopy, OMOM Capsule Endoscopy Platform, MiroCam, Upgraded MiroCam and Advanced Capsule Endoscope, The ANKON MCE System and CapsoCam. Capsule endoscopy segment is expected to be one of the largest markets owing to the advantages attached such as disease diagnosis in small intestine. Drug delivery market is also expected to experience growth due to the benefit of improving medication efficiencies, improving patient compliance & convenience, and fast paced technology.
Geographically, Global market for Smart Pill Technologies is segmented into North America, Asia Pacific, Latin America, Europe, and Middle-East and Africa. North America is the biggest market in terms of market share across the globe, followed by Europe. The market in North America is highly driven due to favorable reimbursement scenario, FDA approvals for smart pills, and rising investments by government and other agencies. The Smart Pill Technologies market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to increasing reimbursements, training in endoscopes handling, and huge corporate investments in R&D.
CapsoVision, Inc., Given Imaging, Inc., Medimetrics S.A. de C.V., Olympus Corporation, Bio-Images Research Limited, Novartis, Given Imaging Ltd, Philips Healthcare, Smartpill, Inc., Medtronic, Inc., Pentax Medical Company, Siemens Healthcare, Stryker Corporation, GE Healthcare, Boston Scientific Corporation, IntroMedic Inc., Chongqing Jinshan Science & Technology Group Co. Ltd., Proteus Digital Health Inc., are the major players of Global Smart Pill Technologies market.
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