Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global smart pills market is estimated to grow at a CAGR of 11.4% during the forecast period. The increasing geriatric population coupled with the growing prevalence of lifestyle-related disorders such as obesity, gastric ulcers, and gastroesophageal reflux disease (GERD) are some of the factors augmenting the global smart pills market. Further, the rise in chronic disorders such as cancer, diabetes, and others are also driving the market growth. Patients with certain lifestyle disorders are preferring minimally invasive procedures which are offering a significant opportunity for the growth of smart pills. Further, the increasing investments in R&D for the development of the smart pill will further drive the market growth.
Market Segmentation
The global smart pills market has been analyzed on the basis of application, disease indication, target area, end user, and region. Based on application, the market is segmented into capsule endoscopy, patient monitoring, and drug delivery. The capsule endoscopy segment is gaining significant traction in the market. Based on disease indication, the market is segmented into esophageal diseases, colon diseases, digestive tract disease, small bowel tumors, and others. Among these, esophageal diseases segment is projected to contribute significantly to the market.
Based on target area, the market is further segmented into large intestine, small intestine, stomach, and esophagus. Among these, stomach segment is projected to exhibit considerable growth rate during the forecast period. Further, on the basis of end-user, the market is segmented into hospitals, diagnostics center, academic & research institutes, and others. Hospital segment is projected to hold a prominent share in the market. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to exhibit a remarkable growth during the forecast period.
Market Structure and Competition Landscape
The global smart pills market is characterized by the presence of significant number of players. Some of the prominent players operating in the market include Otsuka Holding Co., Ltd., CapsoVision, Inc., GE Healthcare (General Electric Company), Boston Scientific Corporation, Medtronic PLC, RF Co. Ltd., Jinshan Science & Technology (Group) Co., Ltd., Veloce Corporation, and others. To maintain their market position, these industry players focus on various growth strategies such as partnerships, mergers and acquisitions, and product portfolio expansion. Some of the key developments in the smart pills market include:
• In January 2021, etectRx Inc. and Pear Therapeutics Inc. entered into a partnership agreement for the development of two CNS product candidates integrating adherence sensors and PDTs (Prescription Digital Therapeutics). This is the first partnership of its kind to investigate the use of digital pill solutions with PDTs.
• In September 2020, CapsoVision announced that the US Food and Drug Administration (FDA) would allow at-home administration of the CapsoCam Plus small bowel capsule endoscope during the COVID-19 pandemic for patients deemed eligible for at-home administration.
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