The smart pills market benefits to growing at a considerable CAGR during the forecast period. Smart pills are the smart ingestible pill-sized devices and technologies which are relatively new and more advanced and give better outcomes in the diagnosis, drug delivery, treatment adherence, health monitoring, and management of several diseases. The increasing awareness of health among the population and the rising prevalence of chronic diseases, including diabetes, obesity, high cholesterol, and heart attacks, are among the key factors driving the growth of the smart pill market across the globe. According to the report of the Canadian Institute of Health Research, more than 1.6 million Canadians are suffering from heart disease. Heart disease is the second leading cause of death after cancer in Canada.
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Nine out of ten Canadians over 20 years of age have at least one heart disease risk factor. As many as 45,000 Canadians suffer a sudden cardiac arrest every year, according to the Cardiovascular and Stroke Foundation of Canada. Ultrasound like transthoracic Echocardiogram is one of the most common medical diagnostic tool cardiologists use to view aorta, heart, and other blood vessels. Further, imaging technologies such as MRI, ultrasound is safe, non-invasive, and does not use ionizing radiation due to which it is significantly in demand across the globe. The smart pills create the passage for the diagnostic easiness by providing images of inner body parts.
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According to the estimation of the International Diabetes Federation (IDF) around 382 million people had diabetes across the globe in 20013, and by 2035, this was predicted to rise to 592 million. Here, a smart pill can offer benefits related to the targeted delivery of the desired insulin level. These players in global smart pills market are making a pill-sized considerable investment in their research center which is anticipated to increase their market share.
Key Market Trends Covered in the Market Report
- North America held a major market share in the global market in 2018.
- Growing geriatric population to create demand for the market.
- Ongoing technological advancement to create opportunities for the growth of the market.
- Rising research and development activities by key market players.
Global Smart Pills Market-Segmentation
By Application
- Capsule Endoscopy
- Drug Delivery
- Patient Monitoring
By Target Area
- Esophagus
- Stomach
- Small Intestine
- Large intestine
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