The global smart pills technology market is expected to reach USD XX million by 2021, growing at a CAGR of 18.51% from 2016 to 2021. The smart pills technology is a technique used for the preparation of prescription pills, drug delivery systems, diagnosis, and patient monitoring. This technology is revolutionizing the diagnosis of gastrointestinal disorders such as colorectal cancers, constipation, and gastroparesis.
The smart pill is a wireless capsule that can be swallowed, and with the help of a receiver (worn by patients) and software that analyzes the pictures captured by the smart pill, the physician is effectively able to examine the gastrointestinal tract. The gastrointestinal disorders are very common but recently, there have been increasing the incidence of colorectal cancer, inflammatory bowel disease, and Crohn’s disease as well. According to the US Center for disease control and prevention, in 2012, 134,784 people were diagnosed with colorectal cancer and 51,516 people died of colorectal cancer. This depicts the disease burden in the USA, and a similar trend is followed globally. The global smart pills technology market is expected to have a rapid growth in the near future. Increasing patient/physician preference for this advanced technology which tracks bodily functions and forewarn potential illness is also going to boost the growth of the market.
Global Smart Pills Technology Market- Market Dynamics
The report details various driving and restraining factors for the global smart pills technology market. Some of these are listed below.
The global smart pills market has been segmented based on type into the patient monitoring device, drug delivery system, capsule endoscopy, and diagnostics. Geographically, the market has been segmented into North America, Europe, Asia-Pacific, Middle East and North Africa, and South America.
The segmentation on North America discusses different market trends, and market size of smart pills in the USA, Canada, and Mexico. The Europe segment has been further subdivided into the UK, France, Germany, Benelux, and Scandinavia. The segmentation on Asia-Pacific has been subdivided into China, Japan, India, Australia and New Zealand. The Middle East & North Africa segment includes GCC, Israel, and others. The South America region includes Brazil, Argentina, and rest of Latin America. The US has the largest market share globally, followed by Europe. In the emerging markets, this technology is still in the nascent stages.
Some of the key players in the market are:
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