Smart pills market in 2014 is valued at $1.56 billion. It is forecasted to reach $3.83 billion in the year 2020, growing at a CAGR of 16.16% to 2020. This will continue to reach $8.98 billion by the year 2024, growing at a CAGR of 23.7% to 2024.
On the basis of applications, capsule endoscopy accounted for the largest share of the smart pills market in 2014. On the basis of regions, North America is expected to grow at the highest CAGR during the forecast period. The high growth of this region can be attributed to the favorable reimbursement scenario, FDA approvals for smart pills, and investment by government and other agencies. The healthcare industry is witnessing a paradigm shift from traditional devices to more sophisticated and programmed ones. Growing demand for noninvasive procedures, sophisticated drug delivery techniques, and improved patient monitoring solutions are propelling the growth of this market. Companies are increasingly focusing on investing in R&D activities for the development of the smart pills technology in order to meet consumer expectations and to help in the treatment of various diseases. The smart pills market is segmented on the basis of applications and regions.
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The smart pills market has few players as two major segments of the market are under R&D phase. The companies in this market focus on growth strategies such as new product launches; agreements, partnerships, collaborations, and others (approvalsand expansion) to increase their customer base. The major players in the global smart pills market include CapsoVision, Inc. (U.S.), Given Imaging, Inc. (Israel), Medimetrics S.A.de C.V. (Mexico), Olympus Corporation (Japan), and Bio-Images Research Limited (U.K.).
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