Electronic Pill Market Highlights
The Electronic Pill Market is anticipated to reach USD 1.00 Billion by 2030 at 6.60% CAGR during the forecast period 2022-2030.
The growing prevalence of gastrointestinal diseases, increasing unhealthy food consumption, increase in research and development activities, growing government reimbursement policies, rising geriatric population, increased need for rapid diagnostics, and adoption of advanced technologies are the key factors for the electronic pill market to grow. However, factors such as bowel obstruction, lack of awareness, capsule retention and high costs are expected to restrict the market growth during the forecast period.
The global electronic pill market report is segmented based on application, target area, parts, and end-user. The electronic pill market, by application is sub-segmented into capsule endoscopy, drug delivery, and patient monitoring. The target area category includes the esophagus, stomach, small intestine, and large intestine. Based on parts, the market is categorized into biocompatible capsule encasing microsensors, control chip, radio transmitter, and power source. Based on end-user, the market is segmented into hospitals, diagnostic canters, clinical research organizations, and medical centres.
The Americas dominated the global market for electronic pills in 2017. This can be attributed due to increasing prevalence of gastrointestinal diseases, rising healthcare R&D activities and rapid adoption of technologically advanced systems within the region influences the market growth. According to the Canters for disease control and Prevention in 2016, 14.7 million people in America died due to digestive diseases such as stomach ulcers.
Europe (UK, Germany, and France) is second in the market owing to rapidly growing gastric cancer, and increasing need for diagnostics is expected to influence the market in this region. According to the European Commission in 2012, 140,000 people suffered from stomach cancer and 107,000 deaths were due to stomach cancer. Such a high incidence rate of stomach cancer in this region influences the market growth in this region.
Asia Pacific is expected to witness fastest growth for the global electronic pill market owing to large patient population, change to sedentary lifestyle, rapidly growing economies such as China and India, rising medical tourism in this region and increase in research and development expenditure. Such conditions provide favourable backgrounds for the market to grow.
The Middle East and Africa accounts for least share due to stringent government policies and poor economies.
Some of the key players for the global Electronic Pill market are CapsoVision, Inc. (US), Given Imaging Ltd. (Israel), Medimetrics (Mexico), (Bio-Images Drug Delivery) BDD LTD (UK), Proteus Digital Health (US), Olympus Corporation, Medtronic, Medisafe, JINSHAN Science & Technology, INTROMEDIC and others.
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