The smart pills market offers
lucrative growth opportunities due to added benefits over traditional
endoscopes and ease in the detection of cancer. Drug delivery and patient
monitoring applications are expected to witness an increase in the adoption of smart
pills in order reduce the healthcare costs and to increase patient satisfaction.
Favorable reimbursement scenario,
patient preference for minimally invasive procedures and noninvasive procedures,
technological advancements in endoscopy procedures, and rising prevalence of
colon cancer are some of the major drivers of this market. Additionally, bowel scope screening procedures and
aging population are providing a boost to this market. Countries have been providing
special endoscopy training workshops along with huge corporate investments in R&D.
Japan is one such country where the reimbursement approval for diagnostic and
screening capsule endoscopy is encouraging market growth. The U.S.
currently dominates the smart pills market.
On the basis of applications, the capsule
endoscopy segment will continue to dominate the smart pills market during the
forecast period. The large share of this segment can be attributed to the ease
of procedure, noninvasive nature, and technological advancements over
conventional endoscopes. The drug delivery and patient monitoring segments also
pose strong growth opportunities due to advantages such as remote patient
monitoring and targeted drug delivery.
North America dominated the smart pills market. The Asian market, on the other hand, is relatively
new; however, increasing awareness among patients, technological advancements, and
improved reimbursements are expected to drive the growth of this market.
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