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.