Smart Pills Technology Market Size, Share, Emerging Trends, Technological Innovation and Forecast 2022-2031

 Kenneth Research, in its repository of market research reports, have recently added a report on Smart Pills Technology Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031. The Smart Pills Technology Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Pills Technology Market products.

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Moreover, the median health expenditure per capita recorded in the high-income, upper-middle income, and low & lower-middle income countries, recorded to be over USD 2,000, USD 400, and USD 100 respectively. Additionally, in the same year, the spending on health in high-income countries and in the low- and middle-income countries comprised approximately 8.2% and 6.3% of the GDP respectively.

Global Smart Pills Technology Market was valued at USD 2.6 Billion in the year 2017. Global Smart Pills Technology Market is further estimated to grow at a CAGR of 21% from 2019 to reach USD 12.02 Billion by the year 2025. 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 global Smart Pills Technology Market is segmented on the basis of technology, disease indication and by region. On the basis of technology, the Market is segmented Capsule Endoscopy, Patient Monitoring and Drug Delivery of which Capsule Endoscopy segment is expected to hold the highest Market share during the forecast period and are expected to grow with highest CAGR. On the basis of Disease Indications, the Market is segmented as Occult GI Bleeding, Crohn’s Disease, Small Bowel Tumors, Celiac Disease, Inherited Polyposis Syndromes and Others in which Occult GI Bleeding segment holds the highest Market share in the forecasted period.

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SWOT Analysis of Smart Pills Technology Market:
Strength:
Increasing Preference for Minimally Invasive Device.
Technological Advancements in Capsule Endoscopes.
Rise in Incidences of Colon Cancer.

Weakness:
Technological Incompetence of Capsule Endoscopes.
Ethical Constraints.

Opportunities:
Need for Rapid Drug Development Process.

Threats:
Potential Health Risks.
Increasing Cost with Technological Advancement.

Given Imaging Inc., Olympus Corporation, CapsoVision Inc., Bio-Images Research Ltd., Boston Scientific Corp., Ge Healthcare, Novartis AG and other 10 more companies’ detailed information is provided in the report. Rising research and development expenses to address the changing demand of end users. Similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of the top players in the last 5 years.

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Smart Pills Technology Market Segmentation:
By Disease Indications
*Occult GI Bleeding
*Crohn’s Disease
*Small Bowel Tumors
*Celiac Disease
*Inherited Polyposis Syndromes
*Others

By Technology
*Capsule Endoscopy
o Small Bowel Video Capsule Endoscopy
o Colon Capsule Endoscopy
*Patient Monitoring
*Drug Delivery

By Region
*North America
o USA
o Canada
*Europe
o Germany
o U.K.
o France
o Italy
o Rest of Europe
*APAC
o China
o India
o Japan
o Rest of Asia-Pacific
*RoW
o Latin America
o Middle East & Africa

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About Kenneth Research

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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