Global smart pills market to be worth $8.98 billion by 2024

According to a new market research report, "Smart Pills Market by Application (Capsule Endoscopy, Drug Delivery, Patient Monitoring), by Target Area (Esophagus, Stomach, Small Intestine, Large Intestine), by Geography - Global Forecast to 2024," published by MarketsandMarkets, the smart pills market is expected to reach around $8.98 billion by 2024, expanding at a compound annual growth rate (CAGR) of 16.16% 2014 - 2020 and CAGR of 23.7% 2020 - 2024.

The smart pills market is segmented on the basis of applications and regions. On the basis of applications, the market is categorized into capsule endoscopy, drug delivery, and patient monitoring. On the basis of regions, the market is divided into North America, Europe, Asia, and Rest of the World (RoW: Pacific countries, Africa, and Latin America).

Factors driving growth

The major factors driving the smart pills market are the favorable reimbursement scenario across the globe, patient preference for minimally invasive procedures, and rising prevalence of colon cancer. Moreover, benefits provided by the smart pills technology such as increased sophistication in endoscopy procedures, controlled drug delivery, and remote patient monitoring are resulting in the increasing adoption of smart pills technology. However, technological incompetence of capsule endoscopes, high costs, and fear among patients regarding swallowing a microchip are restraining the growth of this market.