Transparency Market Research has put up a research report pertaining to the pharmaceutical industry. The report, titled “Smart Pills Technologies Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, enumerates the various factors that influence this market and therefore compile a trajectory based on likely events that may occur in the near future.
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The global smart pills technologies market forms a core section of the efforts made by medical experts to understand the gastrointestinal tract of humans. Previously being limited by low diagnostic scope, medical experts can now avail non-invasive measures in gauging the internal functions of the human body.
The primary driver for the global smart pills technologies market is the increasing number of senior citizens that are afflicted with gastrointestinal diseases. The geriatric population is at a higher risk of contracting gastrointestinal diseases such as IBD and colitis. The WHO has already stated that the number of senior citizens in the world will near 2 bn by 2050. This puts high pressure on the development of technologies such as smart pills for easier and faster diagnostics.
Smart pills allow for early and efficient diagnosis of various GI diseases, thereby procuring a higher demand. As stated by the CDC, in 2012, the number of people suffering from Crohn’s disease – which is a type of severe GI disease – ranges between 0.1 and 16 per 100,000 people within the U.S. In the same year, nearly 396 people out of 100,000 suffered from inflammatory bowel disease.
With the lifestyles and diet habits of the average consumer changing drastically over the past few years, it has become imperative for the global smart pills technologies industry players to produce sharper results. This is expected to be propelled further by the increasing incomes of individuals in developing economies, who can now afford better treatments, including the use of smart pills.
North America has been the dominant regional player in the global smart pills technologies market till 2012 and can be expected to show similar traits in the near future owing to its steady growth rate. One of the greater trends in the U.S. smart pill technologies market is the shift in focus towards non-invasive treatment methods. This is expected to help the global smart pills technologies market generate larger revenue in North America. At the same time, Asia Pacific will grow at the fastest rate owing to the rapid development of the healthcare industry and the greater number of individuals that can afford the use of smart technologies.
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The key players in the global smart pills technologies market are Boston Scientific Corporation, GE Healthcare, Stryker Corporation, Siemens Healthcare, Pentax Medical Company, Medtronic, Inc., Olympus Medical Technology, Smartpill, Inc., Philips Healthcare, Given Imaging Ltd., and Novartis.