The global smart pills technology market in Asia-Pacific is estimated to grow at the highest CAGR of 10.2% during the forecast period, due to the high prevalence of chronic and targeted diseases such as cancer and others.
Allied Market Research published a research report on the global smart pills technology market. The research shows that the global smart pills technology market $3.21 billion in 2020, and is projected to garner $7.52 billion by 2030, registering at a CAGR of 8.8% from 2021 to 2030. The research offers detailed information about top investment pockets, market dynamics, major segments, and competitive scenarios for major market players, new market entrants, investors, and shareholders.
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A Senior Research Analyst, Food and Beverages at Allied Market Research, said, “The global smart pills technology market in Asia-Pacific is estimated to grow at the highest CAGR of 10.2% during the forecast period, due to high prevalence of chronic and targeted diseases such as cancer and others.”
The study provides an in-depth analysis of drivers, restraints, challenges, and opportunities to help market players and investors to devise growth strategies and capitalize on opportunities. Rise in the geriatric population, increase in prevalence of lifestyle-related disorders such as obesity, gastroesophageal reflux diseases, and others, and surge in chronic disorders including cancer, diabetes, and others have boosted the growth of the global smart pills technology market. However, strict government regulations about increased use of these devices and high cost of ingestible sensors hinder the market growth. On the contrary, surge in technological advancements in bioelectronics, micro-cameras, miniaturization, and others would open new opportunities in the future.
The study provides a comprehensive analysis of the impact of the Covid-19 pandemic on smart pills technology globally. The report is vital for new entrants, investors, and market players to formulate business strategies as per the current market trends and scenarios and help improve the business model for the future.
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The Covid-19 pandemic has presented unprecedented challenges such as production capacity and supply chain disruption. Furthermore, the lack of raw materials resulted in a supply-demand gap in the market. The economic uncertainty caused owing to the lockdown led to the cancellation of manufacturing projects for savory ingredients.
The report offers detailed segmentation of the global smart pills technology market on the basis of application, target area, disease indication, end use, and region. This analysis is instrumental for market players to understand the largest revenue gathering segments and fastest-growing segments during the historic and forecast period.
By application, the capsule endoscopy segment held the largest share in 2020, accounting for more than two-fifths of the market. Moreover, the segment is estimated to register the highest CAGR of 9.4% during the forecast period.
By end user, the research centers segment is projected to portray the highest CAGR of 13.0% during the forecast period. However, the hospitals and clinics segment held the largest share in 2020, contributing to nearly half of the market.
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By region, the market across North America dominated in 2020, holding around two-fifths of the market. However, the market across Asia-Pacific is expected to manifest the highest CAGR of 10.2% during the forecast period.
The key market players of the global smart pills technology market are analyzed in the report such as RF Co., Ltd., JINSHAN Science and Technology, Proteus Digital Health, HQ, Inc., CapsoVision, Inc., Medtronic Plc., Olympus Corporations, IntroMedic Co., Ltd, Check Cap, and Koninklijke Philips N.V.
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