According to the report, the Smart Pills Technologies Market size in Europe was worth USD 948.87 Million in 2022 and is projected to reach USD 2080.35 Million by 2027, growing at a CAGR of 17.0% during the forecast period from 2022 to 2027.
The growing senior population and rising prevalence of chronic diseases such as diabetes, cancer, obesity, gastroesophageal reflux disease, gastric ulcers, and others are major factors driving the market growth. In contrast, rising demand for minimally invasive treatment with early detection of medical problems and innovation of new products such as bioelectronics, micro-cameras, miniaturization, and others will also help to boost the market growth in Europe.
Increasing R&D projects to develop effective intelligent pills will also provide attractive market prospects in the coming years. The devices are made so a layperson may read that data with ease. Most companies offer suitable software that collects data over time and provides vital information on patient health and lifestyle tips. The Bluetooth component of these intelligent pill devices allows them to be connected to smartphones. Users can access data in a statistical and user-friendly way due to this. The demand for smart pills has risen as a result of this.
Factors such as attractive reimbursement scenarios, focused medicine delivery, convenient remote patient monitoring, technical advancements in endoscopic techniques, and the rising prevalence of colon cancer are fueling the growth of this market. In addition, an increasing preference for non-invasive procedures is driving the demand for smart pills.
Market restraints include strict regulatory policies and high equipment costs, while market risks include adverse effects of treatment. Furthermore, while customizability benefits the smart pill industry, it may also be a disadvantage and a time-consuming process because it is tough to create according to unique consumer needs. Furthermore, adaptability is a challenge, and these factors can operate as a market restraint. Finally, because smart pills are expensive, they are only used in a restricted number of developing regions. As a result, one of the reasons limiting the expansion of the little pill industry is the high cost.
This research report on the Europe Smart Pills Technologies Market has been segmented and sub-segmented into the following categories.
Geographically, Europe is the second-largest market for smart pill technology globally. Superior healthcare infrastructure, increased awareness of GI disorders among patients and doctors, high adoption of technological developments, and the growing senior population is all driving market expansion in Europe.
The German smart pills technologies market and France's smart pills technologies market are expected to have significant market growth during the period due to the high rate of development and increasing government initiatives to improve healthcare infrastructure. In addition, the increasing prevalence of chronic diseases due to changing lifestyles will boost the regional market growth.
The U.K smart pills technologies market held a considerable market share which is likely to grow during the period due to the robust medical infrastructure and high diagnostic and care rates and improvements. Furthermore, by 2025, the quickly rising population and many patients suffering from long-term conditions such as cancer, diabetes, and others are predicted to force the intelligent pill market forward.
KEY MARKET PLAYERS
Top Companies leading the Europe Smart Pills Technologies Market Profiled in the Report are Given Imaging, Inc., Medimetrics S.A. de C.V, Philips Healthcare, Smartpill, Inc., Medtronic, Inc, Proteus Digital Health Inc, Olympus Corporation, Bio-Images Research Limited, Novartis, Given Imaging Ltd, Pentax Medical Company, Boston Scientific Corporation, IntroMedic Inc, CapsoVision, Inc, Chongqing Jinshan Science & Technology Group Co. Ltd, GE Healthcare, Siemens Healthcare, Stryker Corporation
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