North America Smart Pill Technologies Market

North America Smart Pill Technologies Market Size (2022 to 2027):

The size of the North America Smart Pill Technologies Market was valued at USD 1166.14 Million in 2022. It is projected to reach USD 2578.63 Million by 2027, growing at a CAGR of 17.2% from 2022 to 2027. 

An increasing number of patients suffering from liver and gastrointestinal diseases leads to a considerable amount of burden on the healthcare sector, which is estimated to favor the smart pill technologies market in North America. Around 95,520 new colon cancer cases and 39,910 new rectal cancer cases were diagnosed in the U.S. by the end of 2017, according to the American Cancer Society. Nearly 3million adults in the U.S are diagnosed with Crohn’s disease, and growing Crohn’s disease in young people who are between 15 and 30 years of age together with several environmental factors escalates the severity of the disease in 2015, according to the Center for Disease Control and Prevention (CDC). Growth in demand for quick drug development process boosts the market. Moreover, increasing the importance of patients for minimally invasive surgeries will help drive the growth of the smart pill technologies market in North America.

The expensive nature and extreme health risks related to smartphone utilization are hampering the market growth. The smart pills have also affected the patient’s health, impeding market growth during the estimated period. Low technical knowledge and having less confidence among people are restricting growth.

This research report on the North American Smart Pill Technologies Market has been segmented and sub-segmented into the following categories:

By Application:

• Capsule Endoscopy
  • Small Bowel Video Capsule Endoscopy
  • Colon Capsule Endoscopy
  • OMOM Capsule Endoscopy Platform
  • MiroCam
  • Upgraded MiroCam
  • Advanced Capsule Endoscope)
• Drug Delivery
• Patient monitoring

By Country:

• The United States
• Canada
• Rest of North America

Regional Analysis:

North America is the biggest market in terms of market share globally and accounted for a market share of 57% in 2019. The market in North America is highly driven due to favorable reimbursement scenario, FDA approvals for smart pills, and rising investments by government and other agencies.

The United States is leading the market growth in the region due to advancements in technology in the healthcare domain, the growing occurrence of colorectal cancer, and the regular approval of new products. Growing discretionary expenses of the patient will boost the market in further coming years. Y-O-Y increase of older adults gastrointestinal diseases drives growth as they are capable of diagnosing the diseases.

Canada is witnessed to have the quickest growth in the smart pill technologies market over the period. Lifestyle changes, a rise in the aging population, and growing cancer screening awareness programs influence the market. Y-O-Y increase of GI diseases, increasing the existence of regional and global vendors, the launch of new products, and measures taken by the government and non-profit organizations are factors to spur the growth of the market in the region.

Promising Companies dominating the North America Smart Pill Technologies Market Profiled in the Report are CapsoVision, Inc., Given Imaging, Inc., Medimetrics S.A. de C.V., Olympus Corporation, Bio-Images Research Limited, Novartis, Given Imaging Ltd, Philips Healthcare, Smartpill, Inc., Medtronic, Inc., Pentax Medical Company, Siemens Healthcare, Stryker Corporation, GE Healthcare, Boston Scientific Corporation, IntroMedic Inc., Chongqing Jinshan Science & Technology Group Co. Ltd., Proteus Digital Health Inc.