Global Smart Pill Market Opportunities & Forecast -GMI Research Global Smart Pill Market Opportunities | Page 2

A smart pill is an ingestible capsule with miniaturized micro-electronics which
includes an electric component such as sensors, cameras, microchip, etc.
Wireless capsule, a receiver, and computer software are the basic components
of smart pills procedure. Smart pills are used in a wide range of applications
such as detection and monitoring of various physiological measures of the
gastrointestinal tract, drug delivery, and patient monitoring. Smart pills are
ingestible in nature and can be swallowed by the oral route of administration.
Drug delivery by smart pills is emerging technology which shows significant
opportunity for the pharmaceutical industry to exploit the untapped market in
the coming years.
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Increasing incidence of chronic diseases such as gastrointestinal tract disease,
colorectal cancer, etc. and rising geriatric population are expected to boost the
demand for smart pills during the forecast period. For instance, according to the
American Cancer Society, around 95,520 new cases of colon cancer and around
39,910 cases of rectal cancer were diagnosed in 2017 across the United States.
In addition, increase in technological advances pertaining to smart pills such as
miniaturization of electronic components and an integrated circuit, availability of
microprocessors, integration of advanced and innovative drugs, and others are
also expected to fuel the growth of smart pill market during the forecast period.
Furthermore, the high adoption of minimally invasive surgeries and the paradigm
shift from conventional techniques towards smart pills for diagnosis and
monitoring of gastrointestinal tract disease have also fuelled the growth of the
market during the forecast period. However, the technological incompetence of
capsule endoscopes, huge cost of smart pill and dearth of skilled healthcare
professionals are some of the factors which hinder the growth of the market.