According to a research report published by Grand View Research, Inc.; the smart pills market likely to reach a valuation of around USD 3.0 billion by 2025. The market is estimated to register a healthy growth rate of 15.5 % during the forecast period (from 2018 to 2025). High prevalence of gastrointestinal disorders and colorectal cancer is one of the primary factors responsible for the increased demand for smart pills. Moreover, rise in cancer screening awareness programs and increasing FDA approvals are also considered as the major factors driving the market growth.
Smart pills are mainly used for screening and treatment of various diseases including colorectal cancer, gastroparesis, gastric ulcers, gastroesophageal disorders. They also find applications in the treatment of several GI-related diseases including Crohn’s disease, celiac disease, small bowel tumors, and obscure GI bleed. These pills provide non-invasive and accurate visualization of the distal duodenum, small bowel, jejunum, colon, ileum, and gastrointestinal.
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Increasing demand for minimally invasive surgical procedures have encourage the development of innovative methods like capsule endoscopy. This is likely to replace the traditional method of endoscopy, thereby driving the smart pills market growth in the next few years. In addition, patients suffering from chronic diseases require a particular dose of medicines at target place. This is also anticipated to create a large consumer base for advanced drug delivery aids, thereby augmenting the market growth.
Demand for advanced drug delivery systems with benefits including optimal use of active pharmaceutical constituent, negligible side effects, reduced dosage frequency, and harmless carrier is also likely to fuel product demand. Worldwide smart pills market is segmented into application and region. Based on application, the market is categorized into product, tools, and patient monitoring software. Geographically, the market is divided into North America; Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA).
In 2016, North America accounted for the largest revenue share of 57.1 % and dominated the global market in the past. It is expected to maintain its dominance even during the forecast period. Factors such as growing government expenditure for healthcare, favorable reimbursement policies, and technological progressions are projected to be the major drivers for the region’s expansion. In addition, mandatory healthcare insurance, rising cases of colorectal cancer, and approvals for newer products are also likely to propel the market development in the region.
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Asia Pacific is likely to witness the fastest growth over the next few years. Emerging countries in this region such as India, Japan, and China are expected to drive the product demand. Among these Asian countries, Japan stands on third position in stomach cancer cases, according to the World Cancer Research Fund International. Rapidly expanding Japanese market is mainly driven by high prevalence of stomach cancer and cases of gastrointestinal complaints. Moreover, growing government support and technological developments would also spur the regional expansion.
Some of the leading companies operating in the global market for smart pills include CapsoVision, Inc.; Olympus Corporation; Medtronic PLC; MediSafe; and Proteus Digital Health. Most of these major market participants are mainly focusing on upgrading their products. The new participants focus on developing more advanced and affordable products. For instance, Otsuka Pharmaceutical Co., Ltd. (Otsuka) and Proteus Digital Health (Proteus) recently declared that they received an approval from the US Food and Drug Administration (FDA) for their digital medicine system called ABILIFY MYCITE. It is a drug-device combination product that contains Otsuka’s oral aripiprazole tablets implanted with an Ingestible Event Marker (IEM) sensor.
ABILIFY MYCITE is designed to track drug ingestion. The new ABILIFY MYCITE is an atypical antipsychotic and is indicated in adults to treat schizophrenia and acute manic and mixed episodes and for maintaining the treatment of bipolar I disorder as monotherapy and as adjunctive therapy to lithium or valproate. However, it is recommended not to use the new product to track drug ingestion in real-time or during an emergency as detection may be delayed or may not occur.
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