Global Smart Pills Market Is currently worth USD 1,800 million. Furthermore, the market is expected to demonstrate a robust CAGR of 14.2% during the forecast period (2018–2023).
Market Drivers and Key Barriers
Smart pills refer to the capsule-sized medical devices that are ingestible and contain elements like cameras, sensors, trackers, and patches. These devices are used for improved diagnostics along with patient monitoring and targeted drug delivery. The smart pills are mostly found in the form of a vitamin capsule sized pill, containing a small wearable sensor patch, in addition to an application on mobiles as well as a provider portal. After swallowing a smart pill, its activation in the gut occurs; after which the sensors offer information with regard to the patient’s health parameters coupled with the effectiveness of the treatment.
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This helps the medical professionals in reaching highly informed healthcare decisions as well as effective therapies. Smart pills are also considered to be a revolutionary aspect in the field of gastrointestinal diagnosis. Due to being non-invasive, smart pills are touted to be a compelling alternative approach compared to the invasive procedures including colonoscopy/ gastrointestinal endoscopy.
A sizeable expansion of the geriatric population, alarming rise in chronic disorders like diabetes, cancer, and others, and the growth in the prevalence of lifestyle-associated disorders like gastroesophageal reflux disease (GERD), obesity, gastric ulcers, and others are having a lucrative effect on the growth of the smart pills market. Moreover, the mounting investments in research and development (R&D) for the development of smart pills will result in the illustrious growth of the market in the subsequent years.
However, the market could encounter a stumbling block in the form of strict government regulations pertaining to the rising use of these devices. Having said that, the germination of latest technologies in the field of smart pills such as availability of microprocessors, bioelectronics, miniaturization, micro-cameras is predicted to aid the market in seizing a prime spot in the global space.
The leading companies within the worldwide smart pills market include,
- CapsoVision Inc.
- FUJIFILM Holdings Corporation
- Proteus Digital Health Inc.
- Olympus Corporation
- BDD Limited
- JINSHAN Science & Technology
- PENTAX Medical
- RF Co. Ltd.
- among others.
May 2019: A team of researchers from the King Abdullah University of Science & Technology (Saudi Arabia) has developed a sensor which comes with numerous usages, including a smart pill bottle. This smart pill bottle has been designed for curbing the increasing prescription drug abuse issues as well as for preventing opioid overdoses.
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Smart Pills Market Segmentation
The worldwide smart pills market is segmented based on application, target area, disease indication, and end-user.
With respect to the application, the market has been segmented into capsule endoscopy, drug delivery, patient monitoring, and others. The types of capsule endoscopy are small bowel capsule endoscopy, controllable capsule endoscopy, colon capsule endoscopy, and others. The types of patient monitoring include capsule pH monitoring and others.
The smart pills market, depending on the target area, has been categorized into esophagus, small intestine, large intestine, and stomach.
The disease indication section has been considered for esophageal diseases, small bowel diseases, colon diseases, and others.
The end-users covered by the report are hospitals, diagnostic center, and research institute.
Smart Pills Market Regional Insight
The smart pills market is spread across the key regions of the Americas (North America and South America), Asia Pacific, Europe, and the Middle East & Africa.
The Americas is split into the regions of North America and South America and have collectively procured the dominant position in the global smart pills market. The regional market is faring the best among its peers on account of the favorable reimbursement policies and the growth in the adoption of sophisticated and cutting-edge technology within the medical field. The Partnership to Fight Chronic Disease (PFCD) reports that over 133 million people in the region suffer from minimum one chronic disease, which is equivalent to about 45% of the entire population. These statistics are indicative of the growing prevalence of chronic diseases within the region, which are one of the primary reasons for the increasing mortality rate of the regional population.
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The Europe market for smart pills benefits from the surging prevalence of gastrointestinal disorders, increasing cancer screening awareness programs and the continuous advancements in technology along with growing investment in research and development (R&D) in the region.
The smart pills market in Asia Pacific is expanding at a noteworthy rate due to the growing prevalence of gastrointestinal diseases including colon cancer, motility disorders, Crohns disease and obscure gastrointestinal bleeding, rise in the sedentary lifestyle as well as high patient compliance backed by the minimally invasive techniques. Also, the emergence of novel and sophisticated technologies like ingestible sensors, wireless capsule-based GI monitoring and catheter-less pH monitoring is expected to lead to an accelerated market growth in the region.
The smart pills market in the Middle East and Africa is predicted to demonstrate an impressive growth as well, with the healthcare industry experiencing a radical transformation. This is particularly true for the GCC countries like the United Arab Emirates (UAE), Qatar and Saudi Arabia that are spearheading the growth of the regional market.
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