Market Research Future (MRFR’s) study on the “Global Smart Pills Market” indicates an impressive CAGR of 14.2% over the forecast period of 2018-2023. MRFR further asserts that the smart pills market is touted to reach USD 1,800 Mn by the end of 2023.
Smart Pills Market Outlook:
Smart pills are aligned with smart pills such as greater flexibility, precise delivery, real-time measurements, and monitoring of GI tract, and controlled operation or performance have acted as factors which can be employed to great advantage in drug development. They have several important applications, especially in diagnosis.
Amidst cut-throat competition, reimbursement issues, and expiry of blockbuster patent drugs, there is immense pressure on the healthcare sector to innovate diagnosis solutions. This has provided fuel for the advancement and commercialization of the smart pill technology which has been there for decades.
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Smart pills have been a breakthrough in gastrointestinal tract diagnosis and are set to replace conventional methods of diagnosis such as colonoscopy and endoscopy. Capsule endoscopy has cropped up as an effective method to perform endoscopy which is non-invasive and causes very little discomfort. Increasing consumer preference for minimally invasive medical procedures is likely to induce greater demand within the smart pills market.
Top notable players in the global smart pills market are,
- CapsoVision Inc.
- Proteus Digital Health Inc.
- JINSHAN Science & Technology
- BDD Limited
- Olympus Corporation
- PENTAX Medical
- FUJIFILM Holdings Corporation
- and RF Co. Ltd.
Application of smart pills in monitoring pH, temperature, pressure, and drug adherence are further expected to catapult the growth of the market. Considerable research in the field of smart pills purveyed by heavy investments is also favoring the growth of the market. Other factors fostering market growth include conducive reimbursement landscape and increasing geriatric population. On the other hand, the market growth is restricted by factors such as regulatory restrictions and high costs of smart pills.
The global smart pills market has been segmented based on application, target area, disease indication, and end user.
- By application, the smart pills market has been segmented into capsule endoscopy, drug delivery, patient monitoring, and others. The capsule endoscopy segment has been further segmented into small bowel capsule endoscopy, controllable capsule endoscopy, colon capsule endoscopy, and others. The patient monitoring segment has been further segmented into capsule pH monitoring and others.
- By target area, the smart pills market has been segmented into esophagus, small intestine, large intestine, and stomach.
- By disease indication, the smart pills market has been segmented into esophageal diseases, small bowel diseases, colon diseases, and others.
- By end user, the smart pills market has been segmented into hospitals, diagnostic center, and research institute.
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With the surge in the occurrence of chronic diseases, especially gastrointestinal diseases, smart pills are increasingly emerging as an effective method of endoscopy. Lifestyle diseases such as gastroesophageal reflux disease (GERD), obesity, and gastric ulcers are on the rise due to rapid lifestyle changes and unhealthy eating habits. This has induced high demand for on-site diagnosis, and, in turn, drive the market for smart pills. Surging prevalence of colon cancer is a key factor which is motivating the growth of the smart pills market.
By region, the smart pills market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
Conducive reimbursement scenario, the surging prevalence of chronic diseases, a nd fast uptake of advanced technology are the factors supporting the growth of the market in the region. The Americas account for the foremost share of the smart pills market.
Europe follows the Americas closely and accounts for the second most significant share of the smart pills market. Robust healthcare infrastructure, the high incidence rate of lifestyle-related diseases such as obesity, gastroesophageal reflux disease (GERD), and gastric ulcers have generated high demand for smart pills in the region. Moreover, European countries invest heavily in healthcare which acts as a plus for the growth of the market.
The APAC market is poised to perform relatively well and emerge as the fastest-growing for Smart Pills Market. Percolation of advanced healthcare technologies in the region coupled with high healthcare expenditure in the developing countries of the region favors the growth of the market. Besides, increase in geriatric population and prevalence of various chronic diseases contribute to the growth of the market.
The minimum share of the smart pills market is held by MEA. Lack of knowledge, low healthcare penetration, and poor economic conditions, especially in the African region is hindering the growth of the market.
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