Smart Pills Market Overview
Smart pills are capsule-sized ingestibles used in diagnosis, treatment, and delivery of drugs. They are popular due to being able to capture and relay information in real-time as well as being disposable. Incidence of abnormal growth within the body can drive its demand greatly. The global smart pills market report by Market Research Future (MRFR) contains the latest developments in diagnostic techniques and the scope of smart pills for the period of 2018 to 2023 (forecast period).
Smart Pills Market Scope
The global smart pills market can expand at a CAGR of 14.2% during the forecast period. It is driven by the large geriatric pool and their susceptibility to chronic diseases. Other lifestyle diseases such as gastroesophageal reflux disease (GERD), gastric ulcers, and obesity are likely to influence demand heavily in the coming years. According to the National Diabetes Statistics Report of 2015, close to 1.5 million were diagnosed with diabetes and USD 245 million expended for their diagnosis and treatment.
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Massive demand for advanced drug delivery devices with use of active pharmaceutical ingredients, minimal side effects, and targeted delivery can bolster global market demand. Patients requiring target therapy as part of their treatment of diseases will influence this trend. The need for minimally invasive therapies and encouragement of the development of advanced endoscopy procedures can fuel the global smart pills market.
But high costs of smart pills and strict government regulations may hamper market growth.
Smart Pills Market Segmentation
The global smart pills market has been segmented on the basis of application, target area, disease indication, and end-user.
By application, the market is segmented into patient monitoring, capsule endoscopy, drug delivery, and others. The capsule endoscopy segment has been further divided into colon capsule endoscopy, small bowel capsule endoscopy, controllable capsule endoscopy, and others. On the other hand, the patient monitoring segment is divided into capsule pH monitoring and others.
By target area, the market is segmented into stomach, esophagus, small intestine, and large intestine.
The disease indication segment is divided into esophageal diseases, small bowel diseases, colon diseases, and others.
End-users discussed in the global smart pills market include hospitals, diagnostic center, and research institute.
Smart Pills Market Regional Analysis
The market has been segmented, by region, into the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas are predicted to lead the global market owing to prevalence of chronic diseases, adoption of advanced technology, and favorable reimbursement schemes. According to the U.S. Centers for Disease Control & Prevention (CDC), nearly 60-70 million Americans are diagnosed with gastrointestinal diseases with millions of endoscopy procedures. Smart pills are used in areas of diagnostic imaging, vital sign monitoring, and targeted drug delivery. Efforts of players in the region for developing wireless communication platforms and integration of cloud can boost the growth of the market.
Europe is the second-largest region of the market due to major cases of gastrointestinal diseases and allocation of large healthcare expenditure. According to the European Commission, European nations had dedicated close to 16.2% of their budget on healthcare in 2016. This number can rise due to change in lifestyles of patients and prevalence of various diseases.
APAC is expected to exhibit the fastest growth in the market owing to a large geriatric pool and investment in healthcare. Lastly, the MEA can experience a sluggish growth rate during the assessment period due to lack of proper healthcare facilities and undeveloped healthcare sector.
Smart Pills Market Competitive Outlook
Proteus Digital Health, Inc., FUJIFILM Holdings Corporation, INTROMEDIC, MEDISAFE, Olympus Corporation, Check-Cap, PENTAX Medical, JINSHAN Science & Technology, CapsoVision, Inc., RF Co., Ltd., MEDTRONIC, and BDD Limited are key players of the global smart pills market. Players are focusing on the development of innovative techniques such as video endoscopy in developing economies for strengthening their hold in the market.
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