Smart pills are embedded electronic devices, which encompass cameras, sensors, patches and trackers. The device is small in size. These smart devices can easily be swallowed by individual to provide complete evaluation of the gastrointestinal tract.
The global ingestible smart pills market is estimated to account for US$ 1,175.4 Mn in terms of value and is expected to reach US$ 1,734.3 Mn by the end of 2028.
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Rise in prevalence of gastrointestinal diseases is propelling growth of the global ingestible smart pills market. For instance, according to the study, ‘Worldwide incidence and prevalence of inflammatory bowel disease in the 21st century: a systematic review of population-based studies’, published in the journal Lancet in 2018, the prevalence of Crohn’s disease in Germany was 22 per 100,000 and 319 per 100,000 in Canada.
Moreover, various benefits of ingestible smart pills are again expected to support growth of the market. For instance, according to a paper in the November 2019 issue of the Journal of Managed Care & Specialty Pharmacy, AdhereTech’s smart pill bottle platform improved adherence and patient satisfaction among a small sample of multiple myeloma patients.
Smart pills held dominant position in the global ingestible smart pills market in 2019, accounting for 81.7% share in terms of value, followed by workstation, respectively.
Players in the market are failing to attract investors, which is projected to restrict growth of the global ingestible smart pills market. For instance, in June 2020, Proteus Digital Health, Inc. filed for bankruptcy protection. In 2019, Proteus Digital Health, Inc. faced cash crunch and the company furloughed the majority of its employees for about two weeks in November 2019.
Moreover, high costs involved in R&D of ingestible smart pills is again expected to hinder the market growth. The ingestible smart pills market is multidisciplinary and requires domain experts from various disciplines of science such as biochemists, biologists, immunologists, microbiologists, medical scientists and electronic engineers. It needs a consolidated effort between all these varied disciplines to produce sensors for particular applications. Moreover, prolonged R&D timelines with the inclusion of clinical trials need to test these sensor-embedded device adds up to significant expenditure.
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The Covid-19 outbreak is expected to boost demand for digital medicine, thus providing lucrative growth opportunities for players in the global ingestible smart pills market. For instance, in May 2020, Proteus Digital Health, Inc. announced a multi-year, outcomes-based initiative with the state of Tennessee’s Medicaid program, TennCare, in order to support TennCare-covered patients undergoing Hepatitis C treatment to achieve a cure through improved medication adherence and stronger connections to their care teams.
Moreover, growing prevalence of chronic disorders is projected to augment demand for ingestible smart pills market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.
BodyCap Medical, Given Imaging Ltd., Olympus Corporation, Proteus Digital Health, Inc., CapsoVision, Inc., Chongqing Jinshan Science and Component (Group) Co., Ltd., Medimetrics, IntroMedic Co., Ltd., Check-Cap Ltd., Boston Scientific Corporation, HQ Inc., Smart Pill Inc., Medtronic plc, Philips Healthcare, etectRx, Inc., Novartis, Siemens Healthcare, Pentax Medical Company (HOYA Corporation), GE Healthcare, and Stryker Corporation.
Major players are focused on approval and launch of new products to expand their product portfolio. For instance, in December 2019, etectRx, Inc. received the U.S. Food and Drug Administration (FDA) approval for its breakthrough patented ingestible event marker, the ID-Cap System.
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◘ Save time carrying out entry-level research by identifying the size, growth, and leading players in the emerging Ingestible Smart Pills Market
◘ Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the emerging Ingestible Smart Pills Market
◘ Leading company profiles reveal details of key Ingestible Smart Pills Market players emerging five operations and financial performance
◘ Add weight to presentations and pitches by understanding the future growth prospects of the emerging Ingestible Smart Pills Market with five year historical forecasts
◘ Compares data from North America, South America, Asia Pacific Europe and Middle East Africa, alongside individual chapters on each region
The next part also sheds light on the gap between supply and consumption. Apart from the mentioned information, growth rate of Ingestible Smart Pills Market in 2028 is also explained. Additionally, type wise and application wise consumption tables and figures of Ingestible Smart Pills Market are also given.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Ingestible Smart Pills Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Ingestible Smart Pills Industry Impact
Chapter 2 Global Ingestible Smart Pills Competition by Types, Applications, and Top Regions and Countries
2.1 Global Ingestible Smart Pills (Volume and Value) by Type
2.3 Global Ingestible Smart Pills (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Ingestible Smart Pills Sales, Consumption, Export, Import by Regions
Chapter 5 North America Ingestible Smart Pills Market Analysis
Chapter 6 East Asia Ingestible Smart Pills Market Analysis
Chapter 7 Europe Ingestible Smart Pills Market Analysis
Chapter 8 South Asia Ingestible Smart Pills Market Analysis
Chapter 9 Southeast Asia Ingestible Smart Pills Market Analysis
Chapter 10 Middle East Ingestible Smart Pills Market Analysis
Chapter 11 Africa Ingestible Smart Pills Market Analysis
Chapter 12 Oceania Ingestible Smart Pills Market Analysis
Chapter 13 South America Ingestible Smart Pills Market Analysis
Chapter 14 Company Profiles and Key Figures in Ingestible Smart Pills Business
Chapter 15 Global Ingestible Smart Pills Market Forecast (2022-2028)
Chapter 16 Conclusions
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