Smart Pills Market 2022
New Markey Study Report of “Smart Pills Market 2022 Global Market Opportunities, Challenges, Strategies and Forecasts to 2026” has been Added on Persistance Market Research.
This report provides in depth study of “Smart Pills Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. Smart Pills Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
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Persistence Market Research’s recently published report on the global smart pills market projects that the demand for these miniaturized devices will gain traction during the forecast period, 2017-2026. The report projects that by the end of 2026, more than US$ 3.1 Bn worth of smart pills will be sold globally. Over the forecast period, the global smart pills market is pegged to expand robustly at a CAGR of 14.5%. The study projects that the future prospects of smart pills will majorly revolve around their growing use as a device that can monitor daily medicine intake of consumers.
Integration of smart technologies in pills has instrumented a ground-breaking transformation in the global healthcare marketplace. Initially, consumers and patients were diffident towards invasive surgical procedures and drug administration, albeit, their perspectives have undergone changes. There is a growing uptake for indigestible medical devices, which has propelled the consumption of smart pills. Elements such as cameras, trackers and sensors are being integrated in smart pills, making them a key tool to assess the health of consumer from within the body.
In the near future, smart pills will gain grounds in diagnostics and health monitoring applications. These unique devices are being widely used in non-invasive examination of gastrointestinal diseases. Companies developing smart pills are extending their functions in assessment of health across a range of physiological metrics. With evolution in medical technology, the data procured by smart pills is becoming highly accurate and these pills are strengthening the patient adherence towards measuring medications.
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Drug Delivery Applications of Smart Pills to Gain Traction
The report estimates that in 2017, smart pills worth over US$ 300 Mn have been sold globally for their use in drug delivery applications. Increasing non-adherence of patients towards medication intake has driven the medical professionals such as doctors in compelling their patients to consume smart pills. Miniscule sensors embedded in smart pills are being used to detect the presence of elements in stomach, and this information is being transmitted to the patch worn by patients. The procured data reveals the daily medicine intake of the patients and allows the doctors to facilitate effective drug delivery while monitoring the health of patients. The report also reveals that capsule endoscopy will be the leading application in the global smart pills market through 2026.
Esophagus to Represent Key Target Area for Positioning of Smart Pills
Through 2026, majority of medical professionals will allow the patients to consume smart pills and get them positioned in the esophagus. Effectiveness of smart pills in detecting the presence of different elements being consumed through food or medicine will continue to drive their positioning in the esophagus target area. By the end of 2026, more than US$ 1.2 Bn worth of smart pills to be sold in the global market will be used for targeting the esophagus.
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The report has further revealed that the demand for smart pills is expected to be high North America and Europe. Robust healthcare infrastructure in the US is expected to drive the expansion of North America’s smart pills market through 2026. The report also reveals that leading players in the global smart pills market are based in North America and several European countries. Companies namely, CapsoVision, Inc., Given Imaging, Inc., Medimetrics S.A. de C.V., Olympus Corporation, Bio-Images Research Limited, Medtronic, Proteus digital Health, MediSafe, Boston Scientific Corporation, and GE Healthcare are expected to spearhead the global production of smart pills through 2026.
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