Smart pills are used for sensing, imaging, and drug delivery in human body.
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 2027.
Global Ingestible Smart Pills Market: Drivers
Growing adoption of smart pills is projected to augment growth of the global ingestible smart pills market. For instance, in January 2020, New University of Colorado adopted etectRx, Inc.’s ID-Cap System in a clinical study of 180 patients to create a reliable record of adherence for over 20,000 doses of HIV medication.
Global Ingestible Smart Pills Market: Opportunities
Rise in aging population is projected to boost demand for digital medicine, thus offering lucrative growth opportunities for players in the global ingestible smart pills market. According to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
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Global Ingestible Smart Pills Market: Restraints
Unfavorable reimbursement policies is expected to hamper growth of the global ingestible smart pills market. Changes in reimbursement policies have played an important role in the past few years. Moreover, reimbursement for patient monitoring systems by government payer organizations and private payers is limited. Because the device is used for monitoring, there is no positive outcome from the use of these devices as per the established and scalable outcomes of treatment devices. Thus, reimbursement for patient monitoring pills used in diagnostic devices is not provided by health insurance companies.
Key Takeaways:
The global ingestible smart pills market was valued at US$ 1,111.8 Mn in 2019 and is forecast to reach a value of US$ 1,734.3 Mn by 2027 at a CAGR of 5.7% between 2020 and 2027. Increasing prevalence of gastrointestinal diseases, and various benefits of ingestible smart pills is driving growth of the market.
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. Smart pills are projected to witness significant growth over the forecast period owing to growing use of smart pills in diseases diagnostics.
Market Trends
Major players are focused on adopting collaboration strategies to expand their product portfolio. For instance, in June 2019, etectRx extended its collaboration with Qualicaps to further develop the manufacturing and assembly processes for ID-Capsules and the ID-Cap System.
Major players are also focused on adopting M&A strategies to expand their product portfolio. For instance, in August 2018, PENTAX Medical, a division of the HOYA Group, acquired a controlling interest in PlasmaBiotics SAS, a manufacturer of devices for drying and storage of endoscopes.
Global Ingestible Smart Pills Market: Competitive Landscape
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.
Global Ingestible Smart Pills Market: Key Developments
June 2019: etectRx Inc. announced that the United States Patent and Trademark Office has issued U.S. Patent 10,292,642 for an “Electronic Medication Compliance Monitoring System and Associated Methods.”
Segmentation
- By Component
- Smart Pills
- Patient Monitoring
- Capsule Endoscopy
- Small Bowel Endoscopy
- Esophagus Endoscopy
- Colon Endoscopy
- Workstation
- By Application
- Imaging
- Monitoring
- By End User
- Hospitals
- Clinics
- Research Institutes
- Home Healthcare
- Smart Pills
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Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Component
- Market Snippet, By Application
- Market Snippet, By End User
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Key Developments
- Regulatory Scenario
- PEST Analysis
- COVID-19 Impact Analysis
- Market Dynamics
- Global Ingestible Smart Pills Market, By Component, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- Smart Pills
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Patient Monitoring
- Capsule Endoscopy
- Small Bowel Endoscopy
- Esophagus Endoscopy
- Colon Endoscopy
- Workstation
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Segment Trends
- Introduction
- Global Ingestible Smart Pills Market, By Application, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- Imaging
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Monitoring
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
- Global Ingestible Smart Pills Market, By End User, 2019 – 2027 (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017–2027
- Segment Trends
- Hospitals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Clinics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Research Institutes
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Home Healthcare
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
- Introduction
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