Smart Pills Market to Record an Exponential CAGR by 2026
Smart pill is one of the emerging technologies in the health care industry. Smart pill contains a drug and an ingestible sensor. The ingestible sensor gets activated when it comes into contact with stomach fluid. The sensor transfers anatomical data of the target area to the patch which is worn by the patient. The data can be send to physicians or caregivers with the consent of the patient. In November 2017, the USFDA approved the first smart pill, Abilify MyCite, for elderly patients suffering from schizophrenia.. Through the help of information sent by sensor, the patient can be remembered the time of medicine taken.
The global Smart Pills Market is driven by factors such as growing geriatric population, developing health care infrastructure, and rising trend of adopting emerging technologies. However, lack of awareness regarding smart pills, low availability and high price of the product, and stringent regulatory policies are anticipated to restrain the growth of the market during the forecast period. Nevertheless, rise in mergers and acquisitions and joint ventures, increase in R&D investments, and technological advancement are projected to provide the global smart pills market attractive opportunities to expand during the forecast period.
In terms of application, the global smart pills market can be segmented into diagnosis, patient monitoring, and drug delivery. By target area, the global smart pills market can be classified into esophagus, stomach, small intestine, large intestine, and others. The global smart pills market can be categorized into capsule endoscopy technology, gastrointestinal monitoring technology, and drug delivery technology, by technology. Furthermore, the capsule endoscopy technology can be segmented into capsule endoscope and workstations and recorders, while the gastrointestinal monitoring technology segment can be bifurcated into single-parameter monitoring and multi-parameter monitoring. By end-user, the global smart pills market can divided into hospitals and ambulatory surgery centers, independent clinics and others (academics).
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Geographically, the global smart pills market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America constituted the leading market share in 2017 and is expected to grow by a significant rate during the forecast period. The smart pills market in North America is primarily driven by the growing geriatric population, rising disease complexities, robust health care infrastructure, presence of key companies, and increasing trend of adoption of emerging technologies in the health care industry in the region. The global smart pills market in Europe held the second leading market share, which is estimated to increase during the forecast period, owing to robust medical infrastructure and high diagnosis and treatment rate in Western Europe and technological advancements. The smart pills market in Asia Pacific held the third prominent share in 2017. However, it is expected to expand at a significantly high growth rate during the forecast period. Factors contributing to the growth of the market in Asia Pacific are large population base, presence of small companies in China and Japan, increasing disposable income of people, technological progress, and the growing trend of research in academic organizations in the region. Lack of awareness regarding smart pills, poor medical infrastructure, and high cost and low availability of smart pills are anticipated to restrain the growth of the smart pills market in Latin America and Middle East & Africa during the forecast period.
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Key companies operating in the global smart pills market are Proteus Digital Health, CapsoVision, Inc., Novartis AG, Boston scientific, Smart Pill, Inc., Bio-Images Research Limited, Medtronic, Inc., IntroMedic Co. Ltd., JINSHAN Science and Technology, etc.