Smart Pills Market Analysis
Smart Pills Market - Global Industry Insights, Trends, Size, Share, Outlook, and Opportunity Analysis, 2018-2026
Smart pills can be used to monitor drug adherence, temperature and some other parameters in patients. These pills are ingestible medical devices that can be taken orally to examine the gastrointestinal tract (GI). The advanced technology of smart pills helps in monitoring of patients, disease diagnosis, and to improve drug delivery. Smart pills may alert about the expiry date of medicines, drug completion course, and prevent from adverse events. These pills are expected to replace conventional diagnostic techniques such as endoscopy and colonoscopy. The need for convenient and accurate treatment strategies has led to increasing R&D in smart pills.
Increasing prevalence of gastro-intestinal diseases is expected to drive the smart pills market growth
People above the age of 60 are more susceptible to Inflammatory Bowel Disease (IBD). Therefore, increasing geriatric population is expected to create a large target group for smart pills manufacturers. According to the World Health Organization (WHO), 50% of people forget to take pills or take wrong medication, which may lead to adverse effects on health. The new smart pills technology helps to monitor medication. According to the Centers for Disease Control and Prevention (CDC), around 1 million people suffered from IBD in the U.S. in 2015. The changing lifestyles, low intake of fibers, stress, food intolerance, and allergies are increasing the number of gastrointestinal diseases. In treatment of these diseases, conventional methods do not provide accurate results. Need for accurate diagnosis and monitoring of these diseases are some of the major factors driving the smart pills market growth.
However, adaptability in patients and the need to customize products according to consumer needs is expected to hinder the smart pills market growth.
The global smart pills market is segmented on the basis of applications, disease indication, and geography
On the basis of application,
On the basis of disease indications,
Increasing healthcare awareness and early adoption to novel technologies is driving the smart pills market growth in Europe
Regional segmentation of smart pills market by Coherent Market Insights comprises North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America and Europe collectively dominate the market. Increasing adoption of novel technologies in the regions, new marketing and commercialization strategies, and large patient population are some of the factors driving the market growth in North America and Europe. Asia Pacific is one of the rapidly growing markets, owing to increasing health awareness, training in endoscope handling, growing predominance of colon cancer and intestinal infections, and major corporate investments in research and development in Japan and other countries in Asia Pacific.
The development of novel technologies and partnership between companies is boosting growth of the smart pills market
The key players operating the smart pills market are Boston Scientific Corporation, Olympus Medical Technology, Smart Pill Inc., Medtronic, Philips Healthcare, Given Imaging Ltd., Novartis, Siemens Healthcare, Pentax Medical Company, GE Healthcare, and Stryker Corporation.