Smart Pills Market - Global Industry Insights, Trends, Size, Share, Outlook, and Opportunity Analysis, 2018-2026
- Report code : CMI6487 |
- Industry :
Pharmaceutical
- To Be Published : Jun 2019 |
- Format :
Smart pills can be used to monitor the drug adherence, temperature and some other parameters in the patients. Smart 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 help to improve the drug delivery. This might help physicians to monitor the patient’s conditions, and to check the timely routine of patient’s medication. The smart pills may alert about the expiry date of medicines, drug completion course and prevent from adverse events. These are expected to replace conventional diagnostic techniques such as endoscopy and colonoscopy. The need for convenient, and accurate treatment strategies has generated the interest in the research of smart pills.
The increasing number of gastro-intestinal diseased population to drive the smart pills market
Increasing geriatric population creates a large target group for smart pills manufacturers. This demographic group is highly susceptible to Inflammatory Bowel Disease (IBD). The market has wide scope in the monitoring and diagnosis of the diseases. According to World Health organization (WHO) 50% of people forget to take pills or take wrong medication which will be dangerous for their health, the new smart pills technology is helping in monitoring this conditions. According to Center 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 in the food, stress, food intolerance and allergies are causing the increasing number of gastrointestinal diseases. To cure this disease, conventional methods do not provide accurate results. Need for accurate diagnosis and monitoring for this diseases are some of the major factors driving the smart pills market.
Though the adaptability in the patients and to customize the product according to consumer needs will be some of the causes which might slowdown the smart pills market.
The global smart pills market is segmented on the basis of applications, disease indication and geography
On the basis of application,
- Capsule Endoscopy
- Small-bowl Video Capsule Endoscopy
- Colon Capsule Endoscopy
- OMOM Capsule Endoscopy
- Small Bowel Capsule Endoscopy
- Controllable Capsule Endoscopy
- Storable Capsule Endoscope
- Colon Capsule Endoscope
- pH Capsule Wireless Monitoring System
- Impedance-pH Monitoring System
- MiroCam
- Upgraded MiroCam
- Advanced Capsule Endoscope
- Others
On the basis of disease indications,
- Occult GI Bleeding
- Crohn’s Disease
- Small Bowel Tumors
- Celiac Disease
- Inherited Polyposis Syndromes
The increasing healthcare awareness and early adoption to novel technologies driving the smart pills market 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. The adoption of these regions for novel technologies which is essential for the smart pills market, new marketing and commercialization strategies, large patient population are some of the causes driving this market in North America and Europe. The Asia Pacific region is one of the growing market however, increasing healthcare 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 Asian countries would help boost the smart pills market.
The development of novel technologies and partnership between companies helping to boost growth in the smart pills market
The key players operating the smart pills market globally are Boston Scientific Corporation, Olympus Medical Technology, Smart Pill Inc, Medtronic, Philips Healthcare, Given Imaging Ltd and Novartis, Siemens Healthcare, Pentax Medical Company, GE Healthcare, Stryker Corporation.
Research Methodology
Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:
- Primary Research (Trade Surveys and Experts Interviews)
- Desk Research
- Proprietor Data Analytics Model
In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.
Coherent Market Insights desk research is based on a principle set of research techniques:
- National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
- Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.
Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:
- Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
- Trade association, National and international media and trade press.
- Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
- Scientific journals, and other technical magazines and whitepapers.
Preliminary Data Mining
The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.
Data Standardization:
Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.
Coherent Statistical model
We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:
- Micro-economic indicators
- Macro-economic indicators
- Environmental indicators
- Socio-political indicators
- Technology indicators
Data Processing
Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.
Data Validation
This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:
- It provides first-hand information on the market dynamics, outlook, and growth parameters.
- Industry experts validates the estimates which helps the company to cement the on-going research study.
- Primary research includes online surveys, face-to face interviews, and telephonic interviews.
The primary research is conducted with the ecosystem players including, but not limited to:
- Raw Material Suppliers
- Manufacturers
- System Integrators
- Distributors
- End-users
Related Insights :
Share
Choose License Type
"How Can I Help You" ?
Finding it difficult to find the research that would cater to your business demands? Give us a chance to help you. One of our Research Consultants will connect to provide a customized solution.
[email protected]Key Benefits
Custom Research Solution
Talk to our research consultant to design an exclusive report as per your research needs.
Customer Fulfilment
We aim to fulfil client's research demands with tailored research solutions.
Quick Turnaround Time Reports
We aim to provide research studies in quickest turnaround time and in a much cost effective manner.
360-degree Approach
We cover each industry from supply and demand side with an aim to provide a most holistic research study.
Assured Quality
We strive to provide most accurate and reliable research findings in our research reports.