Smart pills are miniature electronic devices that are shaped and designed in the mold of pharmaceutical capsules. These pills are used for sensing, imaging, and drug delivery.
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
Increasing adoption of smart pills is expected to propel growth of the global ingestible smart pills market over the forecast period. 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
Increasing geriatric population is expected to boost demand for digital medicine, thereby offering lucrative growth opportunities for players in the global ingestible smart pills market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Global Ingestible Smart Pills Market: Restraints
Limited coverage in terms of reimbursement is expected to hinder growth of the global ingestible smart pills market. Changes in reimbursement policies have played a crucial role in the past few years. Reimbursement for patient monitoring systems by government payer organizations and private payers is limited. As the purpose is monitoring, there is no positive outcome from the use of these devices as per the established and scalable outcomes of treatment devices. Therefore, reimbursement for patient monitoring pills used in diagnostic devices is not provided by health insurance companies.
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. Major factor driving the growth of global ingestible smart pills market during the forecast period include increasing prevalence of gastrointestinal diseases, and several benefits of ingestible smart pills.
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 expected to witness significant growth over the forecast period due to increasing use of smart pills in diseases diagnostics.
Major players in the global ingestible smart pills market 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 in the market 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
Major players operating in the global ingestible smart pills market include, 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.”