The global smart pills market size is estimated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the technological advancement in small- size integrated circuit, rising demand for simplified procedures, and increasing demand for patient easy accessibility in the market.
Smart pills, often known as digital pills, are medications that contain edible electronic sensors that send wireless messages to devices such as smartphones, tablets, and patches outside the body when consumed. As these smart pills are easier to use in comparison to traditional endoscopy. Thus, usage of smart pills is expected to increase in coming years. In 2018, Massachusetts Institute of Technology’s researchers developed an ingestible capsule that connects through Bluetooth and was constructed using 3D printing technology. Once consumed, the capsule can stay in the body for longer days. Many organizations are also funding in R&D programs in the field of smart pill. For instance, the University College London granted GBP 150000 to Enteromics, a gut health startup firm, that was creating smart tablets in December 2020. Starting with inflammatory bowel disease, the business is creating a line of smart pills to monitor and detect chronic diseases.
According to the Journal of the Canadian Association of Gastroenterology, Canada has the highest cases of inflammatory bowel disease (IBD) in the world in 2018. IBD affects around 270,000 Canadians and the figure is expected to reach to 403,000 by 2030. It affects people of all age groups starting from teenagers to adults. According to the World Cancer Research Fund International, Japan represented the third highest rate of stomach cancer among Asian countries. As a result, Japan is expected to have significant market growth due to the rising cases of cancer diseases and encouraging government policies in smart pills market coming years.
The COVID-19 pandemic has resulted in unforeseen consequences such as significant delays in disease detection and treatment. According to the Commonwealth Fund, COVID-19 is expected to result in nearly about 60% reduction in overall outpatient visits by the month of May 2020. On the other hand, hospitals and healthcare services were drastically curtailed owing to social distancing measures enacted by governments around the world. Furthermore, the COVID-19 pandemic had a significant impact on the functioning of general hospital treatment for non-COVID-19 patients in hospitals globally.
Market Trends, Drivers, Restraints, and Opportunities
- Ongoing R&D activities for improving the products with better efficacy undertaken by market leaders are expected to upsurge the growth of the market.
- Increasing efficacy in operations, treatment procedures, and on demand service is fueling the growth of the market.
- High cost involved in utilizing sophisticated system, software and implementing advanced technology for manufacturing smart pills is considerably hamper the market growth.
- Various side effects resulting to low adherence and severe regulatory rules for the approval of smart pills is likely to act as restraining factors for the market expansion.
- Rising awareness among organizations from emerging countries about smart pills is expected to create more opportunities for market players to generate revenue in the coming future.
Scope of the Report
The report on the global smart pills market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Smart Pills Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Products [Drug Delivery and Capsule Endoscopy], Patient Monitoring Software, and Tools)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Olympus Corp.; CapsoVision Inc.; Proteus Digital Health; Medisafe; Medtronic PLC; CapsoVision, Inc.; Otsuka Pharmaceutical Co. Ltd; etectRx Inc.; and HQ Inc.
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Market Segment Insights
Products segment is projected to register a large revenue share
On the basis of applications, the global smart pills market is segregated as products, patient monitoring software, and tools. The product segment is further bifurcated into drug delivery and capsule endoscopy. The products segment is projected to register a larger revenue share in coming years owing to wide popularity of capsule endoscopy and its wide applications for various disease treatment. Repetitive usability and disposability of capsules are major factors that help to propel the market segment growth during the forecast period. Furthermore, capsule endoscopy is used to treat diseases in the GI tract, including obscure GI bleeding, Crohn’s disease, small bowel tumors, and celiac disease.
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period owing to advent of increase cases of colorectal cancer, advanced technology in the healthcare industry, and regulatory approval of new products in the region. As per the recent data of American Cancer Society, there are 39,910 new cases of rectal cancer and 95,520 new cases of colon cancer have been diagnosed in the U.S. This is anticipated to propel the market in the U.S. during the forecast period.
Asia Pacific is also projected to register a significant amount of revenue share in the coming years due to wide development of pharmaceutical companies particularly in India, China, and Japan. Major factors that are fueling the regional market growth include technological advancements, rising demand for healthcare insurance, increasing incidences of stomach cancer, and gastrointestinal disorders in the region.
Segments
Segments Covered in the Report
The global smart pills market has been segmented on the basis of
Applications
- Patient Monitoring
- Capsule Endoscopy
- Drug Delivery
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Olympus Corp.
- CapsoVision Inc.
- Proteus Digital Health
- Medisafe
- Medtronic PLC
- CapsoVision, Inc.
- Otsuka Pharmaceutical Co. Ltd
- etectRx Inc.
- HQ Inc.
Competitive Landscape
Some of the major players competing in the market are Olympus Corp.; CapsoVision Inc.; Proteus Digital Health; Medisafe; Medtronic PLC; CapsoVision, Inc.; Otsuka Pharmaceutical Co. Ltd; etectRx Inc.; and HQ Inc.
Key players in smart pills market are focusing on marketing strategies such as expansion of their product portfolio, merger & acquisition, collaboration, and partnerships by offering latest version of devices to gain substantial share in the market. New competitors in the market are focusing on advanced and affordable alternatives to existing products in order to take advantage of the market potential available in the developing countries.
For instance, in December 2019, the US Food and Drug Administration had given approvals to a Florida-based company, etectRx Inc. for its sensor technology for its sensor technology applied in smart pills. In addition, etectRx Inc. has also announced the partnership with Pear Therapeutics to develop the two products combined that are etectRx’s sensor technology with Pear’s digital therapeutic in January 2021. In August 2020, Proteus Digital Health has been acquired by Otsuka Pharmaceutical Co. Ltd for USD 15 million.
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