Smart Pills Market – Analysis And Forecast (2017-2025): Market Shares And Strategies Of Key Players
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.
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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.
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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.
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