New FMI Report Explores Impact of COVID-19 Outbreak on On Smart Pill Technologies Market
Smart Pill Technologies is the use of advanced methods for the preparation of prescription pills which has revolutionized patient monitoring, diagnosis of diseases and improved drug delivery. Smart pill technologies is the converging link between digital technology and healthcare industries. These smart pills have many benefits other than providing signals and alerts when consumed. By programming the pill accordingly, it can trigger a reminder according to the remainder time whenever the pill needs to be consumed. It can alert the physician, patient, medical staff or the caretaker when the medicine has been consumed which will help in accurate documentation of patient compliance or adherence. It can also provide alerts if the pill hasn’t been consumed on a timely routine since multiple medications need to be taken by a large number of patients. Physicians do a good job of triangulating medications with their patients, since new additions/OTC medications are not routinely documented. So with the use of smart pill technology, the data collected can further be of assistance by identifying potential drug-drug interactions, errors in dosage, schedule errors and help identify/prevent adverse events. Pills can also turn to be useful in sending alert signals when medicines are past their expiry date.Patients on medications such as antibiotics can be monitored and alerted to complete their course to ensure that drug resistance is not encountered.
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Smart Pill Technologies Market: Drivers and Restraints
The Smart pill technologies market is a flourishing market and has tremendous opportunities in future. The market has a wide scope in the monitoring and diagnosis of diseases. The rising prevalence of Gastro-intestinal diseases is acting as the major driver in the market. According to Centers for Disease Control and Prevention (CDC) 2015, it is currently estimated that about 1 -1.3 Mn people suffer from IBD in the United States. Prevalence of Crohn’s disease is 201 per 100,000 adults and Ulcerative colitis is 238 per 100,000 adults. Also the changing lifestyle related syndromes and disorders will further boost this market. Likewise the increasing disposable income to avail the evolving innovative technologies in the market will further help in penetration of the developed as well as developing countries. The rising geriatric population will also act as a driver since this segment of population is more prone to IBD, Ulcerative colitis and Crohn’s disease.
The World Health Organization (WHO) has estimated that by 2050 world’s geriatric population count will reach around 2 Bn which will definitely contribute to the rapid growth of this market. The chronic therapy monitoring can help in curtailing health care costs as well. To illustrate: the smart pill technology combination of an ambulatory monitoring with anti-thrombolytic drug can reduce the number of physicians visits and ensure that anti-thrombolytic therapy is adjusted remotely while ensuring compliance. Even so, all technological advancements of this segment come with some caveats. Barriers to technology such as age, cost and utility, pose challenges which the manufacturers should attempt to overcome. While customizability is the feature of smart pill market, it can also prove to be a hindrance and can be very cumbersome since it would be difficult to manufacture according to individual consumer needs. Furthermore, adaptability is also a point of concern and these parameters can thus act as a restraint in the market.
Smart Pill Technologies Market: Overview
The smart pill technologies has recently entered the market and is rapidly penetrating the developed as well as developing countries. The growing demand and escalating adoption rate for monitoring and treating diseases by newly advanced technologies has given an impetus to the global smart pill technologies market. In the last few years the market has seen high percentage of acceptance towards usage due to non-invasiveness, better patient accessibility and thorough monitoring. Capsule endoscopy accounted for the highest revenue in 2014. The first capsule endoscope model, which is now regarded as a first-line tool for the detection of abnormalities of the small bowel, was the PillCam SB. It was approved in Japan in April 2007. GI monitoring application segment is expected to register fastest growth in the forecast period, amongst all other segments. In the coming years, global smart pill technologies market will witness significant developments in innovation of a wide range of new products that will require novel marketing approaches. The smart pill technologies market is currently underpenetrated and in its nascent stage of development. Although the maximum revenues are generated by the developed countries, it is also observed that CAGR in the developing countries are high. The reason for the growth in the CAGR can be attributed to the increasing awareness in the latest innovative testing methods and the continuously improving economic conditions.
Smart Pill Technologies Market: Region-wise Outlook
On the basis of geography, Global Smart pill technologies market is segmented into seven key regions: North America, South America, Eastern Europe, Western Europe, Asia Pacific, Japan, and Middle East & Africa. North America and Europe collectively accounted for the largest market share in the overall smart pills technology market, in 2014. North America accounted for about half the share of market revenue in 2014. The growth in this region is primarily attributed to the early adoption of novel technologies, a large patient population, high disposable incomes and the fresh marketing and commercializing of smart pill products. Asia Pacific is expected to grow at a remarkable CAGR for smart pills technologies market due to increasing healthcare awareness.
Smart Pill Technologies Market: Key Players
Key players in the global Nucleic Acid Testing market include CapsoVision, Inc., Given Imaging, Inc., Medimetrics S.A. de C.V., Olympus Corporation, and Bio-Images Research Limited, IntroMedic Inc., Chongqing Jinshan Science & Technology Group Co. Ltd., Proteus Digital Health Inc., Novartis AG, and Philips Healthcare.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types, technology and applications.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, BENELUX)
- Eastern Europe (Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa)
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Based on application, the global smart pill technologies market is segmented into the following:
- Capsule Endoscopy
- Small Bowel Video Capsule Endoscopy
- Colon Capsule Endoscopy
- OMOM Capsule Endoscopy Platform
- Small Bowel Capsule Endoscopy
- Controllable Capsule Endoscopy
- Storable Capsule Endoscope
- Colon Capsule Endoscope
- pH Capsule Wireless Monitoring System
- Impedance-pH Monitoring System
- Upgraded MiroCam and Advanced Capsule Endoscope
- The ANKON MCE System
- Drug Delivery
- Patient monitoring of cancer
Based on disease indication, the global smart pill technologies market is segmented into the following:
- Occult GI Bleeding
- Crohn’s Disease
- Small Bowel Tumors
- Celiac Disease
- Inherited Polyposis Syndromes