Dublin, Feb. 16, 2022 (GLOBE NEWSWIRE) -- The "Global Smart Pills Market Outlook 2020: Global Opportunity and Demand Analysis, Market Forecast, 2019-2028" report has been added to ResearchAndMarkets.com's offering.
The global smart pills market size was worth USD 779.4 million in 2019 and is anticipated to expand at a CAGR of 16.5% over the forecast period. High demand for minimally invasive procedures, an increase in focus on patient convenience, and technological development including miniaturization of integrated circuits are factors that will drive market growth.
Top Driver:
Integration of innovative drugs, medical devices, and advanced technologies will drive the market growth
Demand for advanced drug delivery systems with benefits such as optimal use of the active pharmaceutical ingredients, reduced dosage frequency, minimal adverse/side effects, targeted drug delivery, and the safer carrier is driving the market for smart pills. The integration of innovative drugs, medical devices, and advanced technologies is expected to play an important role in further boosting the market over the forecast period.
Patients with chronic diseases who need to follow a specific dose of medication at the target site are expected to form a large customer base for advanced drug delivery products. High demand for minimally invasive surgical procedures has given rise to innovative techniques such as capsule endoscopy. With advantages such as ease of administration and detailed observation of the gastrointestinal tract, capsule endoscopy is expected to replace traditional endoscopy methods.
Product to Make Crucial Contribution for Growth of Global Smart Pills Market
Based on application, the market for smart pills is segmented into product, tools, and patient monitoring software. The product segment captured the largest revenue share in 2016 and includes the actual pill or capsule being swallowed by patients. Factors, such as the disposable nature of capsules, repeat usage, and high cost will enable the product segment to retain its dominance throughout the forecast period.
The product segment is further divided into capsule endoscopy and drug delivery. Conventional techniques of gastrointestinal diagnosis such as endoscopy and colonoscopy are being replaced by new methods such as capsule endoscopy. This latest technique is more convenient, minimally invasive, and highly advanced.The application of smart pills extends to various diseases related to the GI tract. These include Crohn's disease, obscure GI bleed, celiac disease, and small bowel tumors. The increasing prevalence of gastrointestinal disorders is anticipated to fuel the market at a lucrative rate over the forecast period.
North America dominated to witness fastest growth in Global Smart Pills Market
North America dominates the smart pills market in terms of revenue, accounting for a share of 57.1% in 2019. The region is expected to retain its lead throughout the forecast period owing to factors such as technological advancements in the healthcare sector, an increase in the incidence of colorectal cancer, and regulatory approval of new products. The American Cancer Society estimates that 95,520 new cases of colon cancer and 39,910 new cases of rectal cancer will be diagnosed in the U.S. by the end of 2017. This is expected to provide growth opportunities for players operating in the U.S. market.
Asia Pacific is expected to grow significantly in the coming years, especially in Japan, China, and India. Key factors driving the Japan market for smart pills include mandatory healthcare insurance, technological advancements and an increase in the prevalence of stomach cancer and gastrointestinal disorders. According to the World Cancer Research Fund International, Japan ranks third among Asian countries in the prevalence of stomach cancer. Thus, a high prevalence of target diseases, coupled with growing government support, will create suitable growth opportunities in Japan.
Players to Focus on Smart Pills Market
The market for smart pills is dominated by a limited number of players. Taking into account that this is a new technology, limited products have been approved so far and even fewer are commercially available. Some of the major market players are,
- Medtronic PLC
- Proteus Digital Health
- CapsoVision, Inc.
- Olympus Corporation
- Medisafe.
Leading players in the market for smart pills are focused on expanding their product portfolio by offering advanced versions of existing devices. New entrants are focused on breakthrough products with advanced yet affordable alternatives to existing products so as to make the most of the opportunities available in developing economies.
Key Reasons to Purchase this Report
1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.
Key Topics Covered:
Chapter 1 Overview and Scope
Chapter 2 Our Research Practice
Chapter 3 Executive Summary
Chapter 4 Covid-19 Impact Analysis
4.1 Overview
4.2 Prevalence analysis
4.3 Key Factor Impact Analysis
Chapter 5 Global Smart Pills Market Forces
5.1 What's Driving the Market
5.2 Porter's Five Forces Analysis
5.2.1 Power of Suppliers
5.2.2 Threats From New Entrants
5.2.3 Power of Buyer
5.2.4 Threat From Substitute Product
5.2.5 Degree of Competition
Chapter 6 Global Smart Pills Market -Industry Snapshots
6.1 Overview
6.1.1 Global Smart Pills Market Value, 2019 - 2026, (US$ Bn)
6.2 Market Overview
6.2.1 Drivers Analysis
6.2.2 Restraint/Challenges analysis
6.2.3 Opportunity Analysis
6.3 Supply Chain/Value Chain Analysis
6.4 Market SWOT Analysis
Chapter 7 Global Smart Pills Market Analysis, by Application
7.1 Overview
7.2 Key Findings for Smart Pills Market- By Application
Smart Pills Market- Product
7.2.1 Smart Pills Market- Capsule Endoscopy
Smart Pills market by Application 2, 2018 - 2026 (USD Million)
Chapter 8 Global Smart Pills Market Analysis, by Application
8.1 Overview
8.2 Key Findings for Smart Pills Market- By Application
8.2.1 Smart Pills Market- Column Assisted Smart Pills (C-EPS)
8.2.2 Smart Pills Market- Pinion Assisted Smart Pills (P-EPS)
8.2.3 Smart Pills Market- Rack Assisted Power Steering System (R-EPS)
8.2.4 Smart Pills Market- Electronic Hydraulic Power Steering (EHPS)
8.2.5 Smart Pills Market- Electronic Hydraulic Power Steering (EHPS)
Chapter 9 Smart Pills Market Analysis by Region
Chapter 10 Market Competition Analysis
10.1 Market Share/Positioning Analysis
10.1.1 Market Positioning of Key Vendors, 2019
10.1.2 Key Strategies Adopted by the Leading Players
10.1.3 Recent Developments
Chapter 11 Company Profiles- Snapshot
11.1 Medisafe
11.1.1 Business Fundamentals
11.1.2 Financial Snapshots
11.1.3 Product Portfolio
11.1.4 Recent Developments
11.2 Medtronic PLC
11.3 Proteus Digital Health
11.4 CapsoVision, Inc.
11.5 Olympus Corporation
Chapter 12 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/diqvtq
