Pune, Oct. 12, 2020 (GLOBE NEWSWIRE) -- The global smart pills market is set to gain traction from the increasing usage of these non-invasive devices for the diagnosis of gastrointestinal disorders and cancer. They can ever replace the traditional diagnostic techniques such as endoscopy. Fortune Business Insights™ published this information in an upcoming report, titled, "Smart Pills Market Size, Share & Industry Analysis, By Application (Capsule Endoscopy, Targeted Drug Delivery, Vital Sign Monitoring), By End User (Hospital & Specialty Clinics, Diagnostic & Research Centers) and Regional Forecast, 2019-2026." The report further states that smart pills include chemical sensor, pH, or biosensor. When swallowed, they can travel along the gastrointestinal tract for capturing images.
This Report Answers the Following Questions:
- How will the organizations surge sales of smart pills?
- Which key players are set to lead the market in the near future?
- Which segment would dominate the market in the coming years?
- What are the current challenges and opportunities in the global market?
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High Prevalence of Gastrointestinal Reflux Diseases to Aid Growth
The rising prevalence of chronic diseases such as breast cancer and colorectal cancer worldwide is set to be a vital driver for the smart pills market growth in the coming years. Additionally, the higher occurrences of lifestyle-related disorders, namely, gastric ulcers and gastrointestinal reflux diseases (GERD) would also affect growth positively. Hence, people nowadays are shifting towards innovative treatment options.
Moreover, patients prefer minimally invasive procedures more than the conventional treatment options. This factor is expected to surge the demand for smart pills in the forthcoming years. Also, smart pills have certain beneficial properties, such as easy remote patient monitoring, targeted drug delivery, and advanced capsule endoscopy. However, they are expensive and this, in turn, may hinder growth.
The outbreak of the COVID-19 pandemic has shattered the economy worldwide. Many hospitals are exhibiting a lower number of beds for coronavirus positive patients. Until and unless a vaccine is discovered, we are unable to estimate the timeline up to when this situation would continue. Our elaborate research reports will help you in generating more revenues by choosing the correct strategy.
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Increasing Awareness Programs about Lifestyle Related Diseases to Favor Growth in Europe
Regionally, North America is likely to remain in the dominant position throughout the near future by earning the largest smart pills market share. This growth is attributable to the presence of favorable reimbursement policies, rising usage of novel technologies, and higher cases of cancer in the region. The American Cancer Society mentioned that in the U.S., approximately, 43,340 new cases of colorectal cancer are detected every year. This is a prominent factor that would boost growth in this region.
Europe, on the other hand, is set to exhibit a significant CAGR in the forthcoming period on account of the increasing awareness programs about lifestyle related diseases. Also, the increasing healthcare expenditure is anticipated to aid growth. Asia Pacific is likely to grow considerably backed by the major contributions of Australia, China, and Japan.
Key Players Focus on Launching Innovative Smart Pills to Gain a Competitive Edge
The market for smart pills is highly fragmented. Most of the companies nowadays are conducting extensive research programs to come up with state-of-the-art products. They are doing so to gain a competitive edge. Some of the others are engaging in the strategy of mergers & acquisitions to strengthen their product portfolios. Below are a couple of the latest industry developments:
- August 2020: Otsuka is set to acquire Proteus Digital Health, its digital pill partner for USD 15 million. The transaction was approved by a U.S. bankruptcy court based in Delaware. The deal had previously faced multiple objections from a group of investors, including Novartis.
- August 2020: Emme introduced Smart Case, its innovative birth control adherence device. It can detect whether a woman has taken her birth control pill by using the multisensor technology. It works with more than 100 brands of pills and costs $99.
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Fortune Business Insights™ lists out the names of all the renowned manufacturers operating in the global smart pills market. They are as follows:
- Proteus Digital Health
- Medtronic
- CapsoVision, Inc.
- Olympus Corporation
- Otsuka Pharmaceutical Co., Ltd.
- MEDISAFE
- Other renowned companies
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Global Smart Pills Market Segmentation:
By Application
• Capsule Endoscopy
• Targeted Drug Delivery
• Vital Sign Monitoring
By End User
• Hospital & Specialty Clinics
• Diagnostic & Research Centers
By Geography
• North America (USA, Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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