The different types of smart pills play key roles in expanding and changing the delivery of the global healthcare system
The smart pills segment was estimated to reach close to 80% revenue share of the global ingestible smart pills market by 2016 end and is likely to gain more than 500 BPS in its market share by 2024 over 2016. The smart pills segment is projected to reach more than US$ 1,000 Mn by 2024. The smart pills segment is anticipated to create absolute $ opportunity of more than US$ 40 Mn in 2017 over 2016, expanding at a CAGR of 6.4% over the forecast period. The smart pills segment is projected to dominate the global ingestible smart pills market throughout the forecast period. This is also the most attractive segment, recording a market attractiveness index of 1.9 over the estimated period.
An elderly population prone to gastrointestinal disorders fuels the growth of the smart pills segment
The smart pills segment is seen as the next big frontier by component in the global ingestible smart pills market, where many of the novel and most interesting advances are expected to take place in the near future. The population with the utmost need for home health care services experiences difficulty in operating these devices. Therefore, creators and developers are striving to increase the usability and accessibility of smart pills, so that these devices offer valuable insights on user health. The devices are developed in such a manner that a layman can interpret the data easily. Most companies in this market provide compatible software that collects data over a long period of time and offers valuable information on patient health along with suggestions to improve lifestyle. These smart pill devices can also be connected to smartphones through the Bluetooth component. Thus, users can view data in a statistical and user-friendly format. This has increased market demand in the smart pills segment.
Gastrointestinal diseases affect around 60 to 70 million Americans annually. Spending on gastrointestinal diseases in the United States has been estimated at $142 billion per year in direct and indirect costs. The elderly population is more prone to gastrointestinal disorders. Capsule endoscope plays a pivotal role in early diagnosis and proper treatment. With new component innovations and hybrid imaging technologies, more patients undergo screening and diagnostic endoscopy. This particular factor is creating a positive impact on the smart pills segment.
There has been a noticeable shift of patient care from hospitals to home care. Many patients require constant health monitoring and prefer the comfort of at-home healthcare monitoring over costly and inconvenient hospital care. Sensor embedded systems or diagnostic devices support the monitoring of vital signs such as pulse, pH, temperature and others all within the comfort of a patient’s home. Integration capabilities of sensors and electronics on materials such as silicon at lower power levels are rising. This is adding value to numerous applications of sensors in drug delivery. Thus, a growing home healthcare market has opened new avenues for the growth of the smart pills segment.
Smart pills segment anticipated to dominate the North America ingestible smart pills market
The smart pills segment dominated the North America ingestible smart pills market in terms of revenue in 2015 and is projected to continue to do so throughout the forecast period. Capsule endoscopy sub-segment of the smart pills segment is likely to be the most attractive sub-segment, with a market attractiveness index of 1.9 during the forecast period. In Europe, the smart pills segment is likely to be dominant in the Europe ingestible smart pills market. An increasing healthcare expenditure supports the growth of the smart pills segment in the Latin America region. High growth of the smart pills segment in the APAC region is attributed to a large geriatric population and increasing investment/expansion by companies.
Smart pills have outperformed the conventional GI monitoring endoscopy with more convenient technology, which is becoming a standard non-invasive diagnosis technique for motility disorders. The emergence of these healthcare-cum-technology devices has addressed the soaring need for better imaging, diagnosis and monitoring of patient health. Moreover, it helps physicians in real-time patient monitoring. This is the essence of Persistence Market Research’s new publication titled “Ingestible Smart Pills Market: Global Industry Analysis and Forecast, 2016–2024.” While targeting geographies, the analysts have observed that currently, North America, Europe and Asia Pacific regions are target markets for major players in the global ingestible smart pills market. On the other hand, while researching the segments, the analysts have found that the imaging application segment dominated the global ingestible smart pills market in terms of revenue in 2016. The analysts have differentiated key player strategies and have understood that the global ingestible smart pills market is characterized by the presence of both small and large-scale players. Key players are focusing on collaborations between companies and research institutes, partnerships and licensing agreements among companies and increasing research and development investment in smart pills.
Key Industry Development
In July 2016, Milacron Holdings launched eSTORE representing Milacron and Ferromatik branded Milacron extrusion machines, Mold-Masters hot runners and control systems fulfilling customers’ orders in North America and Europe. In January 2014, Baker Perkins re-organized its sales and service functions for its extrusion business to ensure customers benefit from a single point of contact for a wide range of services. In March 2013, Thermo Fisher Scientific Inc., launched the Thermo Scientific Pharma 11, a new version of parallel co-rating twin-screw extruder designed specifically for pharmaceutical research.
Porter’s analysis makes this report exclusive
The global ingestible smart pills market report begins with an executive summary giving the market overview and the market taxonomy or segments covered in the report. It is followed by an overview of market dynamics of the global ingestible smart pills market, which includes Persistence Market Research’s analysis of key trends, drivers, restraints, and opportunities that are influencing the growth of the global ingestible smart pills market. It also includes an insight into component pricing for ingestible smart pills such as smart pills and workstation. Impact analysis of key growth drivers and restraints based on the weighted average model has been included in the global ingestible smart pills market report after detailed analysis of individual regions to better equip readers with meaningful insights on ongoing developments in the market. In the final section of the report on the global ingestible smart pills market, a competitive landscape is included to provide report audiences with a dashboard view based on categories of providers in the global ingestible smart pills market.
By End User
The forecast presented here assesses the total revenue by value and volume across the global ingestible smart pills market. To offer an accurate forecast, the report begins by sizing up the current market, which forms the basis of how the global ingestible smart pills market is expected to develop in the future. Given the characteristics of the market, the outcome is triangulated on the basis of three different types of analysis based on the supply side, downstream industry demand, and the economic envelope. To understand key market segments in terms of growth and adoption of ingestible smart pills in imaging and monitoring applications globally, Persistence Market Research has developed the ingestible smart pills market attractiveness index to help providers identify real market opportunities. Another key feature of this report is the analysis of the various market segments in terms of absolute dollar opportunity, critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a service perspective in the global ingestible smart pills market.