Ingestible Smart Pills Market
Global Market Study on Ingestible Smart Pills: Smart Pills Segment by Component Likely to Retain Its Dominance Through 2024
Ingestible Smart Pills Market Segmented By Patient Monitoring, Capsule Endoscopy as Smart Pills and Workstation Component for Imaging, Monitoring
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.
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- Philips Respironics
- Given Imaging Ltd.
- Olympus Corporation
- Proteus Digital Health, Inc.
- CapsoVision, Inc.
- Chongqing Jinshan Science and Component (Group) Co., Ltd.
- IntroMedic Co., Ltd.
- Check-Cap Ltd.
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.
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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.
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