LONDON--(BUSINESS WIRE)--Technavio’s report on the smart pills market is expected to grow by $212.97 million during 2019-2023. The prevalence of chronic conditions such as IBD, GI cancer, obscure GI bleeding, celiac disease, polyps, schizophrenia, and bipolar disorders is increasing globally. This will result in a demand for diagnostic and drug therapy products. With the introduction of smart pills, the diagnosis and treatment monitoring of chronic conditions has become more convenient and accurate when compared to conventional methods. Read More
Smart Pills Market: Technological Advancements are Expanding the Therapeutic Applications of Smart Pills
The technological advances in smart pills are likely to enhance the drug tracking and therapeutic industry. Companies are inventing new technologies that enable smart diagnosis and the tracking of drug adherence along with targeted drug therapy by using smart pills. New microchip-based technology was developed to track smart pills. For instance, in September 2017, researchers developed a prototype miniature medical device that could ultimately be used in smart pills to diagnose and treat diseases. Such technological advances will drive the growth of the market.
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Smart Pills Market: Research and Funding in Smart Pills is likely to Spur Market Growth
Currently, smart pills are being used for the early diagnosis of GI infections and in monitoring drug adherence among patients. However, owing to the high potential and effective outcomes of smart pill technology, numerous clinical trials are underway across the world. Pharmaceutical companies are funding start-up companies that are manufacturing sensors and devices for drug tracking and adherence. Also, researchers are developing new technology and conducting studies and clinical trials for smart pills.
The North American region is dominating the global smart pills market, with a market share of about 45%. The growth in the region is attributed to several factors, such as the prevalence of GI diseases, the growing presence of regional and global vendors, new product launches, and initiatives by governments and non-profit organizations.
Major vendors covered in the smart pills market are CapsoVision Inc., Chongqing Jinshan Science & Technology (Group) Co. Ltd., Intromedic Co. Ltd., Medtronic Plc, Olympus Corp., and Otsuka Holdings Co. Ltd.
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