DUBLIN--(BUSINESS WIRE)--The "Smart Pills Global Market Report 2020-2030: Covid-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global smart pills market is expected to decline from $2.5 billion in 2019 to $2.1 billion in 2020 at a compound annual growth rate (CAGR) of -7%. The decline is mainly due to the Covid-19 outbreak resulting in other patients delaying their episodes of care. The market is then expected to recover and reach $2.9 billion in 2023 at a CAGR of 3.9%. Asia-Pacific was the largest region in the smart pills market in 2019.
The growing preference for non-invasive procedures is driving the smart pills market. The non-invasive procedures are diagnostic and treatment procedures that does not require incision on the body or removal of tissues for the treatment or diagnosis. Smart pill is a wireless, ingestible capsule that can be easily swallowed and has wide range of applications in capsule endoscopy, drug delivery and patient monitoring. For instance, smart pills have key applications in diagnostic imaging such as capsule endoscopy. The capsule endoscopy is a diagnostic procedure in which a smart pill (capsule enclosed micro-camera) is swallowed and images of esophagus, stomach, and small intestine can be taken as the device pass through your gastrointestinal (GI) tract. Smart pills have revolutionized the diagnosis of gastrointestinal disorders and could replace conventional diagnostic techniques such as endoscopy.
Extensive research and development is being carried on the use of miniature chips such as Addressable Transmitters Operated as Magnetic Spins (ATOMS) which can be used as smart pills. ATOMS are silicon chip devices that use the principle of magnetic resonance imaging (MRI) to determine location of atoms in a patient's body using magnetic fields. ATOMS can be used in ingestible smart pills to diagnose and treat diseases from within the body. The devices can be used to monitor a patient's gastrointestinal tract, blood, or brain. They also could measure factors that indicate the health of a patient such as pH, temperature, pressure, and sugar concentrations and relay that information to doctors. The devices could even be instructed to release drugs. For instance, scientists at Caltech (California Institute of Technology) have developed a miniature medical chip that can be used as a smart pill.
The high cost of smart pills associated with the technological advancement will act as a restraint to the market growth. The utilization of advanced technologies including software upgradation and innovative systems, and the integration of microchips contribute to the high manufacturing costs of the smart pills. Smart pills are a combination of drug and device technology. A smart pill is an innovative method of drug delivery, which involves the use of sensors and cameras embedded into tiny edible devices. Such medical devices ensure better diagnostics, monitoring, and treatment of life-threatening medical conditions by allowing doctors to monitor their patients' body functions in real time. However, the high cost of the smart pills led to the limited utilization of products in underdeveloped countries. Thus, the high cost is considered as one of the factors that restrain the growth of small pills market.
Major players in the smart pills market are Medtronic, Olympus Medical Technology, CapsoVision, Novartis, Proteus Pharmaceuticals, Philips Healthcare, Microchips, Bio-Images Drug Delivery (BDD) Limited, Given Imaging, and Vitality.
Key Topics Covered
1. Executive Summary
2. Smart Pills Market Characteristics
3. Smart Pills Market Size And Growth
3.1. Global Smart Pills Historic Market, 2015-2019, $ Billion
3.1.1. Drivers Of The Market
3.1.2. Restraints On The Market
3.2. Global Smart Pills Forecast Market, 2019-2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers Of The Market
3.2.2. Restraints On the Market
4. Smart Pills Market Segmentation
4.1. Global Smart Pills Market, Segmentation By Application, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Capsule Endoscopy
- Patient Monitoring
- Drug Delivery
4.2. Global Smart Pills Market, Segmentation By End User, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Diagnostic Center
- Research Institute
5. Smart Pills Market Regional And Country Analysis
5.1. Global Smart Pills Market, Split By Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5.2. Global Smart Pills Market, Split By Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Bio-Images Drug Delivery (BDD) Limited
- Boston Scientific Corporation
- CapsoVision, Inc.
- Fujifilm Holdings Corporation
- GE Healthcare
- Given Imaging, Inc.
- HQ, Inc.
- Medtronic PLC
- Novartis AG
- Olympus Medical Technology
- Philips Healthcare
- Proteus Pharmaceuticals
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