The global smart pills technology market is expected to register a CAGR of 16% during the forecast period of 2018-2023. The smart pill is a wireless capsule that can be swallowed, and with the help of a receiver (worn by patients) and software that analyzes the pictures captured by the smart pill, the physician is effectively able to examine the gastrointestinal tract. Gastrointestinal disorders have become very common, but recently, there has been increasing incidence of colorectal cancer, inflammatory bowel disease, and Crohn’s disease as well.
Increasing Preference for Minimally Invasive Device
Endoscopy surgeries, being minimally invasive, have become more popular in recent times. Latest studies show that there is an increasing demand for single incision or small incision type of surgery as an alternative to traditional surgeries. As aging patients are susceptible to complications, the usage of minimally invasive procedures is of utmost importance and the need of the hour. There are unexplained situations of bleeding, iron deficiency, abdominal pain, search for polyps, ulcers, and tumors of the small intestine, and inflammatory bowel disease, such as Crohn's disease, where capsule endoscopy diagnoses fare better than traditional endoscopy. Also, as capsule endoscopy is less invasive or non-invasive, as compared to traditional endoscopy, patients are increasingly preferring the usage of capsule endoscopy as it does not require any recovery time, which is driving the smart pill market.
The other factors, such as the increasing incidence of gastrointestinal disorders, technological advancements, and ability to track bodily functions and forewarn potential illness are driving the smart pills technology market.
Potential Health Risks of Smart Pills
There are certain risks associated with smart pills that might restrain their use. A smart pill usually leaves the body within two weeks. Sometimes, the pill might get lodged in the digestive tract rather than exiting the body via normal bowel movements. The risk might be higher in people with a tumor, Crohn’s disease, or some surgery within that area that lead to narrowing of the digestive tract. CT scan is usually performed in people with high-risk to assess the narrowing of the tract. However, the pill might still be lodged even if the results are negative for the CT scan, which might lead to bowel obstruction and can be removed either by surgery or traditional endoscopy. Smart pills might lead to skin irritation, which results in mild redness and need to be treated topically. It may also lead to capsule aspiration, which involves the capsule going down the wrong pipe and entering the airway instead of the esophagus. This might result in choking and death if immediate bronchoscopic extraction is not performed. Patients with comorbidities related to brain injury or chronic obstructive pulmonary disease may be at a higher risk. So, the health risks associated with the use of smart pills are hindering the smart pills technology market. The other factors, such as increasing cost with technological advancement and ethical constraints are also hindering the market.
United States Leads the Market in North America
In 2017, the United States smart pills technology market held the largest market share in North America due to the presence of high-quality healthcare systems and modern medical technology in the country. Additionally, the growing healthcare policies from the government is likely to contribute towards the growth of the smart pills technology market.
Key Developments in the Market
Major Players: NOVARTIS AG, PROTEUS PHARMACEUTICALS, PHILLIPS, MICROCHIPS, VITALITY, PIXIE SCIENTIFIC, OLYMPUS MEDICAL TECHNOLOGY, GE HEALTHCARE, BOSTON SCIENTIFIC CORPORATION, and GIVEN IMAGING LTD, among others.
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Increasing Preference for Minimally Invasive Device
Endoscopy surgeries, being minimally invasive, have become more popular in recent times. Latest studies show that there is an increasing demand for single incision or small incision type of surgery as an alternative to traditional surgeries. As aging patients are susceptible to complications, the usage of minimally invasive procedures is of utmost importance and the need of the hour. There are unexplained situations of bleeding, iron deficiency, abdominal pain, search for polyps, ulcers, and tumors of the small intestine, and inflammatory bowel disease, such as Crohn's disease, where capsule endoscopy diagnoses fare better than traditional endoscopy. Also, as capsule endoscopy is less invasive or non-invasive, as compared to traditional endoscopy, patients are increasingly preferring the usage of capsule endoscopy as it does not require any recovery time, which is driving the smart pill market.
The other factors, such as the increasing incidence of gastrointestinal disorders, technological advancements, and ability to track bodily functions and forewarn potential illness are driving the smart pills technology market.
Potential Health Risks of Smart Pills
There are certain risks associated with smart pills that might restrain their use. A smart pill usually leaves the body within two weeks. Sometimes, the pill might get lodged in the digestive tract rather than exiting the body via normal bowel movements. The risk might be higher in people with a tumor, Crohn’s disease, or some surgery within that area that lead to narrowing of the digestive tract. CT scan is usually performed in people with high-risk to assess the narrowing of the tract. However, the pill might still be lodged even if the results are negative for the CT scan, which might lead to bowel obstruction and can be removed either by surgery or traditional endoscopy. Smart pills might lead to skin irritation, which results in mild redness and need to be treated topically. It may also lead to capsule aspiration, which involves the capsule going down the wrong pipe and entering the airway instead of the esophagus. This might result in choking and death if immediate bronchoscopic extraction is not performed. Patients with comorbidities related to brain injury or chronic obstructive pulmonary disease may be at a higher risk. So, the health risks associated with the use of smart pills are hindering the smart pills technology market. The other factors, such as increasing cost with technological advancement and ethical constraints are also hindering the market.
United States Leads the Market in North America
In 2017, the United States smart pills technology market held the largest market share in North America due to the presence of high-quality healthcare systems and modern medical technology in the country. Additionally, the growing healthcare policies from the government is likely to contribute towards the growth of the smart pills technology market.
Key Developments in the Market
- September 2017: Scientists developed a miniature medical chip called as ATOMS, which can be used in ingestible smart pills to diagnose and treat diseases within the body.
- November 2017: The FDA approved the first digital pill called Abilify MyCite.
Major Players: NOVARTIS AG, PROTEUS PHARMACEUTICALS, PHILLIPS, MICROCHIPS, VITALITY, PIXIE SCIENTIFIC, OLYMPUS MEDICAL TECHNOLOGY, GE HEALTHCARE, BOSTON SCIENTIFIC CORPORATION, and GIVEN IMAGING LTD, among others.
Reasons to Purchase the Report
- Follow the current and future global smart pills technology market in the developed and emerging markets.
- Examining the various perspectives of the market with the help of Porter’s Five Forces Analysis.
- Identify the segment that is expected to dominate the market.
- Identify the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3-month analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
This report can be customized to meet your requirements.
This product will be delivered within 2 business days.
Table of Contents
1. Introduction
5. Market Overview
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
7. Market Segmentation
8. Competitive Landscape
9. Key Players
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Novartis AG
- Proteus Pharmaceuticals
- Phillips
- Microchips
- Vitality
- Pixie Scientific
- Olympus Medical Technology
- GE Healthcare
- Boston Scientific Corporation
- Given Imaging Ltd
Methodology
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