The global market for smart pills reached $720 million in 2015. This market is expected to increase from $850 million in 2016 to $2.2 billion in 2021 at a compound annual growth rate (CAGR) of 21.1% for 2016-2021.
Smart pills are ingestible medical devices consisting of elements such as sensors, cameras, patches, and trackers that help to improve diagnostics, drug delivery and monitoring of various disorders. These unique devices can be easily swallowed and offer noninvasive drug delivery, as well as thorough examination of thegastrointestinal (GI) tract. Smart pills also enable comprehensive health monitoring of various physiological metrics and the measuring of medication adherence in patients.
Smart pill technology has revolutionized diagnosis and imaging related to the GI tract through wide acceptance of capsule endoscopy in the past decade. Capsule endoscopy is regarded as a major technical innovation, influencing the investigation and management of various small-bowel diseases, esophageal disorders and colonic disorders. These ingestible capsule endoscopes are designed to provide complete examination of the GI tract including images of the esophagus, stomach, small intestine, and large intestine. Capsule endoscopy is noninvasive and causes minimal discomfort. Various capsule endoscopes available in the market include small-bowel capsules, colon capsules and esophageal capsule endoscopes. The small-bowel capsule is the most commonly used capsule endoscope in patients with acute GI bleeding. The capsule endoscopy segment is one of the largest segments in the smart pills market and has gained a strong footprint.
Study Goals and Objectives
This study, Smart Pills: Applications and Global Markets, provides an overview of smart pills and their applications in diagnosis, drug delivery and patient monitoring, and gives a detailed analysis of competitive environments. It covers a wide variety of smart pills and technologies that predominantly accelerate the monitoring, diagnosis and treatment of diseases and disorders. This study includes information about emerging smart pill technologies, market players, issues, and trends, and offers other information affecting the pharmaceutical, medical device and diagnostics industry.
The study meets the criteria above by analyzing the global pharmaceutical, medical device and diagnostics industry in light of the most recently available information. In addition to looking at current and future markets, this report analyzes the technological, demographic and economic developments that may have a long-term impact on the size and structure of the pharmaceutical, medical device and diagnostics market. The future of smart pills is also discussed with forecasts.
Reasons for Doing This Study
The pharmaceutical and medical device industry is under pressure due to rising research and development (R&D) costs and the shrinking product pipeline worldwide. The annual number of new drugs approved by the Food and Drug Administration (FDA) for marketing has significantly declined, but at the same time R&D spending by pharmaceutical manufacturers has increased manyfold. Patent expiry and the rise of generics are a few other challenges that pharma giants are facing.
The pharmaceutical and medical device industry has moved away from traditional areas of development to search for new and technologically advanced smart solutions in order to manage these challenges. Medical device companies are inclined towards capsule endoscopy to replace conventional diagnostic techniques such as endoscopy and colonoscopy for the investigation and management of various small-bowel diseases, esophageal disorders, colonic disorders, and so forth. Apart from diagnosis, these smart capsules also provide information about various parameters such as pH, temperature and pressure of the GI tract.
Scope of Report
Smart pills include smart ingestible pill-size devices and technologies (e.g., capsule endoscopy, pill-size drug/device combination–based ingestible electronic tablets, microsize capsules for patient monitoring, etc.), which are relatively new and more advanced and give better outcomes in the diagnosis, drug delivery, treatment adherence, health monitoring, and management associated with various diseases. This report is an analytical business tool whose primary purpose is to describe the thorough evaluation of the global market for smart pills.
This report has been written for vendors of the pharmaceutical and advanced medical equipment sector seeking to understand the potential market for their products and their competitors’ products in key markets, as well as for governmental and international agencies seeking to understand the commercial and medical potential of smart pill technologies.
The findings and conclusions of this report are based on information gathered through primary and secondary data collection methods. Primary methods included interviews with key executives, product managers, clinical specialists, and other related key personnel involved in the medical device and diagnostics industry. Secondary sources included published literature, investment reports, trade publications, trade associations, company literature, online databases, and various business journals that have an emphasis on related medical devices and diagnostic areas. All of these sources were used to produce the market estimates contained in this report.
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