The global smart pills technology market is expected to register a CAGR of 16% during the forecast period of 2018Ð2023. 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 CrohnÕs 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, CrohnÕs 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.
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1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Products and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1.1 Increasing Preference for Minimally Invasive Device
6.1.2 Increasing Incidence of Gastrointestinal Disorders
6.1.3 Technological Advancements
6.1.4 Ability to Track Bodily Functions and Forewarn Potential Illness
6.2.1 Increasing Cost with Technological Advancement
6.2.2 Ethical Constraints
6.2.3 Potential Health Risks
6.4 Key Challenges
7. Market Segmentation
7.1 By Technology
7.1.1 Capsule Endoscopy
184.108.40.206 Small Bowel Video Capsule Endoscopy
220.127.116.11 Colon Capsule Endoscopy
7.1.2 Patient Monitoring
7.1.3 Drug Delivery
7.2 By Disease Indication
7.2.1 Occult GI Bleeding
7.2.2 CrohnÃ•s Disease
7.2.3 Small Bowel Tumors
7.2.4 Celiac Disease
7.2.5 Inherited Polyposis Syndromes
7.3 By Geography
7.3.1 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Australia & New Zealand
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
7.3.4 Middle East & Africa
18.104.22.168 South Africa
22.214.171.124 Rest of the Middle East & Africa
7.3.5 South America
126.96.36.199 Rest of South America
8. Competitive Landscape
8.1 Mergers & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Key Players
9.1 Boston Scientific Corporation
9.2 GE Healthcare
9.3 Given Imaging Ltd
9.5 Novartis AG
9.6 Olympus Medical Technology
9.8 Pixie Scientific
9.9 Proteus Pharmaceuticals
*List not Exhaustive
10. Future of the Market
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.