Smart Pills Market Report

Smart Pills Market Analysis By Application (Products [Capsule Endoscopy, Drug Delivery], Tools, and Patient Monitoring Software), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), And Segment Forecasts, 2018 - 2025

  • Published Date: Dec, 2017
  • Base Year for Estimate: 2016
  • Report ID: GVR-2-68038-270-9
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2015
  • Number of Pages: 100

Industry Insights

The global smart pills market size was worth USD 779.4 million in 2016 and is anticipated to expand at a CAGR of 16.3% over the forecast period. High demand for minimally invasive procedures, increase in focus on patient convenience, and technological development including miniaturization of integrated circuits are factors that will drive market growth.

Japan smart pills market

Demand for advanced drug delivery systems with benefits such as optimal use of active pharmaceutical ingredient, reduced dosage frequency, minimal adverse/side effects, targeted drug delivery, and safer carrier is driving the market for smart pills. Integration of innovative drugs, medical devices, and advanced technologies is expected to play an important role in further boosting the market over the forecast period. Patients with chronic diseases who need to follow a specific dose of medication at the target site are expected to form a large customer base for advanced drug delivery products.

High demand for minimally invasive surgical procedures has given rise to innovative techniques such as capsule endoscopy. With advantages such as ease of administration and detailed observation of gastrointestinal tract, capsule endoscopy is expected to replace traditional endoscopy methods.

A large number of smart pills are being studied for their potential use in diagnosis and in therapeutics of several chronic and acute diseases. Players in emerging markets are focusing on development of innovative products, such as video endoscopy capsules, to take advantage of early market opportunities. Jinshan Science and Technology (OMOM capsule endoscopy) from China and IntroMedic (MiroCam) from South Korea are examples of such companies.

Potential customers of smart pills include patients with paralysis, immobile patients, and geriatric population. Growth in geriatric population is expected to fuel the demand for advanced medical devices designed to increase convenience of patients. According to the U.S. Census Bureau, in the next 10 years, there will be an increase of nearly 236 million people aged above 65 across the globe. This suggests an enormous growth opportunity for the market over the forecast period.

Application Insights

Based on application, the market for smart pills is segmented into product, tools, and patient monitoring software. The product segment captured the largest revenue share in 2016 and includes the actual pill or capsule being swallowed by patients. Factors such as disposable nature of capsules, repeat usage, and high cost will enable the product segment to retain its dominance throughout the forecast period.

Global smart pills market

The product segment is further divided into capsule endoscopy and drug delivery. Conventional techniques of gastrointestinal diagnosis such as endoscopy and colonoscopy are being replaced by new methods such as capsule endoscopy. This latest technique is more convenient, minimally invasive, and highly advanced.

Application of smart pills extends to various diseases related to the GI tract. These include Crohn’s disease, obscure GI bleed, celiac disease, and small bowel tumors. Increasing prevalence of gastrointestinal disorders is anticipated to fuel the market at a lucrative rate over the forecast period.

Regional Insights

North America dominates the smart pills market in terms of revenue, accounting for a share of 57.1% in 2016. The region is expected to retain its lead throughout the forecast period owing to factors such as technological advancements in healthcare sector, increase in incidence of colorectal cancer, and regulatory approval of new products. The American Cancer Society estimates that 95,520 new cases of colon cancer and 39,910 new cases of rectal cancer will be diagnosed in U.S. by the end of 2017. This is expected to provide growth opportunities for players operating in the U.S. market.

Asia Pacific is expected to grow significantly in the coming years, especially in Japan, China, and India. Key factors driving the Japan market for smart pills include mandatory healthcare insurance, technological advancements, and increase in prevalence of stomach cancer and gastrointestinal disorders. According to the World Cancer Research Fund International, Japan ranks third among Asian countries in prevalence of stomach cancer. Thus, high prevalence of target diseases, coupled with growing government support, will create suitable growth opportunities in Japan.

Competitive Insights

The market for smart pills is dominated by a limited number of players. Taking into account that this is a new technology, limited products have been approved so far and even fewer are commercially available. Some of the major market players are Medtronic PLC; Proteus Digital Health; CapsoVision, Inc.; Olympus Corporation; and Medisafe.

Leading players in the market for smart pills are focused on expanding their product portfolio by offering advanced versions of existing devices. New entrants are focused on breakthrough products with advanced yet affordable alternatives to existing products so as to make the most of opportunities available in developing economies.

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014 - 2015

Forecast period

2017 - 2025

Market representation                                                 

Revenue in USD Million and CAGR from 2016 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa.

Country scope

U.S., Canada, U.K., Germany, Japan, China, Brazil, Mexico, South Africa.

Report coverage             

Revenue forecast, company share, competitive landscape, growth factors, and trends

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If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels as well as provides an analysis on latest trends and opportunities in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global smart pills market on the basis of application and region:

  • Application Outlook (Revenue, USD Million, 2014 - 2025)

    • Product

      • Capsule Endoscopy

      • Drug Delivery

    • Tools

    • Patient Monitoring Software

  • Regional Outlook (Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • Japan

    • Latin America

      • Brazil

      • Mexico

    • MEA

      • South Africa

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