Smart Pills Drug Delivery Market - Growth, Trends, and Forecast (2020 - 2025)
Certain factors that are driving the Smart Pills Drug Delivery market growth include increasing preference for minimally invasive devices, increasing incidence of gastrointestinal disorders, and technological advancements.
There are various technological advancements in smart pills in recent years.In 2018, the researchers revealed that they used a wireless capsule equipped with sensors, battery, and a radio transmitter for monitoring the production of gas in the human digestive tract. The pill can also detect the levels of oxygen, hydrogen, and carbon dioxide. Due to the advancement of these technologies, patients are likely to adopt these smart pills for more efficient care and treatment, which is expected to augment the growth of the market.
Key Market Trends
Capsule Endoscopy is Expected to Hold Significant Market Share in the Type Segment
With the advents in healthcare technology, smart pills are capable of eliminating the need for invasive procedures. The wireless communication of smart pills allows the understanding of real-time information. Various advances are being undertaken in the smart pills, such as advances in batteries and on-board memory, which are making them significant for long-term usage. It is expected that smart pills will become an integral part of remote patient monitoring and telemedicine. National Institute of Health has stated that the advancements in capsule endoscopy are being done rapidly, and in the near future, with an interface application, doctors will be able to control the movement of the device, inside the body. Through this technique, they can easily inspect or diagnose the point of the area, in the body. Hence, with the continuous advancements that are being done in the area of endoscopy, and with the rising need for proper diagnosis of gastrointestinal disorders, it is believed that the market studied will have rapid growth, over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
As per a recent article of 2019, published in Medscape, peptic ulcer disease affects approximately 4.6 million people annually in the United States with an estimated 10% of the US population having evidence of a duodenal ulcer at some time. Therefore, the increasing prevalence of gastrointestinal disorders is anticipated to fuel the market, over the forecast period. There is also vast research being conducted, for instance, the US researchers have developed an ingestible capsule that can be controlled wirelessly, to deliver drugs. The scientists from the Massachusetts Institute of Technology and Brigham and Women’s Hospital developed a capsule that can be customized to deliver drugs and can sense environmental conditions. 3-D printing technology is being used to manufacture these capsules, which could be used to treat various diseases. These smart capsules could also be designed to sense infections, allergic reactions, or other events, and then release a drug in response. Hence, all these factors contribute to the increasing research that will be responsible for driving the overall market.
The global Smart Pills Drug Delivery market is highly competitive and consists of a few major players. Companies like CapsoVision, Check-Cap, etectRx Inc., HQ Inc., Jinshan Science and Technology, Koninklijke Philips NV (Medimetrics), Medtronic PLC, Olympus Medical Technology, Otsuka Pharmaceutical Co. Ltd, Proteus Pharmaceuticals, and Intromedic, among others, hold the substantial market share in the Smart Pills Drug Delivery market.
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