Major players in the smart pills market are Medtronic Plc. , Olympus Medical Technology, CapsoVision, Inc. , Novartis AG, Proteus Pharmaceuticals, Philips Healthcare, Microchips, Bio-Images Drug Delivery (BDD) Limited, Given Imaging, Inc, and Vitality.
New York, April 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Pills Global Market Report 2021: COVID 19 Growth And Change to 2030" - https://www.reportlinker.com/p06065182/?utm_source=GNW
The global smart pills market is expected to grow from $2.31 billion in 2020 to $2.5 billion in 2021 at a compound annual growth rate (CAGR) of 8.2%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $3.32 billion in 2025 at a CAGR of 7.3%.
The smart pills market consists of the sales of capsule sized ingestible medical devices with a small embedded electronic product such as sensors, cameras, patches, and trackers.Once swallowed, the smart pill gets activated in the gut and the sensors provide information about patient’s health parameters and the effectiveness of medication leading to more optimized therapies.
The market includes the sales of various ingestible smart medical devices that help in better diagnosis, patient monitoring and targeted drug delivery. The smart pills used in hospitals, diagnostic centers and research institutes are included in the market.
The high cost of smart pills associated with the technological advancement will act as a restraint to the market growth.The utilization of advanced technologies including software upgradation and innovative systems, and the integration of microchips contribute to the high manufacturing costs of the smart pills.
Smart pills are a combination of drug and device technology.A smart pill is an innovative method of drug delivery, which involves the use of sensors and cameras embedded into tiny edible devices.
Such medical devices ensure better diagnostics, monitoring, and treatment of life-threatening medical conditions by allowing doctors to monitor their patients’ body functions in real time.However, the high cost of the smart pills led to the limited utilization of products in underdeveloped countries.
Thus, the high cost is considered as one of the factors that restrain the growth of small pills market.
Extensive research and development is being carried on the use of miniature chips such as Addressable Transmitters Operated as Magnetic Spins (ATOMS) which can be used as smart pills.ATOMS are silicon chip devices that use the principle of magnetic resonance imaging (MRI) to determine location of atoms in a patient’s body using magnetic fields.
ATOMS can be used in ingestible smart pills to diagnose and treat diseases from within the body.The devices can be used to monitor a patient’s gastrointestinal tract, blood, or brain.
They also could measure factors that indicate the health of a patient such as pH, temperature, pressure, and sugar concentrations and relay that information to doctors.The devices could even be instructed to release drugs.
For instance, scientists at Caltech (California Institute of Technology) have developed a miniature medical chip that can be used as a smart pill.
The growing preference for non-invasive procedures is driving the smart pills market.The non-invasive procedures are diagnostic and treatment procedures that do not require incision on the body or removal of tissues for the treatment or diagnosis.
Smart pill is a wireless, ingestible capsule that can be easily swallowed and has wide range of applications in capsule endoscopy, drug delivery and patient monitoring.For instance, smart pills have key applications in diagnostic imaging such as capsule endoscopy.
The capsule endoscopy is a diagnostic procedure in which a smart pill (capsule enclosed micro-camera) is swallowed and images of esophagus, stomach, and small intestine can be taken as the device pass through your gastrointestinal (GI) tract.Smart pills have revolutionized the diagnosis of gastrointestinal disorders and could replace conventional diagnostic techniques such as endoscopy.
Therefore, non-invasive procedures are driving the smart pills market during the period.
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