Smart Pills Patient Monitoring Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Smart Pills Patient Monitoring Market is expected to grow at a significant rate of around 12% during the forecast period. The tremendous growth of the market is due to the rising patient pool globally and the associated surge in the demand to monitor patients. The introduction of smart pills have enabled the effective monitoring of patients’ vitals as per the requirement of the disease. Apart from this, the growing adoption of oral drugs in comparison to surgery and other invasive methods is also projected to propel the market growth during the forecast period. Furthermore, the increase in medical research and development activities aiming to develop novel therapies, along with the growing investment is also expected to drive market growth. For instance, according to the World Bank Data, 2.204% of the global GDP was spent for R&D activities in 2018.

Medtronic PLC; Otsuka Pharmaceutical Co., Ltd.; Novartis AG; CapsoVision, Inc.; FUJIFILM Corporation; BMedical Pty Ltd; PENTAX Medical; INTROMEDIC; Boston Scientific Corporation; and General Electric Company are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst target area, stomach category to hold a significant share in the market in 2020”

Based on target area, the market is categorized into small intestine, esophagus, large intestine, and stomach. The stomach segment held a significant share in the market in 2020. The smart pills helps in tracking the food movement through the digestive tract. Moreover, continuous research and development is also propelling segmental growth during the forecast period. For instance, researchers at MIT have developed a biocompatible smart pill with embedded sensors which can continuously track the stomach’s temperature for 30 days. Researchers envision someday the pill may safely deliver various sensors to the stomach to monitor, for example, pH levels, or signs of certain bacteria or viruses. These advancements is expected to propel the segmental growth during the forecast period.

“Amongst end-user type, the specialty clinics to witness higher CAGR during the forecast period”

On the basis of end-user, the smart pills patient monitoring market is segmented into hospitals, specialty clinics, surgical centers, and others. The specialty clinics segment is expected to grow with high CAGR during the forecast period. Specialty clinics are emerging out of the general hospitals as a universal trend. The ever-increasing demand for healthcare services has opened up significant scope for new opportunities in delivering affordable healthcare services to the rural and semi-urban populations of the world. This, coupled with the rising number of diseases, makes it essential for healthcare players to strive to increase the ease of availability of healthcare services. The above-mentioned factors are driving the segmental growth during the forecast period.

“North America to hold a significant share in the market”

In 2020, North America held a significant share of the global smart pills patient monitoring market, which is due to several factors, including fast regulatory approvals of novel products, surge in the incidence of chronic diseases, and technological advancements in the healthcare sector. Moreover, the presence of a large number of smart pill providers who have undertaken massive marketing and advertising campaigns to increase awareness regarding the benefits of advanced technology and how it helps patients to have more control over their well-being. The regional market is also driven by the increasing initiatives by the government to upgrade medical infrastructure and adopt better technologies that can help patients with a higher quality of life.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global smart pills patient monitoring market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Smart Pills Patient Monitoring Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global smart pills patient monitoring market were the three major steps undertaken to create and analyze the adoption of smart pills patient monitoring in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global smart pills patient monitoring market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the smart pills patient monitoring market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the smart pills patient monitoring market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as ingredient, product, end-user, and distribution. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the smart pills patient monitoring market. Further, we conducted factor analysis using dependent and independent variables such as various ingredient, product, end-user, and distribution of smart pills patient monitoring. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the smart pills patient monitoring market sector across the globe.

 Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global smart pills patient monitoring market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the smart pills patient monitoring market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global smart pills patient monitoring market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global smart pills patient monitoring market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type, application, disease, and distribution channel in the global smart pills patient monitoring market.

The main objective of the Global Smart Pills Patient Monitoring Market Study

The current & future market trends of the global smart pills patient monitoring market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the smart pills patient monitoring market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of target area and end-user.
• Define and analysis of the regulatory framework for the smart pills patient monitoring industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the smart pills patient monitoring market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the smart pills patient monitoring market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
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