Global Smart Pills Patient Monitoring Market is expected to foresee significant growth. APAC to lead the growth!
- Himanshu Patni
- February 13, 2023
- HEALTHCARE, NEWS
- Smart Pills Patient Monitoring Market, Smart Pills Patient Monitoring Market Growth, Smart Pills Patient Monitoring Market Share, Smart Pills Patient Monitoring Market Size, Smart Pills Patient Monitoring Market Trends
- 0 Comments
Smart pills have emerged as revolutionary technological innovation, which links healthcare with digital technology. The introduction of smart pills has shown a promising response. The key application of smart pills is patient monitoring that includes monitoring of parameters such as pH, temperature, pressure and drug adherence in patients. According to the World Health Organization (WHO)estimate, over 50% of us fail to take medicines correctly, while over 50% of drugs are prescribed or sold inappropriately. This leads to disastrous consequences, resulting in significant complications and deterioration of patient health. To overcome this several pharmaceutical companies have developed smart pill having an ingestible sensor.
The Smart Pills Patient Monitoring Market is expected to grow at a steady rate of around 12% during the forecast period (2022-2028) owing to rise in technological advancements and an increase in consumer preference in healthcare sector. The companies are also introducing novel products in the market, which is also propelling segmental growth. For instance, in 2017, U.S. FDA granted approval to Abilify MyCite (aripiprazole tablets with sensor) developed by Ostuka Pharmaceutical. It has an ingestible sensor embedded in the pill that records that the medication was taken.
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Based on target area, the market is segmented into small intestine, esophagus, large intestine, and stomach. The small intestine segment held a considerable 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, in December 2022, researchers at UC San Diego designed a battery-free, pill-shaped ingestible biosensing system designed to provide continuous monitoring in the intestinal environment. The pill aids in-situ access to the small intestine, thus making glucose monitoring easier while generating continuous results.
Based on end-user, the market is segmented into hospitals, speciality clinics, surgical centers, and others. The hospitals segment held the maximum share in the market in 2020. This is mainly due to the high number of patients admitted to hospitals for a variety of conditions and the rising demand for early diagnosis and treatment. Moreover, the rising number of hospitals globally will drive market growth.
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For a better understanding of the market adoption of the smart pills patient monitoring industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. Growing demand for minimally invasive treatments with early detection of medical issues, technological advancement and innovation of new products such as bioelectronics, micro-cameras, miniaturisation, and others will boost market growth. Growing geriatric population and increasing prevalence of chronic diseases such as diabetes, cancer, obesity, gastroesophageal reflux diseases, gastric ulcers, and others. Additionally, expanding R&D initiatives for the creation of powerful smart medicines will open up lucrative market potential in the coming years.
Some of the major players operating in the market include 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.
Global Smart Pills Patient Monitoring Market Segmentation
Market Insight, by Ingredient
· Natural
· Synthetic/ Blend of Natural & Synthetic
Market Insight, by Product
· Capsules
· Tablets
· Soft Gels
· Powder
· Liquids
Market Insight, by End-User
· Men
· Women
Market Insight, by Distribution
· OTC
· Prescribed
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Fairhaven Health
· Coast Science
· LENUS Pharma GesmbH
· Orthomol
· Vitabiotics
· VH Nutrition LLC
· TTK HealthCare Ltd
· The Bird and Be Co. Inc.
· Bionova
· Exeltis USA, Inc.