San Francisco, 18 September
2018: According to a research report published by Grand View
Research, Inc.; the smart
pills market likely to reach a valuation of around USD 3.0
billion by 2025. The market is estimated to register a healthy growth rate of
15.5 % during the forecast period (from 2018 to 2025). High prevalence of
gastrointestinal disorders and colorectal cancer is one of the primary factors
responsible for the increased demand for smart pills. Moreover, rise in cancer
screening awareness programs and increasing FDA approvals are also considered
as the major factors driving the market growth.
Smart pills are mainly used
for screening and treatment of various diseases including colorectal cancer,
gastroparesis, gastric ulcers, gastroesophageal disorders. They also find applications
in the treatment of several GI-related diseases including Crohn’s disease,
celiac disease, small bowel tumors, and obscure GI bleed. These pills provide
non-invasive and accurate visualization of the distal duodenum, small bowel,
jejunum, colon, ileum, and gastrointestinal.
Increasing demand for
minimally invasive surgical procedures have encourage the development of
innovative methods like capsule endoscopy. This is likely to replace the
traditional method of endoscopy, thereby driving the smart pills market growth
in the next few years. In addition, patients suffering from chronic diseases
require a particular dose of medicines at target place. This is also
anticipated to create a large consumer base for advanced drug delivery aids,
thereby augmenting the market growth.
Access
Research Report of Smart
Pills Market@ www.grandviewresearch.com/industry-analysis/smart-pills-market
Demand for advanced drug
delivery systems with benefits including optimal use of active pharmaceutical
constituent, negligible side effects, reduced dosage frequency, and harmless
carrier is also likely to fuel product demand. Worldwide smart pills market is
segmented into application and region. Based on application, the market is
categorized into product, tools, and patient monitoring software.
Geographically, the market is divided into North America; Europe, Asia Pacific,
Latin America, and Middle East and Africa (MEA).
In 2016, North America
accounted for the largest revenue share of 57.1 % and dominated the global
market in the past. It is expected to maintain its dominance even during the
forecast period. Factors such as growing government expenditure for healthcare,
favorable reimbursement policies, and technological progressions are projected
to be the major drivers for the region’s expansion. In addition, mandatory
healthcare insurance, rising cases of colorectal cancer, and approvals for
newer products are also likely to propel the market development in the region.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/medical-devices
Asia Pacific is likely to
witness the fastest growth over the next few years. Emerging countries in this
region such as India, Japan, and China are expected to drive the product
demand. Among these Asian countries, Japan stands on third position in stomach
cancer cases, according to the World Cancer Research Fund International.
Rapidly expanding Japanese market is mainly driven by high prevalence of
stomach cancer and cases of gastrointestinal complaints. Moreover, growing
government support and technological developments would also spur the regional
expansion.
Some of the leading companies
operating in the global market for smart pills include CapsoVision, Inc.;
Olympus Corporation; Medtronic PLC; MediSafe; and Proteus Digital Health. Most
of these major market participants are mainly focusing on upgrading their
products. The new participants focus on developing more advanced and affordable
products. For instance, Otsuka Pharmaceutical Co., Ltd. (Otsuka) and Proteus
Digital Health (Proteus) recently declared that they received an approval from
the US Food and Drug Administration (FDA) for their digital medicine system
called ABILIFY MYCITE. It is a drug-device combination product that contains
Otsuka’s oral aripiprazole tablets implanted with an Ingestible Event Marker
(IEM) sensor.
ABILIFY MYCITE is designed to
track drug ingestion. The new ABILIFY MYCITE is an atypical antipsychotic and
is indicated in adults to treat schizophrenia and acute manic and mixed episodes
and for maintaining the treatment of bipolar I disorder as monotherapy and as
adjunctive therapy to lithium or valproate. However, it is recommended not to
use the new product to track drug ingestion in real-time or during an emergency
as detection may be delayed or may not occur.
Access
Press Release of Smart Pills Market@ www.grandviewresearch.com/press-release/global-smart-pills-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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