This report provides exclusive insights into the COVID-19 impact on the Smart Pill Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Smart Pill Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Smart Pill Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on smart pill market provides in-depth analysis of segments and sub-segments in global as well as regional smart pill market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart pill market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global smart pill market. According to the report, the global smart pill market is projected to grow at a CAGR of 19.57% over the forecast period of 2018-2024.
Smart pill is an ingestible capsule that offers a unique way to assess motility of the gastrointestinal tract by measuring pressure, pH, and temperature throughout the entire gastrointestinal tract. It provides gastric emptying time, small bowel transit time, colonic transit time, combined small and large bowel transit time and whole gut transit time for patients with unexplained GI symptoms. The smart pill capsule is slightly larger than a multi-vitamin and measures 26 mm x 13 mm in size. The system is comprised of capsules, a data receiver, an activation fixture, a docking station and a system computer loaded with software. As the capsule travels through the GI tract, it will collect pressure, pH and temperature data.
Smart pill is used along with various technologies depending on its purpose. It is inserted with a tiny camera that can take pictures of the digestion system to diagnose gastrointestinal abnormalities. It is used with microchips and sensors to monitor the patients. When the smart pill is swallowed, electrolytes in the body activate a signal that is transmitted to a battery-operated, adhesive band-aid-like a patch that is worn on the abdomen of the patient. The patch sends a signal to a smartphone or software on a server that transmits in the information to the doctor’s office, who will then download the collected information onto a system computer. The smart pill makes its way through the entire gastrointestinal tract while recording up to 16 hours of data.
Scientists are working on a smart pill whose copper-zinc battery will use stomach acid as the electrolyte. MIT tested a similar approach in a pig. It was found to be better than using lithium-ion batteries in smart pills.
The shifting trend towards consumption of fast food has resulted in the rise of gastronomical disorders. The smart pill is a convenient and radiation-free method than many GI and radiological procedures to assess gastrointestinal motility and diagnose gastroparesis and chronic constipation. The demand for less invasive and more comfortable technologies acts as a major driving force for the development of the smart pill market. The increase in the elderly population promotes the usage of smart pills owing to the increasing vulnerabilities in old age. They are vulnerable to several diseases and their unintentional non-compliance to take prescribed medicines may cause major health complications. Relatives can monitor the patient's medication habits by using a smart pill. In addition, smart pills are also used by sportspersons to monitor the temperature of the body applied to sports performance, thus, boosting the smart pill market. However, adaptability of the body to these pills, low availability, and privacy issues hinder the growth of the smart pill industry. Moreover, the growing preference for a cost-effective, less invasive technology and FDA approval will favor the growth of new entrants in the smart pill market.
Geographically, North America holds the highest share in the smart pill market owing to the rising disposable income and the increase in geriatric population in this region. Around 3 million Americans are been affected by gastric problems. Additionally, the strong presence of the major industrial players in the North America region boosts the smart pill market. Europe is the fastest growing region owing to the increasing trend of adoption of smart technologies. The middle East and Asia-Pacific regions are expected to witness a rise in the growth of the smart pill market over the forecast period.
The report on global smart pill market covers segments such as components, and technology. On the basis of components, the global smart pill market is categorized into hardware and software. On the basis of technology, the global smart pill market is categorized into monitoring and diagnosis.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while the Asia-Pacific region includes countries such as China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are the major markets included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. In the Asia-Pacific region, rapid industrial growth in India and China offer substantial potential for the growth in the smart pill market. As a result, the APAC region is projected to experience growth at a CAGR of x.x% over the forecast period 2018-2024.
The report provides profiles of the companies in the global smart pill market such as Given Imaging Ltd., Smart Pill Corporation, Medtronic PLC, Check-Cap, MediSafe, IntroMedic, Olympus Corporation, Bio-Images Research Limited, CapsoVision, Inc., and GE Healthcare.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global smart pill market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart pill market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the smart pill market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the smart pill market to understand the present and future trends in this market and formulate their strategies accordingly.