Market Trends of Smart Pills Industry
This section covers the major market trends shaping the Smart Pills Market according to our research experts:
Capsule Endoscopy is Expected to Witness High Growth Over the Forecast Period
Capsule endoscopy is a procedure that uses a tiny wireless camera to take pictures of your digestive tract. A capsule endoscopy camera sits inside a vitamin-size capsule you swallow. As the capsule travels through your digestive tract, the camera takes thousands of pictures that are transmitted to a recorder you wear on a belt around your waist. With the advent of healthcare technology, smart pills are capable of eliminating the need for invasive procedures. Various advances are being undertaken in smart pills, such as advances in batteries and onboard memory, which are making them significant for long-term usage. According to an article published by Gastroenterology & Endoscopy News, in March 2022, capsule endoscopy has a high positive (94%-97%) and negative (83%-100%) predictive value in the evaluation of GI bleeding, and findings on capsule endoscopy can lead to endoscopic or surgical intervention or a change in medical management in 37% to 87% of patients. Hence, it is anticipated that the market under study would experience significant growth over the forecast period due to ongoing developments in the field of endoscopy and the growing demand for accurate diagnoses of gastrointestinal illnesses.
Owing to the global companies inclining toward the smart capsule, the segment is expected to witness healthy growth. For instance, Medtronic provides PillCam SB1, PillCam SB2, Olympus provides Endocapsule and Endocapsule 10, NaviCam Stomach is developed by Ankon whereas, CapsoCam is provided by CapsoVision in the global markets. Advance technologies and product approvals in the market are also expected to drive segment growth. For instance, In November 2021, Medtronic plc announced the United States Food and Drug Administration (FDA) clearance for its PillCam Small Bowel 3 system for remote endoscopy procedures. Additionally, in July 2022, Scottish health researchers launched a new EUR 6 million project to make Artificial Intelligence-assisted (AI) capsule endoscopy a part of future bowel cancer diagnostics. Clinical Capsule Endoscopy (CCE) utilizes a 'smart pill' containing cameras that, once swallowed by a patient, records images of the intestines as it passes through.
North America is Expected to Dominate the Smart Pills Market
North America has dominated the global market studied, owing to the factors, such as the wide acceptance of technologically advanced solutions to make patient care hassle-free, a large pool of customers, and a rapidly growing geriatric population.
There is an increase in medication errors caused by human interaction in the distribution of specialty drugs. Thus, to focus on providing value-based care to patients in the United States the demand for smart pills is expected to grow. For instance, as per an article published by the National Library of Medicine, in July 2022, 7,000 to 9,000 persons each year in the United States alone die as a result of drug mistakes. Thus, the statistics indicate that there has been a rising need for smart pill products in the country to avoid medication errors. Additionally, as per the 2022 Alzheimer's Disease facts and figures report, more than 6 million Americans of all ages have Alzheimer's, and an estimated 6.5 million Americans aged 65 and older will be living with Alzheimer's in 2022. The same source reports that out of the total US population, about 1 in 9 people (10.7%) age 65 and older have Alzheimer's dementia. The percentage of people with Alzheimer's dementia increases with age, with 5.0% of people aged 65 to 74. Thus, the statistics indicate that the demand for smart pills is expected to rise in the United States.
Furthermore, the increase development of smart pill facilities in the United States is expected to drive the market. For instance, in March 2022, AccelmedPartners, a private equity firm, focused on acquiring and investing in the US commercial stage, lower middle market HealthTechcompanies, reported that it led a USD 40 million investment in MedMinder Systems Inc., the leading fully-integrated, end-to-end pharmacy, medication adherence, and connected care solution for elderly and polypharmacy patients.
Therefore, the factors mentioned above are expected to drive market growth in the region during the forecast period.
