Rise in Incidences of Colon Cancer to Drive the Smart Pills Market
The worldwide smart pills technology market is being pushed primarily by the factors such as an increase in pipeline colorectal cancer screening tests, an ageing population, more awareness, and government policies to deliver better colorectal cancer care. The use of the smart pill in the diagnosis and treatment of colon cancer is increasing day by day due to its nature of being less invasive. As per studies, there are around 1.93 million cases of colon cancer recorded in the year 2020, and this number is expected to climb up to 3.2 million by 2040. Such a large patient pool will offer a strong impetus to smart pills technology market in the near future.
The awareness about colon cancer and the growing numbers of IBD patients have increased the demand for minimally invasive surgery with the help of smart pills for the early diagnosis of colon cancer. According to recent reports, there are currently 10 million people globally living with IBD and the number is expected to increase in the coming years. Thus, the smart pills technology market is expected to see considerable growth in the approaching years.
Capsule Endoscopy to Dominate Market
Over the forecast period, the capsule endoscopy segment is expected to hold the largest share. Capsule endoscopy is the most popular application for smart tablets. Capsule endoscopy is a significant application field since smart tablets are used to treat illnesses of the GI tract such as Crohn's disease, mysterious GI haemorrhage, celiac disease, and small intestinal tumours. If gastrointestinal bleeding is detected, these medications target the small bowel, which is the gold standard. These pills, which have changed the diagnosis of gastrointestinal problems, are likely to replace traditional endoscopy for some purposes. They can readily inspect or diagnose any portion of the body using this diagnosis. As a result of the ongoing improvements in endoscopy and the growing demand for appropriate diagnoses of gastrointestinal illnesses, the market under consideration is likely to rise rapidly throughout the forecast period.
North America Dominates the Smart Pills Market
North America currently dominates the smart pills technology market, owing to factors such as an increase in the prevalence of colorectal cancer, technical improvements in the healthcare industry, and regulatory approval of new products. The growing patient preference for minimally invasive surgeries is a primary element driving market expansion. According to an American Cancer Society article titled 'Key Statistics for Colorectal Cancer' published in January 2021, there will be an expected 104,270 new cases of colon cancer and 45,230 new cases of rectal cancer diagnosed in the United States in 2021. This is likely to drive the product demand in the regional market. Additionally, favourable reimbursement coverage in certain countries, and technological improvements in capsule endoscopes are projected to fuel the growth of smart pills technology market.
Due to increased healthcare awareness, Asia Pacific is predicted to expand at a spectacular CAGR in smart pills technology market. The increased frequency of gastrointestinal illnesses and colon cancer, as well as mandatory healthcare insurance regulations, are the key drivers shaping up the market here. As per studies, the number of patients with colorectal cancer in China was 0.56 million in 2020 and is expected to raise up to 0.91 million by 2040. Moreover, the high frequency of target illnesses, combined with increased government backing, is likely to create additional growth prospects for smart pills technology market.
Smart Pills Technology Market: Competitive Landscape
Participants in the sector are introducing new goods and forming collaborations, alliances, and partnership agreements. For instance, in January 2021, etectRx, Inc., a digital health startup, announced that it has agreed to collaborate with Pear Therapeutics, Inc. to develop up to two product candidates in the Central Nervous System (CNS) area that combine Prescription Digital Therapeutics (PDTs) with adherence sensors. This is the first partnership of its sort to investigate the usage of digital pill solutions with PDTs. For instance, in August 2020, Proteus Digital Health, a manufacturer of smart pills, was purchased by Otsuka for USD 15 million. Proteus and Otsuka had a long-standing relationship with Abilify MyCite, a drug-device combo treatment for individuals with mental disorders. The combination of Otsuka's antipsychotic medicine Abilify with Proteus' ingestible sensor technology was approved by the US Food and Drug Administration, making it the agency's first digital therapeutic approval.
A few of the players in smart pills technology market include RF Co., Ltd, JINSHAN Science and Technology, Proteus Digital Health, HQ, Inc., CapsoVision, Inc., Medtronic Plc., Olympus Corporations, IntroMedic Co., Ltd, Check Cap, and Koninklijke Philips N.V.
Smart Pills Technology Market is Segmented as Below:
By Target Area
By Disease Indication
Key Elements Included In The Study: Global Smart Pills Technology Market
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