The latest report on Smart Pill Market (by components (hardware, and software), Technology (monitoring, and diagnosis)) provides complete and deep insights into the market dynamics and growth of smart pill. The latest information on market risks, industry chain structure smart pill cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential smart pill growth factors. 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.
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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 track 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.
Demand for Less Invasive and More Comfortable Technologies Acts as a Major Driving Force for the Development of the Smart Pill Market
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.
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North America Holds the Highest Share 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 the 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.
Smart Pill Market: Segmentation
The report on the 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.
Smart Pill Market: Competitive Landscape
The report provides profiles of the companies in the global smart pill market such as Given Imaging Ltd., Smart Pill Corporation, Medtronic PLC, Azoi, MediSafe, IntroMedic, Olympus Corporation, Bio-Images Research Limited, CapsoVision, Inc., and GE Healthcare.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the smart pill.
- Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2024.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.