Electronic Pills Market: Overview
Electronic pills were first invented in 1972 by Dr. Eric Johannessen and Professor John Cooper. These pills are medical monitoring systems that help to measure parameters such as temperature, conductivity, dissolved oxygen, and pH. Additionally, these pills are used to capture images and transfer them into a system. These pills are 5.5 mm in length, 1.6 mm in diameter, 5gm in weight, and coated with polyether-terketone. Electronic pills are swallowable and detect abnormalities and diseases while passing though gastrointestinal track. These pills have advantages such as these can easily reach areas such as large intestine and small intestine.
Electronic Pills Market: Key Trends
Rise in prevalence of gastrointestinal diseases and colorectal cancer is projected to propel the global electronic pills market. Additionally, increase in adoption of advanced technology and surge in demand for rapid diagnostics are anticipated to drive the global market. According to the American Institute for Cancer Research, 1.8 million new cases of colorectal cancer were reported across the world in 2018. In September 2015, Proteus Digital Health, Inc. and Otsuka Pharmaceutical Co., Ltd. received approval from U. S. Food and Drug Administration for ABILIFY, a sensor embedded in single tablet. This approval provides a treatment option for physicians and health care professionals. Additionally, this product approval enabled the company to strengthen its product portfolio. However, lack of awareness and high cost are factors likely to restrain the global electronic pills market.
Electronic Pills Market: Segmentation
The global electronic pills market can be segmented based on target area, application, component, and end-user. In terms of target area, the market can be classified into small intestine, large intestine, stomach, and esophagus. Rise in prevalence of gastrointestinal diseases due to change in lifestyle is expected to drive the electronic pills market. In terms of application, the global electronic pills market can be categorized into patient monitoring, drug delivery, and capsule endoscopy. The capsule endoscopy segment dominated the global market in 2018, attributed to rise in prevalence of gastrointestinal diseases and colorectal cancer. Based on component, the market can be divided into radio transmitter, power source, biocompatible capsule encasing microsensor, and control chip. Based on end-user, the market can be classified into hospitals, diagnostics centers, and others.
Electronic Pills Market: Regional Analysis
The global electronic pills market can be segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2018 due to technological advancements, presence of key players, and rise in demand for rapid diagnostics. According to the American Cancer Society, colorectal cancer is the third most common cancer diagnosed in the U.S. An estimated 101,420 new cases of colorectal cancer were reported in the country in 2018. The market in Europe is driven by rise in prevalence of gastrointestinal diseases. According to a survey conducted by the United European Gastroenterology, gastrointestinal and liver disorders account for an estimated 1 million deaths in Europe each year. The market in Asia Pacific is projected to grow at a rapid pace due to increase in the geriatric population with gastrointestinal diseases.
Electronic Pills Market: Competitive Landscape
The global electronic pill market is highly fragmented due to the presence of a large number of market players. A number of manufacturers hold a major share of the market in their respective regions. The launch of new products and approvals among leading players have been observed in the past few years. Key players operating in the global electronic pills market are CapsoVision, Inc., Medtronic, BDD Limited, Proteus Digital Health, Inc., JINSHAN Science & Technology, Olympus Corporation, IntroMedic, and Medisafe, among others.