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 which 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 presence of large number of market players. A number of manufacturers hold major share of the market in their respective regions. 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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.