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Smart pill technology is used to diagnose gastrointestinal (GI) disorders such as constipation and gastroparesis. Smart pill technology functions by providing the practitioner, with information pertaining to various parameters such as pH, temperature and pressure of gastrointestinal tract. This technology comprises wireless capsule, a receiver worn (by the patient) and computer software that analyzes and sorts the collated information. Smart pill is a nascent technology that holds immense potential in the field of medical diagnostics. The etiology for some of the gastrointestinal disorders is still unknown to physicians due to limited diagnostic scope with the existing medical devices. Smart pill technology with the help of the concept - biological microelectromechanical systems, enables practitioners with a high degree of flexibility to monitor and diagnose such clandestine and mysterious diseases.
 
Based on the type of technology, the smart pill technology market can be segmented into three categories namely, capsule endoscopy system, drug delivery system and patient monitoring devices (wireless). Capsule endoscopy devices are microcapsules comprising of four components namely: battery, transmitter, color camera and a light source. Capsule endoscopy system is available with high degree of flexibility and so can reach intricate parts of the GI tract to perform effective diagnosis. The higher degree of flexibility that a capsule endoscope is possessed with is due to the presence of microcapsules which are ingested by the patient. 
 
The rising prevalence of geriatric gastrointestinal diseases will drive the growth of smart pill technologies market since they are efficient to diagnose the diseases effectively. According to Centers for Disease Control and Prevention (CDC), an estimated prevalence rate of Crohn’s disease (a type of gastrointestinal disease) in 2012, ranged from 0.1 to 16 per 100,000 people in the U.S. Similarly, prevalence rate of inflammatory bowel diseases (IBD), in 2012 was estimated to be approximately 396 per 100,000 people in the U.S. Also, changing lifestyle (including shift in diet pattern) will augment the growth of smart pill technologies market. Likewise, increasing disposable income of the patients in developing countries would propel the growth of smart pill technologies market, since it will increase the affordability of patients to avail this diagnostic service. 
 
Aging population will further boost the growth of smart pill technologies market. This is due to the fact that elderly people are at a higher risk of acquiring various gastrointestinal diseases such as ulcerative colitis and IBD. The World Health Organization (WHO) has estimated that by 2050 world’s geriatric population count will reach around 2 billion. Thus, rising geriatric population will accentuate the growth of smart pill technologies market globally. 
 
North America in 2012 accounted for the largest share of total smart pill technologies market and is expected to grow at a steady CAGR during the forecast period 2013 to 2019. Shifted trend for non-invasive treatment in the U.S. has contributed for the large revenue share in the region. Asia-Pacific is expected to grow at the highest CAGR followed by Europe, during the forecast period 2013 to 2019. The growth in these regions is attributed to the presence of large patient population coupled with increasing awareness about gastrointestinal diseases, and their diagnostic and treatment methods. 
 
Increasing disposable income of the patient population will further boost the growth of smart pill technologies market. The major players operating in the smart pill technologies market include Novartis, Given Imaging Ltd, Philips Healthcare, Smartpill, Inc., Olympus Medical Technology, Medtronic, Inc., Pentax Medical Company, Siemens Healthcare, Stryker Corporation, GE Healthcare and Boston Scientific Corporation among other significant players.

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
  • Europe
  • 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

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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?

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Smart Pill Technology Market