Global Smart Pills Market Report 2022-2027: Development of Addressable Transmitters Operated as Magnetic Spins Showing High Potential
DUBLIN, July 26, 2022 /PRNewswire/ -- The "Global Smart Pills Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global smart pills market is expected to grow from $4.03 billion in 2021 to $4.48 billion in 2022 at a compound annual growth rate (CAGR) of 11.2%. The market is expected to grow to $6.83 billion in 2026 at a compound annual growth rate (CAGR) of 11.1%.
The smart pills market consists of the sales of capsule-sized ingestible medical devices with small embedded electronic products such as sensors, cameras, patches, and trackers. Once swallowed, the smart pill gets activated in the gut and the sensors provide information about the patient's health parameters and the effectiveness of medication leading to more optimized therapies.
The main applications of smart pills are capsule endoscopy, patient monitoring, and drug delivery, patient monitoring involves the repeated or continuous observations or measurements of the patient parameters. These pills are used to target the esophagus, stomach, small intestine, and large intestine to treat diseases such as esophageal diseases, colon diseases, small bowel diseases, and others. Smart pills are used by various end-users such as hospitals, diagnostic centers, and research institutes.
The growing preference for non-invasive procedures is driving the smart pills market. For instance, smart pills have key applications in diagnostic imaging such as capsule endoscopy. The capsule endoscopy is a diagnostic procedure in which a smart pill (capsule enclosed micro-camera) is swallowed and images of the esophagus, stomach, and small intestine can be taken as the device pass through your gastrointestinal (GI) tract.
Smart pills have revolutionized the diagnosis of gastrointestinal disorders and could replace conventional diagnostic techniques such as endoscopy. Therefore, non-invasive procedures are driving the smart pills market during the period.
The high cost of smart pills associated with technological advancement will act as a restraint to the market growth. The utilization of advanced technologies including software up-gradation and inovative systems, and the integration of microchips contribute to the high manufacturing costs of the smart pills.
Smart pills are a combination of drug and device technology. A smart pill is an innovative method of drug delivery, which involves the use of sensors and cameras embedded into tiny edible devices. Such medical devices ensure better diagnostics, monitoring, and treatment of life-threatening medical conditions by allowing doctors to monitor their patients' body functions in real-time. However, the high cost of smart pills led to the limited utilization of products in underdeveloped countries. Thus, the high cost is considered as one of the factors that restrain the growth of the small pills market.
Extensive research and development are being carried out on the use of miniature chips such as Addressable Transmitters Operated as Magnetic Spins (ATOMS) which can be used as smart pills. ATOMS are silicon chip devices that use the principle of magnetic resonance imaging (MRI) to determine the location of atoms in a patient's body using magnetic fields.
ATOMS can be used in ingestible smart pills to diagnose and treat diseases from within the body. The devices can be used to monitor a patient's gastrointestinal tract, blood, or brain. They also could measure factors that indicate the health of a patient such as pH, temperature, pressure, and sugar concentrations, and relay that information to doctors. The devices could even be instructed to release drugs. For instance, scientists at Caltech (California Institute of Technology) have developed a miniature medical chip that can be used as a smart pill.
1) By Application: Capsule Endoscopy; Patient Monitoring; Drug Delivery
Key Topics Covered:
1. Executive Summary
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SOURCE Research and Markets