Digital Pills Market
Digital Pills Market Forecasts to 2030 - Global Analysis By Product (Capsule, Tablet and Microchip Delivery Device), Indication, Disease, Target Area, Application, End User and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $0.6 BN |
|
Projected Year Value (2030) |
US $1.7 BN |
|
CAGR (2023 - 2030) |
11.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Digital Pills Market is accounted for $0.6 billion in 2023 and is expected to reach $1.7 billion by 2030 growing at a CAGR of 11.8% during the forecast period. Digital pills are a type of medical technology that combines medication with electronic monitoring components. They are also known as smart pills or ingestible sensors. They are designed to improve medication adherence, track ingestion patterns, and monitor physiological data. It contains a tiny ingestible sensor made of safe materials, typically composed of elements like silicon, copper, and magnesium. Digital pills provide medication adherence, real-time monitoring, customized treatment plans, clinical trials and research.
According to the American Addiction Center, in the U.S., around of 3 million people aged 18 suffered from Schizophrenia in 2018. The rising prevalence of Schizophrenia is expected to provide a significant boost to the digital pills sector.
Market Dynamics:
Driver:
Rising awareness of geriatric care
The combination of geriatric care with the use of digital pills improves elderly people's health and well-being, enabling them to age in place with assurance and support. By offering unbiased data on medication adherence and health effects in senior people, digital pills can be a key component of geriatric research and clinical trials. A range of drugs are frequently administered to older people who have several chronic diseases. The risk of medication mistakes can be decreased by using digital pills to manage complicated prescription regimens by sending out reminders and monitoring adherence. Additionally, its notifications to care givers, ongoing surveillance, and age-friendly technology are boosting the market's expansion.
Restraint:
Strict regulations
Regulatory oversight ensures that digital pills are effective in achieving their intended medical purposes. The primary concern of regulatory bodies is to ensure that any medical product, including digital pills, is safe for patients to use. Rigorous regulations help prevent the introduction of potentially harmful or risky technologies. Digital pills need to undergo thorough regulatory scrutiny to provide assurance of their safety and effectiveness. This strict and complex process hampers the market demand.
Opportunity:
Mounting R&D activities
There has been a surge in research and development (R&D) activities in the field of digital pills. This is driven by the potential of this technology to revolutionize medication management and improve patient outcomes. Researchers are working on developing more sophisticated sensors that can accurately detect when a pill is ingested. The research trails for customizations, user friendly interfaces, Wireless Communication Protocols and Miniaturization of digital pills are further accelerating the market growth.
Threat:
Limited patient acceptance & applicability
Limited patient acceptance and applicability for digital pills can be attributed by concerns about privacy and security, novelty and unfamiliarity, fear of technology malfunctions or failures, limited accessibility and affordability and so on. Also, patients may experience psychological barriers for accepting digital pills. In addition, not all patients or medical conditions may benefit from or be suitable for digital pills. All these factors are impeding the market demand.
Covid-19 Impact
The covid pandemic had both positive and negative impacts on the digital pills market. The pandemic led to disruptions in global supply chains, which have affected the production and distribution of digital pills and their components. In addition, access to healthcare services including digital health technologies has been limited for certain populations during lockdowns. But, due to increased emphasis on remote monitoring, focus on chronic disease management and telemedicine adoption the market has witnessed beneficial growth.
The tracking ingestion in schizophrenia patients segment is expected to be the largest during the forecast period
The tracking ingestion in schizophrenia patients segment is estimated to have a lucrative growth. Some individuals with schizophrenia may face stigma related to their condition. Digital pills provide a discreet way to monitor adherence without the need for direct observation, which can help preserve patient autonomy and privacy. Also, it provides personalized treatment plans and tracks adherence patterns over time. Its early intervention and reducing relapse risk is fuelling the segment demand.
The hospitals segment is expected to have the highest CAGR during the forecast period
The hospitals segment is anticipated to witness the highest CAGR growth during the forecast period, due to the rising demand for minimally invasive surgical treatments, poor medication adherence, and an increase in hospitalisations and surgical operations worldwide. Overall, the surge in inflammatory bowel disease (IBD) cases has prompted hospitals to embrace digital pills as a valuable tool in diagnostic procedures. The non-invasive nature of smart pills, coupled with their ability to enhance early detection & diagnosis is boosting the segment demand.
Region with largest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to increasing healthcare awareness, technological advancements, and a rising burden of chronic diseases. Many countries in the Asia Pacific region have been increasing their healthcare spending to improve healthcare infrastructure, accessibility, and quality. Governments in various countries have been implementing policies and initiatives to promote the adoption of digital health technologies. Further, the growing aging population, clinical research & trials and rising healthcare expenditure are driving the market growth in this region.
Region with highest CAGR:
North America is projected to have the highest CAGR over the forecast period, owing to its strong technological infrastructure and aging population. North America is a global leader in healthcare research and innovation. The region is home to numerous pharmaceutical companies, technology firms, and research institutions that drive advancements in digital health. Chronic diseases like heart disease, diabetes, and hypertension are prevalent in North America. The region’s regular collaborations and partnerships along with continuous monitoring technologies is fuelling the market demand.
Key players in the market
Some of the key players profiled in the Digital Pills Market include Abbott Laboratories, Proteus Digital Health Inc., Pure Tech, Medtronic, 2morrow Inc., Gentag Inc., AnX Robotica Corporation, CapsoVision Inc., Teladoc Health Inc., Microchips Biotech Inc., Omada Health Inc, Otsuka Holdings Co Limited, Livongo Health, Novartis AG, Leaf Healthcare Inc, Perficient Inc, AliveCor Inc, WellDoc Inc, Mocacare and iRhythm Technologies Inc.
Key Developments:
In April 2023, Medtronic has announced the launch of MRI Care Pathway, a new system that can streamline the process of completing MRI scans for patients with Medtronic MRI compatible cardiac devices.
In February 2023, AnX Robotica Corp. (US) launched the NaviCam Small Bowel System in the US. The NaviCam SB System utilizes aspherical lens technology to reduce distortion and enhance the field of vision, a critical component in the diagnosis of small bowel disease.
Products Covered:
• Capsule
• Tablet
• Microchip Delivery Device
Indications Covered:
• Tracking Ingestion in Schizophrenia Patients
• Tracking Ingestion in Biopolar Patients
• Major Depressive Disorder (MDD)
Diseases Covered:
• Cancer
• Diabetes
• Cardiovascular Disease
• Infectious Diseases
• Mental Disorders
• Other Diseases
Target Areas Covered:
• Esophagus
• Small Intestine
• Large Intestine
• Stomach
Applications Covered:
• Capsule Endoscopy
• Targeted Drug Delivery
• Vital Sign Monitoring
End Users Covered:
• Hospitals
• Diagnostic Centers
• Home Care Settings
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Digital Pills Market, By Product
5.1 Introduction
5.2 Capsule
5.3 Tablet
5.4 Microchip Delivery Device
6 Global Digital Pills Market, By Indication
6.1 Introduction
6.2 Tracking Ingestion in Schizophrenia Patients
6.3 Tracking Ingestion in Biopolar Patients
6.4 Major Depressive Disorder (MDD)
7 Global Digital Pills Market, By Disease
7.1 Introduction
7.2 Cancer
7.3 Diabetes
7.4 Cardiovascular Disease
7.5 Infectious Diseases
7.6 Mental Disorders
7.7 Other Diseases
8 Global Digital Pills Market, By Target Area
8.1 Introduction
8.2 Esophagus
8.3 Small Intestine
8.4 Large Intestine
8.5 Stomach
9 Global Digital Pills Market, By Application
9.1 Introduction
9.2 Capsule Endoscopy
9.3 Targeted Drug Delivery
9.4 Vital Sign Monitoring
10 Global Digital Pills Market, By End User
10.1 Introduction
10.2 Hospitals
10.3 Diagnostic Centers
10.4 Home Care Settings
10.5 Other End Users
11 Global Digital Pills Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Abbott Laboratories
13.2 Proteus Digital Health Inc.
13.3 Pure Tech
13.4 Medtronic
13.5 2morrow Inc.
13.6 Gentag Inc.
13.7 AnX Robotica Corporation
13.8 CapsoVision Inc.
13.9 Teladoc Health Inc.
13.10 Microchips Biotech Inc.
13.11 Omada Health Inc
13.12 Otsuka Holdings Co Limited
13.13 Livongo Health
13.14 Novartis AG
13.15 Leaf Healthcare Inc
13.16 Perficient Inc
13.17 AliveCor Inc
13.18 WellDoc Inc
13.19 Mocacare
13.20 iRhythm Technologies Inc
List of Tables
1 Global Digital Pills Market Outlook, By Region (2021-2030) ($MN)
2 Global Digital Pills Market Outlook, By Product (2021-2030) ($MN)
3 Global Digital Pills Market Outlook, By Capsule (2021-2030) ($MN)
4 Global Digital Pills Market Outlook, By Tablet (2021-2030) ($MN)
5 Global Digital Pills Market Outlook, By Microchip Delivery Device (2021-2030) ($MN)
6 Global Digital Pills Market Outlook, By Indication (2021-2030) ($MN)
7 Global Digital Pills Market Outlook, By Tracking Ingestion in Schizophrenia Patients (2021-2030) ($MN)
8 Global Digital Pills Market Outlook, By Tracking Ingestion in Biopolar Patients (2021-2030) ($MN)
9 Global Digital Pills Market Outlook, By Major Depressive Disorder (MDD) (2021-2030) ($MN)
10 Global Digital Pills Market Outlook, By Disease (2021-2030) ($MN)
11 Global Digital Pills Market Outlook, By Cancer (2021-2030) ($MN)
12 Global Digital Pills Market Outlook, By Diabetes (2021-2030) ($MN)
13 Global Digital Pills Market Outlook, By Cardiovascular Disease (2021-2030) ($MN)
14 Global Digital Pills Market Outlook, By Infectious Diseases (2021-2030) ($MN)
15 Global Digital Pills Market Outlook, By Mental Disorders (2021-2030) ($MN)
16 Global Digital Pills Market Outlook, By Other Diseases (2021-2030) ($MN)
17 Global Digital Pills Market Outlook, By Target Area (2021-2030) ($MN)
18 Global Digital Pills Market Outlook, By Esophagus (2021-2030) ($MN)
19 Global Digital Pills Market Outlook, By Small Intestine (2021-2030) ($MN)
20 Global Digital Pills Market Outlook, By Large Intestine (2021-2030) ($MN)
21 Global Digital Pills Market Outlook, By Stomach (2021-2030) ($MN)
22 Global Digital Pills Market Outlook, By Application (2021-2030) ($MN)
23 Global Digital Pills Market Outlook, By Capsule Endoscopy (2021-2030) ($MN)
24 Global Digital Pills Market Outlook, By Targeted Drug Delivery (2021-2030) ($MN)
25 Global Digital Pills Market Outlook, By Vital Sign Monitoring (2021-2030) ($MN)
26 Global Digital Pills Market Outlook, By End User (2021-2030) ($MN)
27 Global Digital Pills Market Outlook, By Hospitals (2021-2030) ($MN)
28 Global Digital Pills Market Outlook, By Diagnostic Centers (2021-2030) ($MN)
29 Global Digital Pills Market Outlook, By Home Care Settings (2021-2030) ($MN)
30 Global Digital Pills Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
List of Figures
Figure 1 Global Digital Pills Market Outlook (2021-2030) ($MN)
Figure 2 North America Digital Pills Market Outlook (2021-2030) ($MN)
Figure 3 US Digital Pills Market Outlook (2021-2030) ($MN)
Figure 4 Canada Digital Pills Market Outlook (2021-2030) ($MN)
Figure 5 Mexico Digital Pills Market Outlook (2021-2030) ($MN)
Figure 6 Europe Digital Pills Market Outlook (2021-2030) ($MN)
Figure 7 Germany Digital Pills Market Outlook (2021-2030) ($MN)
Figure 8 UK Digital Pills Market Outlook (2021-2030) ($MN)
Figure 9 Italy Digital Pills Market Outlook (2021-2030) ($MN)
Figure 10 France Digital Pills Market Outlook (2021-2030) ($MN)
Figure 11 Spain Digital Pills Market Outlook (2021-2030) ($MN)
Figure 12 Rest of Europe Digital Pills Market Outlook (2021-2030) ($MN)
Figure 13 Asia Pacific Digital Pills Market Outlook (2021-2030) ($MN)
Figure 14 Japan Digital Pills Market Outlook (2021-2030) ($MN)
Figure 15 China Digital Pills Market Outlook (2021-2030) ($MN)
Figure 16 India Digital Pills Market Outlook (2021-2030) ($MN)
Figure 17 Australia Digital Pills Market Outlook (2021-2030) ($MN)
Figure 18 New Zealand Digital Pills Market Outlook (2021-2030) ($MN)
Figure 19 South Korea Digital Pills Market Outlook (2021-2030) ($MN)
Figure 20 Rest of Asia Pacific Digital Pills Market Outlook (2021-2030) ($MN)
Figure 21 South America Digital Pills Market Outlook (2021-2030) ($MN)
Figure 22 Argentina Digital Pills Market Outlook (2021-2030) ($MN)
Figure 23 Brazil Digital Pills Market Outlook (2021-2030) ($MN)
Figure 24 Chile Digital Pills Market Outlook (2021-2030) ($MN)
Figure 25 Rest of South America Digital Pills Market Outlook (2021-2030) ($MN)
Figure 26 Middle East & Africa Digital Pills Market Outlook (2021-2030) ($MN)
Figure 27 Saudi Arabia Digital Pills Market Outlook (2021-2030) ($MN)
Figure 28 UAE Digital Pills Market Outlook (2021-2030) ($MN)
Figure 29 Qatar Digital Pills Market Outlook (2021-2030) ($MN)
Figure 30 South Africa Digital Pills Market Outlook (2021-2030) ($MN)
Figure 31 Rest of Middle East & Africa Digital Pills Market Outlook (2021-2030) ($MN)
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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