Ingestible Smart Pills Market, By Component (Smart Pills (Patient Monitoring, Capsule Endoscopy (Small Bowel Endoscopy, Esophagus Endoscopy, Colon Endoscopy)), Workstation), By Application (Imaging, Monitoring), By End User (Hospitals, Clinics, Research Institutes, Home Healthcare), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

Published In : Aug 2020

Code : CMI4091

Pages :178

Formats :

Excel and PDF

Industry : Medical Devices

Market Challenges And Opportunities

Global Ingestible Smart Pills Market: Restraints

Several players in the market are failing to attract investors, which is expected to hinder growth of the global ingestible smart pills market. For instance, in June 2020, Proteus Digital Health, Inc. filed for bankruptcy protection. In 2019, Proteus Digital Health, Inc. faced cash crunch and the company furloughed the majority of its employees for about two weeks in November 2019.

Moreover, high costs involved in R&D of ingestible smart pills is also expected to limit the market growth. The ingestible smart pills market is multidisciplinary and requires domain experts from various disciplines of science such as biochemists, biologists, microbiologists, immunologists, medical scientists and electronic engineers. It requires a consolidated effort between all these varied disciplines to develop sensors for particular applications. Additionally, prolonged R&D timelines with the inclusion of clinical trials required to test these sensor-embedded device adds up to significant expenditure.

Global Ingestible Smart Pills Market: Opportunities

The Covid-19 outbreak is expected to boost demand for digital medicine, thereby offering lucrative growth opportunities for players in the global ingestible smart pills market. For instance, in May 2020, Proteus Digital Health, Inc. announced a multi-year, outcomes-based initiative with the state of Tennessee’s Medicaid program, TennCare, in order to support TennCare-covered patients undergoing Hepatitis C treatment to achieve a cure through improved medication adherence and stronger connections to their care teams.

Moreover, increasing prevalence of chronic disorders is expected to boost demand for ingestible smart pills market. For instance, according to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases diagnosed and 606,880 cancer deaths in the U.S.