Global Statistics Representing Digital Pills Market Scenario
The digital pills are endoscope capsule containing small chips in tablets which helps specialists and patients to monitor and diagnose several diseases. It captures three dimensional high resolution image which helps to reminders that are related to the dosage of the pills in real time. This pill can travel safely through the body and able to communicate with external devices.
Increasing prevalence of schizophrenia and growing demand for acute treatment of manic worldwide is likely to drive the market. In November 2017, FDA approved the first drug in the U.S. with a digital ingestion tracking system. Abilify MyCite (Aripiprazole tablets with sensor) has an ingestible sensor implanted in the pill that records that the medication situation. Approximately 1.5 million population were diagnosed with schizophrenia in 2017 around the world. Technological advancements in the healthcare sector is fueling the market growth further.
Increasing R&D investments in smart pills owing to the increasing FDA approvals related to digital pills is the other factors likely to positively influence the market growth.
Global digital pills market accounted for over USD 264.5 million in 2017 and is expected to grow at a CAGR of 7.8 % during the forecast period 2019–2026.
Global digital pills market is segmented by indicated disorders and end-users.
By indicated disorders, the market is segmented into tracking ingestion in schizophrenia patients, tracking ingestion in bipolar patients and adjunctive treatment of major depressive disorder (MDD) in adults. FDA approval for the product in the U.S. for tracking ingestion of tablets in schizophrenia patients is gaining the market share.
By end-users, the digital pills market is segmented into hospitals, clinic, and home care settings. This is attributed to the increase in preferences toward non-invasive diagnostic procedures and the significant increase in Schizophrenia and Bipolar Patients disorders across the globe.
Geographically, the global digital pills market is segmented into four regions: North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America digital pills market is expected to witness significant growth on account of strong presence of highly developed economies and availability of superior technology. In the region, especially in the U.S. is expected to provide a significant boost to the digital pills sector. According to the American Addiction Center, in the U.S. around of 3 million people suffered from Schizophrenia in 2018. Rising prevalence of Schizophrenia along with high healthcare expenditure is anticipated to support the market growth.
Europe is likely to emerge as the second largest Digital Pills market globally. This can be attributed to the significant presence of major manufacturers such as Medtronic, Proteus Digital Health, Inc, Intellicap.
Asia Pacific is expected to show lucrative growth in the digital pills market in coming years. Rising government initiatives with increasing health care expenditure, rising prevalence of Schizophrenia and bipolar patients in the region is projected to positively influence the market growth in forecast period 2019–2026.
LAMEA is expected to witness steady growth in the healthcare expenditure. As per the report by the World health organization (WHO), Middle East rising healthcare expenditure such as in Afghanistan healthcare expenditure was around 8.0% of GDP, in 2015. Increasing healthcare expenditure with rising prevalence Schizophrenia and Bipolar in South Africa focusing on healthcare expenditure which was 13.5% of GDP in 2018.
Some of the key players in the global digital pills market are Proteus Digital Health, Inc, Intellicap, Microchips Biotech, Inc, Metronic, CapsoVision, Livongo Health, AliveCor Inc, WellDoc Inc, Omada Health Inc, Novartis AG, Abbott, Mocacare, Gentag Inc., iRhythm Technologies Inc, Leaf Healthcare Inc, and Perficient Inc.
Digital Pills Market Segmentation
By Indicated Disorders