The Electronic Pill Market is anticipated to reach USD 1.00 Billion by 2030 at 6.60% CAGR during the forecast period 2022-2030. The electronic pill is an ingestible capsule that is embedded with sensors and camera. After ingesting the pill, the pill captures several images per second of the gastrointestinal tract which is received by the connected recording device. It is a monitoring system used to monitor temperature, pH, conductivity and dissolved oxygen. Electronic Pills are used for diagnostics of various gastrointestinal tract diseases like colon cancer, colon polyps, gastrointestinal bleeding and other infectious diseases. The increase in preference of non-invasive methods for diagnostics is driving the growth of the market. Moreover, the rising geriatric population, increasing prevalence of gastrointestinal diseases like colorectal cancer, changing lifestyle, increasing unhealthy eating habits, controlled drug delivery and better way of endoscopy procedures are major factors influencing the growth of the market.
According to the American Cancer Society, Inc. in 2017, 27,150 men and 23,110 women had colorectal cancer in the US. Thus, such a high incidence rate of colorectal cancer provides favorable backgrounds for the market growth. Also, growing demand for rapid and precise diagnostics, adoption of advanced technology are the key factors for the market to grow.
However, factors such as bowel obstruction, lack of awareness, capsule retention and high costs are expected to restrict the market growth during the forecast period.
The global electronic pill market is segmented on the basis of Application, Target area, Parts and end user. The electronic pill market, by application, is sub-segmented into Capsule Endoscopy, Drug Delivery, and Patient Monitoring. Target area category includes Oesophagus, Stomach, Small Intestine, and large intestine.
By parts, the market is categorized into biocompatible capsule encasing microsensors, Control chip, Radio transmitter and Power source. On the basis of end-user, the market is segmented into Hospitals, Diagnostic centers, Clinical Research Organizations and Medical Centers.
On the basis of region, the global Electronic Pill market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas is sub-segmented into North America and South America. The North American region is further segmented into the US and Canada. The European region is divided into two, namely, Western Europe and Eastern Europe. Western Europe is further classified into Germany, Italy, France, the U.K., Spain, and the rest of Western Europe. The Asia Pacific region is sub-segmented into Japan, China, India, Australia, the Republic of Korea, and the rest of Asia Pacific. The Middle Eastern and African region is sub-segmented into the United Arab Emirates, Saudi Arabia, Oman, Kuwait, Qatar, and the rest of the Middle East and Africa.
Global Electronic Pill Market, by Key Players
Regional Market Summary
The Electronic Pill market is dominated by North America owing to rising prevalence of gastrointestinal disorders and high R&D investments within this region stimulate market growth. According to the US Investments in Medical and Health Research and Development in 2016, the United States invested total $171.8 billion in medical and health R&D and the investment increased by 20.6% from 2013 to 2016. Also, the rising adoption of technologically advanced systems for early diagnosis of gastrointestinal disorders influences the market growth in this region.
It is estimated that Europe stood second in the global Electronic Pill market. The increasing prevalence of gastric cancer is driving the growth of this market in Europe. According to the Cancer Research UK in 2015, 6740 new cases of stomach cancer in the U.K and is among the most common prevalent cancer. Thus, increasing prevalence of gastric cancer in Europe drives the market growth. Furthermore, the rapidly growing healthcare sector in Europe is expected to boost the market in this region.
Asia Pacific was projected to be the fastest growing region for the global Electronic Pill market. Key factors such as rising geriatric population, growing patient pool, high incidence of gastrointestinal diseases and developing healthcare infrastructure drive the market in this region. According to the Asian Development Bank (ADB), the geriatric population in Asia is expected to reach 923 million by 2050. This provides favorable backgrounds for the market to grow.
The Middle East and Africa holds the least share in the global Electronic Pill market due to the presence of stringent government policies and poor economic growth. However, growing awareness and increasing investment by private market players in this region can boost the market growth.
Market Research Future research is conducted by industry experts who offer insights into industry structure, market segmentation, assessment, Competitive Landscape (CL), penetration, as well as on emerging trends. Besides primary interviews (~ 80%) and secondary research (~ 20%), their analysis is based on their years of professional expertise in respective industries. Our analysts also predict where the market will be headed in the next five to ten years, by analyzing historical trends and current market positions. Furthermore, the varying trends of segments and categories geographically presented are studied and are estimated based on the primary and secondary research.
Extensive primary research was conducted to gain a deeper insight into the market and the industry performance. In this particular report, we have conducted primary surveys (interviews) with key level executives (VPs, CEOs, Marketing Directors, Business Development Managers, and many more) of the major players who are active in the market. In addition to analyzing the current and historical trends, our analysts predict where the market is headed, over the next five to ten years.
Secondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and commercial study of the global electronic pill market. It was also used to obtain key information about major players, market classification, and segmentation according to industry trends, geographical markets, and developments related to the market and perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, SEC filings, journals, white papers, corporate presentations, company websites, international organization of chemical manufacturers, some paid databases, and many others.
Market Segmentation and Key Market Players
Global Electronic Pill Market, by Application
Global Electronic Pill Market, by Target area
Global Electronic Pill Market, by Parts
Global Electronic Pill Market, by End-User
Global Electronic Pill Market, by Region
|Market Size||Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Application, Target area, Parts and end user|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||CapsoVision, Inc. (US), Given Imaging Ltd. (Israel), Medimetrics (Mexico), Bio-Images Drug Delivery BDD LTD (UK), Proteus Digital Health (US), Olympus Corporation, Medtronic, Medisafe, JINSHAN Science & Technology, INTROMEDIC|
|Key Market Opportunities||Rapid and precise diagnostics, adoption of advanced technology|
|Key Market Drivers||Increase in preference of non-invasive methods for diagnostics|