Harrisburg, NC -- (SBWIRE) -- 10/14/2020 -- The Smart Pills Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies. We analyzed the impact of COVID-19 (Corona Virus) on the product industry chain based on the upstream and downstream markets, on various regions and major countries and on the future development of the industry are pointed out.
The global smart pills market is expected to decline from $2.5 billion in 2019 to $2.1 billion in 2020 at a compound annual growth rate (CAGR) of -7%. The decline is mainly due to the Covid-19 outbreak resulting in other patients delaying their episodes of care. The market is then expected to recover and reach $2.9 billion in 2023 at a CAGR of 3.9%.
The smart pills market consists of the sales of capsule sized ingestible medical devices with a small embedded electronic product such as sensors, cameras, patches, and trackers. Once swallowed, the smart pill gets activated in the gut and the sensors provide information about patient's health parameters and the effectiveness of medication leading to more optimized therapies. The market includes the sales of various ingestible smart medical devices that help in better diagnosis, patient monitoring and targeted drug delivery. The smart pills used in hospitals, diagnostic centers and research institutes are included in the market.
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Smart Pills Market: Medtronic Plc., Olympus Medical Technology, CapsoVision, Inc., Novartis AG, Proteus Pharmaceuticals, Philips Healthcare, Microchips, Bio-Images Drug Delivery (BDD) Limited, Given Imaging, Inc, and Vitality.
Industry News and Updates:
Aug 20, 2020: Otsuka beats back Novartis opposition with $15M purchase of smart pill developer Proteus
Otsuka can now move ahead to acquire its digital pill partner and now-bankrupt Proteus Digital Health for $15 million. The transaction has been approved by a U.S. bankruptcy court in Delaware, ending weeks of objections from a group of Proteus investors, including Novartis. Those opponents have been pushing for a delay of the sale, alleging that Otsuka, as a Proteus investor, didn't give the company's assets fair value.
The group called the $15 million offer "nothing more than a giveaway" to an insider, which used it to "buy" the silence of creditors, according to a court filing.
Otsuka, with 19.8% of outstanding senior preferred shares, is Proteus' largest shareholder, the court filing shows. Through a collaboration first signed in 2012, the two companies in 2017 successfully won FDA clearance for the first digital pill, Abilify MyCite, an ingestible drug-device combination that can track whether a patient adheres to the Japanese drugmaker's antipsychotic Abilify (aripiprazole). The two revised the pact in late 2019 when Proteus struggled to raise additional funds. Even as Otsuka went solo with Abilify MyCite and gained exclusive rights to use Proteus' platform for the development of its digital medicine offerings, the Japanese drugmaker remained Proteus' largest customer.
June 25, 2020: FDA Approves First-Of-Its-Kind Percept™ PC Neurostimulator with BrainSense™ Technology
DUBLIN, June 25, 2020-- Medtronic plc (NYSE:MDT), the global leader in medical technology, today announces it received Food and Drug Administration (FDA) approval for the Percept™ PC Deep Brain Stimulation (DBS) system. BrainSense™ technology makes Percept the first and only DBS neurostimulation system with the ability to chronically capture and record brain signals while delivering therapy to patients with neurologic disorders associated with Parkinson's disease, essential tremor, dystonia, epilepsy or obsessive-compulsive disorder (OCD). Physicians can now track patient brain signals and correlate these with patient-recorded actions or experiences, such as symptoms, side-effects, or medication intake. This enables more personalized, data-driven neurostimulation treatment.
Mayo Clinic in Rochester, Minn., will be the first in the United States to implant the newly approved device. "Our goal is for patients to regain independence, and we know that DBS can significantly improve motor function in people with Parkinson's disease compared to standard medication alone," said Bryan Klassen, M.D., neurologist, Mayo Clinic. "We can now more precisely tailor therapy to the individual needs of each patient based on data from neuronal activity."
DBS is an individualized therapy delivered from a small pacemaker-like device, placed under the skin of the chest or abdomen, to send electrical signals through very thin wires (leads) to a targeted area in the brain related to the symptoms of a neurological disorder, such as Parkinson's disease. "With movement disorders like Parkinson's disease, even sharing a meal and holding utensils can be a challenge," said John L. Lehr, president and chief executive officer of the Parkinson's Foundation. "We're excited by new treatments and clinical advancements that let people with Parkinson's live fuller, more complete, lives."
Key Market Trends
Asia Pacific was the largest region in the smart pills market in 2019.The smart pills market covered in this report is segmented by application into capsule endoscopy, patient monitoring, drug delivery and by end user into hospital, diagnostic center, research institute.
Extensive research and development is being carried 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 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.
The high cost of smart pills associated with the technological advancement will act as a restraint to the market growth. The utilization of advanced technologies including software upgradation and innovative 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 the 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 small pills market.
The growing preference for non-invasive procedures is driving the smart pills market. The non-invasive procedures are diagnostic and treatment procedures that does not require incision on the body or removal of tissues for the treatment or diagnosis. Smart pill is a wireless, ingestible capsule that can be easily swallowed and has wide range of applications in capsule endoscopy, drug delivery and patient monitoring. 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 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.
Markets Covered:
1) By Application: Capsule Endoscopy; Patient Monitoring; Drug Delivery;
2) By End User: Hospital; Diagnostic Center; Research Institute
Influence Of The Smart Pills Market Report:
-Comprehensive assessment of all opportunities and risk in the Smart Pills market.
- Smart Pills market recent innovations and major events.
-Detailed study of business strategies for growth of the Smart Pills market-leading players.
-Conclusive study about the growth plot of Smart Pills market for forthcoming years.
-In-depth understanding of Smart Pills market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Smart Pills market.
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What Are The Market Factors That Are Explained In The Report?
Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
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