Digital Pills Market Overview
An overview of conceptual frameworks, analytical approaches of the digital pills market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. Digital pills market is expected to grow with a significant rate in the near future.
The digital pills market in 2020 is accounted for US$ 194.1 Mn and expected to reach at a value of US$ 350.1 Mn by 2028 with a significant CAGR of 7.7%.
Digital Pills Market Definition
Digital pills, which typically include a sensor about the size of a grain of sand, can travel safely through the body and communicate with some kind of external device, like an app or a wearable patch.
Digital pills are also called as a smart drug that communicates with the smartphone app and keep the physicians, care takers, family informed about whether the patient has taken medication or not, time and dose of the medication etc. Recently in 2017, FDA approved a Abilify MyCite - adigital pill for treatment of schizophrenia, to Otsuka Pharmaceuticals. Otsuka Pahramacuticals developed this digital pill with Proteous digital health.
Many of the mental patients do not take medication due to their side effects, they forget to take medication or because they become paranoid about the doctor or the doctor’s intentions. Digital pill is the great tool for patients who resist taking the medication, and it also informs the care taker about the missed dose.
Digital pill contains tiny ingestible sensor made up of copper, magnesium and silicon. This chip generates electrical signals when it comes in contact with gastric acids. The current is then sensed by the Band-Aid-like patch that must be worn on the left rib cage and replaced after seven days.
The patch sends the date and time of pill ingestion and the patient’s activity level via Bluetooth to a cellphone app. The information is then transmitted to database which can be accessed by physicians, family members or other care takers of the patient.
As on today there exists a little commercial presence of digital pills, however, the digital pills market is expected to hold huge growth potential.
Digital Pills Market Key Players
Some of the major key participating players in global digital pills market are Proteus Digital Health., Ostuka Holdings Co., Ltd., 2morrow Inc., Ginger, Puretech Health, Livongo Health, Alivecor, Inc., Welldoc, Inc., Omada Health, Inc., Novartis AG, Yuza., Abbott, Mocacare, Gentag, Inc., Irhythm Technologies, Inc., Leaf Healthcare, Inc., Perficient, Inc., Olympus Corporation, Bdd Limited, Capsocam Plus, Medtronic, and others. Global market for digital pills is mainly dominated by Otsuka Pharmaceuticals.
Digital Pills Market Segmentation
The global digital pills market is segmented on the basis of, distribution channel and region. On the basis of distribution channel, global digital pills market is segmented into hospital pharmacy, and retail pharmacy.
Digital Pills Market Regional Segmentation Overview
On the basis of region, the global digital pills market is segmented into six regions namely North America, Latin America, Asia Pacific, Europe, Middle East, and Africa. North America digital pills market is expected to be the most dominating market throughout the forecast period due to early product launch. Subsequent launch in Europe would make it second most attractive market for digital pills. Asia Pacific is expected to witness delayed growth due to complex regulatory pathways in Japan and Australia.
MMC Overview on Digital Pills Market Report
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give better opportunity for the customers to put their effort.
A research report on the Digital Pills market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that supports market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market. The report is titled as ‘Digital Pills Market: Opportunity Analysis and Future Assessment 2020-2028’.
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
New product designs and launches
Current product compliance
Concerns for use of Digital Pills products
Advantages of Digital Pills
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to take informed decision.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market.