Smart Pills Patient Monitoring Market Trends

Growth Drivers

• Growing Prevalence of Gastrointestinal Reflux Disease (GERD) – Gastrointestinal reflux disease (GERD) happens when stomach acid rushes back into the tube that connects the mouth and stomach. Acid reflux (backwash) can irritate the lining of the esophagus. Several individuals suffer from acid reflux periodically. Acid reflux can lead to GERD if it develops frequently over time. Thus, the surging rate of GERD is anticipated to drive the smart pills patient monitoring market during the projected time frame. For instance, gastrointestinal reflux disease (GERD), commonly known as chronic acid reflux, affects approximately 25% of the population in the United States.

• Rising Stances of Missed Medication Doses – Elderly population along with patients suffering from neurological disorders are more prone to miss their medication doses. Such stances are more common in those people who are either very old or suffering from disorders such as Alzheimer’s and dementia. Smart pills are extremely beneficial in properly monitoring the medication doses at a determined time. Therefore, such an increase in missed medication doses is estimated to further boost the market growth of smart pills patient monitoring over the projected time frame throughout the forecast period. For instance, as per a study, in the United States, approximately 40% of individuals missed numerous doses of their medications as they simply forgot to take them, while 20% neglected to update their prescriptions on time, and 10% delayed refills. Whereas, nearly 42 to 65% of mentally ill individuals have poor medication adherence and occasionally take their medicines on time.

• Worldwide Increase in Neurological Disorders – Based on a report, almost 7 million people worldwide die from neurological conditions each year.

• Rising Technological Innovation and Success Rate of Capsule Endoscopy - Endoscopy is the straight insertion of a long, thin tube into the body to examine an internal organ such as the gastrointestinal tract. Endoscopies are minimally invasive procedures that use bodily openings such as the mouth or anus. Moreover, the small bowel which is mostly an enigmatic and inaccessible portion of the GI system can now be reached with the help of next level endoscopic device such as capsule endoscopy procedures. Hence, the increasing technological innovation and success ratio of capsule endoscopy are also estimated to push the market growth further throughout the projected time frame. For instance, colon capsule endoscopy (CCE) has a high rate of success around 65% to 98% in patients who had incomplete colonoscopy owing to the intense pain, significant mesenteric redundancy, and postoperative adhesions.

• Globally Surging Prevalence of COVID-19 – As per the World Health Organization statistics, there have been 756,581,850 confirmed cases of COVID-19 worldwide as of February 2023, along with 6,844,267 mortalities.

Challenges

• High Cost of Smart Pills – Smart pills patient monitoring is quite effective yet its price is higher as compared to the conventional pills. Since the hefty price associated with these pills, hence the use of such pills by a major mass is not much possible. Thus, this factor is anticipated to lower the growth of the market in the coming years.
• Stringent Government Regulations about the Use of Smart Pills
• Technical Incompetence of Smart Pills in Some Disorders