Intelligent Pills Market Overview
The Intelligent Pills Market is projected to reach USD 7,700.2 Million by 2030 at 8.6% CAGR during the forecast period 2022-2030.
The global market of Intelligent Pills appears to be very naïve, with very few companies developing intelligent pills. However, due to increasing awareness, companies like CapsoVision and Proteus Digital Health are using this platform to produce innovative solutions.
Proteus Digital Health is a leading provider of digital healthcare products, pharmaceuticals and medical device and has issued more than 300 patents. The FDA has approved the first smart pill Called Abilify MyCite of Proteus for use in the United States. The pill contains a drug and an ingestible sensor (microchip) that is activated when it reacts with stomach acid to detect the consumption time of the drug. Abilify Mycite System includes Mycite Patch a wearable patch which is to be worn on torsos; MYCITE APP, a smartphone application that displays the track record of ingested drug. ABILIFY MYCITE, is prescribed in adults for treating of schizophrenia, acute manic, mixed episodes and depressive disorders.The global Intelligent Pills Market is expected to grow at a CAGR of 8.6 % during the forecast periodof 2022-2030.
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Segmentation
The segmental study of the intelligent pills market is conducted on the basis of applications, end-user, prescription and regions. On the basis of applications, the intelligent pills market is segmented into capsule endoscopy, sleeping disorders, reflux monitoring, stress management, mobility monitoring, and others. Based on the prescription, the intelligent pills market comprises of prescription smart drugs which include Dexedrine, Ritalin, Adderall and non-prescription based. On the basis of end-users, the intelligent pills market consists of hospitals, clinics, home care and others. Based on the regions, the intelligent pills market consists of Africa, North America, Europe, Asia Pacific and the Middle East.
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Regional Analysis
- Intelligent Pill market is dominated by America due to increasing geriatric population and rising genetic disorders. America is segmented into North America (U.S. and Canada) and South America (Brazil, Argentina and Peru). North America comprises of 80% of the total land of America and therefore it is largest market for Intelligent Pill. Additionally, easy access to advanced technology, reimbursement policies, and approval of innovative molecules and devices are estimated to promote market growth in North America.
- The Asia Pacific region is expected to observe the fastest growth during the forecast period. Rising research and development expenditure and, the presence of the emerging countries like India and China within the region fuels the market.
- Europe is the second largest market for Intelligent Pills. Increasing government funds in research and development is the major factor for the market growth within the region. Extensive use of advanced technology also promotes the market growth
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