Incorporating medical devices, innovative drugs, and advanced technologies are expected to increase the market majorly. Medication or prescription compliance is a great issue for mentally ill patients. Several elderly individuals find it difficult to keep track of medications simply because they forget to take them. Oral chemotherapy compliance could benefit majorly from the use of digital pills.
According to Data Bridge Market Research, the Global Digital Pills Market was valued at USD 3.64 billion in 2021 and is expected to reach USD 6.91 billion by 2029, registering a CAGR of 8.35 % during the forecast period of 2022 to 2029.
" Increasing Adoption of Digital Pills in Chronic Patients Surge the Market Growth"
People who are suffering from chronic diseases need a specific dose of medication. The companies have offered many promotional activities, such as product launches, investments, and acquisitions. For instance, in 2019, Otsuka (Proteus) launched smart chemotherapy pills to improve cancer patients' outcomes. Furthermore, Stanley Black & Decker and Pillo Health launched a pill-dispensing robot companion in 2019. Therefore, these pills are much more convenient for these patients and thus are widely used. Thus, this factor boosts market growth.
What restraints the growth of the Global Digital Pills Market?
" Strict Regulatory Procedures Associated With Digital Pills"
The stringent regulatory approvals from several organizations impede market growth. Numerous state boards of pharmacies have various requirements for the huge usage of smart pills in healthcare practices. Different manufacturers of smart pills have to stick to many regulations, which hampers market growth. All these major factors impede the growth of the market.
Segmentation: Global Digital Pills Market
The global digital pills market is segmented on the basis of product type, indication, distribution channel, diseases and end-user.
- On the basis of product type, digital pills market is segmented into tablet, capsule and microchip delivery device.
- Based on indication, the digital pills market is segmented into mental disorders, cancer, infectious diseases and others.
- Based on distribution channel, the digital pills market is segmented into hospital, retail, specialty, and mail order pharmacies.
- Based on diseases, the digital pills market is segmented into cardiovascular diseases, infectious diseases, diabetes, cancer and others
- On the basis of end user, the digital pills market is segmented into hospital, clinics, home care settings and others.
Regional Insights: North America is expected to dominate the Global Digital Pills Market
North America dominates the market because of the increasing adoption of advanced technologies by different manufacturers in tracking tools and the rise in R&D investments in this region. Furthermore, rising incidence of diseases such as diabetes and other cardiovascular disorders and an increase in faster recovery times from greater adherence to treatment regimens in this region.
Asia-Pacific is expected to grow in 2022-2029 due to mandatory healthcare insurance, high technological advancements, and an increase in the prevalence of stomach cancer and gastrointestinal disorders. According to the World Cancer Research Fund International, Japan ranks third among Asian countries in the prevalence of stomach cancer. Thus, these pills help greatly in this regard.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-digital-pills-market
Recent Developments in Global Digital Pills Market
- In 2019, the University of Oslo entered into a collaboration with Pilloxa collaborated to create ASTORIA, which will validate the adherence of smart medication systems in real-life clinical scenarios
- In 2019, Spencer Health Solutions and Philips extended their partnership to bring out a digital hub in the European market after already establishing a foothold in the USA and Canadian market
The Prominent Key Players Operating in the Global Digital Pills Market Include:
- B. Braun Melsungen AG (Germany)
- 2morrow Inc. (U.S.)
- Otsuka Holdings Co., Ltd. (Japan)
- Pure Tech (U.S.)
- Teladoc Health, Inc. (U.S.)
- AliveCor, Inc.(U.S.)
- Abbott (U.S.)
- Olympus Corporation (Japan)
- Medtronic (Ireland)
- Smith+Nephew (U.K.)
- Novartis AG (Switzerland)
- Omada Health Inc. (U.S.)
- Mocacare (California)
- GENTAG, Inc. (U.S.)
- Zio by iRhythm Technologies, Inc. (U.S.)
- Perficient Inc. (U.S.)
- BDD Ltd (U.K.)
- CapsoVision, Inc. (U.S.)
- Ginger (U.S.)
- Teladoc Health, Inc. (U.S.)
- Welldoc, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global digital pills market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Digital Pills Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
