Smart Pills Market Is Gaining Significant Traction As A U.S.-Based Startup Etectrx Receives The U.S. FDA Approval For Its Sensor Technology Embedded In Medications That Get Activated Once They Reach A Patient’s Stomach

 

Smart Pills Market

Smart pills are the new alternative treatment methods to conventional medications and they are becoming more popular every day. Smart pills, also known as nootropics, are the equivalent of prescription nootropics. They are stimulants, selective agents, and neuromuscular enhancers that can enhance one's brain function in a non-traditional manner. More recent studies revealed that there are significant effects of these nootropics and cognitive enhancement and that they can also be used in conjunction with conventional medications to improve one's mental performance.

Increasing incidence of colon cancer is expected to drive growth of the global smart pills market. According to the American Society of Clinical Oncology (ASCO), colon cancer is the third most common cancer diagnosed in both men and women in the U.S. According to the same source, around 147,950 adults in the U.S. were diagnosed with colorectal cancer, of which 104,610 new cases of colon cancer and 43,340 new cases of rectal cancer. Smart pills are now being used for the treatment of colon cancer due to their various advantages such as enhanced accuracy and performance. For instance, in March 2019, the University of Minnesota conducted tests for smart pills on colon cancer patients. Hence, such factors are expected to drive growth of the global smart pills market. Furthermore, technological developments in capsule endoscopes are expected to propel the global smart pills market growth in the near future. 

Potential health risks associated with these pills and rising costs with technological advancements are expected to restrain growth of the global smart pills market. However, increasing need for drug development process can present lucrative growth opportunities for market players in the near future. Among regions, North America is expected to witness significant growth in the global smart pills market. This is owing to technological developments in the healthcare sector across the region. Furthermore, Asia Pacific is expected to register a robust growth rate, owing to increasing prevalence of stomach cancer in the region. According to the World Cancer Research Fund International (WCRFI), the Republic of Korea had the highest rate of stomach cancer in 2012 at 41.8 per 100,000, followed by Mongolia.

Major companies involved in the global smart pills market are CapsoVision Inc., Proteus Digital Health, Medtronic, Pixie Scientific, EtectRx, Novartis AG, Philips, Olympus Medical Technology, and Pentax Medical (Hoya).

For instance, in December 2019, EtectRx, a U.S.-based startup, received the U.S. Food and Drug Administration (FDA) approval for its sensor technology embedded in medications that get activated once they reach a patient’s stomach.

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