According to FutureWise analysis the market for digital pills is expected to reach US$ 8.15 billion by 2031 at a CAGR of 8.60%.
Patients will experience a revolution in compliance thanks to pharmaceuticals that contain ingestible sensors. Many elderly patients have difficulty keeping track of their medications because they tend to forget taking pills, while medication compliance is also a problem for mentally ill patients. The digital pill also has significant potential for patients undergoing oral chemotherapy. Approximately half of patients undergoing oral chemotherapy comply with the treatment, resulting in less favorable results. A higher level of compliance can greatly increase the effectiveness of oral chemotherapy. The digital pills have a sensor that transmits data after consumption, allowing doctors to see if the patient has consumed the medication. Currently, digital pills are more used for adherence to medicine or patient compliance, but they can also be utilized for collecting clinical trial data. As a result, these pills can not only digitally keep a log of time ingested, but also monitor a number of other parameters post-ingestion that could offer more insight in drug development. Currently, these digital pills are regulated as digital medicines. The majority of regulations throughout the world do not have any regulations specific to digital pills. By the time abilify is approved and launched, mycite will offer insights to regulatory agencies so they can consider updating their regulations to incorporate digital pills. This product was approved as a treatment for schizophrenia, as a treatment for manic episodes associated with bipolar disorder, and as an add-on treatment for depression in adults. The recently launched digital pills are prescribed for mental disorders and also for chemotherapy (colorectal cancer).
FutureWise Market Research has instantiated a report that provides an intricate analysis of Digital Pills Market trends that shall affect the overall market growth. Furthermore, it includes detailed information on the graph of profitability, SWOT analysis, market share and regional proliferation of this business. Moreover, the report offers insights on the current stature of prominent market players in the competitive landscape analysis of this market.
According to the research study conducted by FutureWise research analysts, the Digital Pills Market is anticipated to attain substantial growth by the end of the forecast period. The report explains that this business is predicted to register a noteworthy growth rate over the forecast period. This report provides crucial information pertaining to the total valuation that is presently held by this industry and it also lists the segmentation of the market along with the growth opportunities present across this business vertical.