Smart Drugs Market Size & Growth (2019 - 2024)
The Global Smart Drugs Market was USD 257.6 Million in 2019. It is expected to be around USD 459.27 Million by 2024 with a current CAGR of 12.26 %. North America holds the most significant shares of the market & Asia Pacific is expected to grow as the fastest regional market during the forecast period 2019 to 2024.
Recent Key Happenings in the Market:
- Recently a research paper was published in Journal of the Taiwan Institute of Chemical Engineers on the use of Chitosan nanocapsule – mounted cellulose nanofibrils as nano ships for smart drugs delivery systems & treatment of avian trichomoniasis.
- Trichomonas gallinae is a category of parasites that cause avian trichomoniasis in birds, due to this reason there is huge revenue in the agrarian economy. Earlier it was treated using metronidazole, but due to the resistance of against the drug, new drug development is being carried on.
- A biocompatible nanocomposite with Chitosan nanocapsules & cellulose nanofibrils was used to address the antitrichomonal activity. The test results showed excellent anti – protozoa efficiency. It was found that there was complete inhibition when T. gallinae is treated with a mixture of Chitosan nanocapsules & cellulose nanofibrils.
- Recently a research paper was published by the British Neuroscience Association (BNA) regarding the Neuroethical issues in cognitive enhancement considering Modafinil as an example of a workplace drug. The consumption of modern cognitive – enhancing drugs for improving cognition & mood such as cocaine, ecstasy, methamphetamine, etc. have shown much-downgraded results when consumed frequently. Therefore, some cognitive-enhancing medicines such as Modafinil & methylphenidate have been developed, which affects not only cold cognition but also improves hot cognition such as emotion & task motivation.
- Proteus Digital Health, HQ, Inc. (United States of America) are the inventors of digital medicines, a new category of pharmaceuticals that can evaluate the effect of the treatment & help physicians to understand the condition in a better way. These pills are made using some elements found in diet and have been approved by the USFDA.
- Yihan Industrial Co. Ltd (China) is one of the major producers of smart drugs in the Asia Pacific region. It manufactures a variety of nootropics. One of the products it makes is Nootropic powder Adrafinil, a smart drug used to enhance memory improvement.
Smart Drugs Market - Drivers & Restraints:
Due to the increase in the geriatric population, there has been a sudden upsurge in chronic diseases such as cancer, diabetes & others, mostly because of the lifestyle of the community. The need to improve the condition is likely to boost the growth of Smart Drugs market. Increased investments in the R&Ds & technological advancements for the development of smart drugs are also very crucial reasons to improve the market’s condition.
However, strict government policies regarding the abuse & regulation of product are likely to inhibit the growth of Smart Drugs market.
This market research report on Global Smart Drugs has been segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2024.
- By Application (Capsule Endoscopy, Patient Monitoring, and Drug Delivery)
- By Target Area (Stomach, Esophagus, Small Intestine, and Large Intestine)
- By Disease Indication (Esophageal Diseases, Small Bowel Diseases, Colon Diseases, and Others
- By End User (Hospital, Diagnostic Centre, and Research Centre)
- By Region (North America, Europe, Asia Pacific, Latin America, & Middle East & Africa)
Regionally, North America is the largest market share holder & is expected to be the largest market during the forecast period. Asia Pacific region is growing at the fastest pace due to developing economies & availability of a maximum number of consumers within the region. The Asia Pacific is region has the most significant demographic dividend among all the other region, establishing it as the largest & fastest growing Smart drug market region in the coming years.
Key Market Players:
Some of the key market players are CapsoVision, Inc., Medtronic Plc., Olympus Corporations, IntroMedic Co., Ltd, Proteus Digital Health, HQ, Inc., Koninklijke Philips N.V., & JINSHAN Science & Technology. The Support players in the supply chain (not a part of the report but can be provided on the request of the customer) include Bio-Images Drug Delivery (BDD) Limited, Quotient Clinical Ltd., Innovative Devices LLC, GE Healthcare, Novartis AG, Fujifilm Holdings Corporation, & PENTAX Medical.
Key Highlights of the report:
- The evaluation of the current market for various product & services & the future implications of the market.
- Addresses the opportunities by better understanding the market through size estimates and growth rate analysis to forecast the market for the Extensive future segmentation.
- Various important market positioning and key strategies of key service providers as per Smart Drugs Market.
- Addresses the key market recent developments, growth analysis, drivers, restraints, & product description.
- Global, Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
- The segment-level analysis in terms of application, by the target, by disease indication, along with market size forecasts and estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographics, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
- Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
- A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
- Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market