IMARC Group’s latest report, titled “Smart Pills Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global smart pills market size reached US$ 4.3 Billion in 2022. Smart pills, also known as digital pills, refer to ingestible, miniaturized electronic devices designed in the shape of pharmaceutical capsules. They consist of sensors, trackers, cameras, and patches that assist in recording various physiological measures accurately. Once swallowed, these pills move along the gastrointestinal (GI) tract to send vital information that is otherwise difficult to obtain and then gets eliminated from the system easily. They offer a thorough examination of the GI tract and other body parts and perform highly advanced functions, including sensing, imaging, and drug delivery. As a result, smart pills have gained immense traction in the healthcare industry to aid in better diagnostics, therapeutics, and monitoring while eliminating the need for invasive procedures.
Global Smart Pills Market Trends:
The escalating demand for minimally invasive (MI) procedures and the surging prevalence of chronic diseases, such as gastrointestinal (GI) disorders, colon cancer, and inflammatory bowel disease (IBD), represent the primary factors driving the market growth. In addition, smart pills are rapidly replacing several traditional techniques, including endoscopy and colonoscopy, for GI diagnosis due to their enhanced patient comfort and ability to offer accurate, multidimensional images of numerous internal body parts. Apart from this, the growing inclination toward telemedicine technologies for remote patient visits due to the recent coronavirus disease (COVID-19) outbreak has augmented the demand for smart pills. Furthermore, the leading manufacturers are launching innovative product variants with improved batteries and onboard memory to assist in telemedicine and remote patient monitoring, provide real-time, wireless information, and measure the effects of medications. Besides this, the increasing investments in research and development (R&D) projects focusing on effective localization, steering, and control of pills are offering lucrative opportunities to the market players. Other factors, including the expanding pediatric and geriatric population, rising approvals of new pills, surging demand for advanced drug delivery systems, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 6.7 Billion by 2028, growing at a CAGR of 7.5% during the forecast period (2023-2028).
- Based on the target area, the market has been categorized into esophagus, small intestine, large intestine, and stomach.
- The market has been divided based on the disease indication into esophageal diseases, small bowel diseases, colon diseases, and others.
- On the basis of the application, the market has been classified into capsule endoscopy, drug delivery, and patient monitoring.
- Based on the end user, the market has been segregated into hospitals, diagnostic centers, and research institutes.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being CapsoVision Inc., Check-Cap Ltd., General Electric Company, IntroMedic Co. Ltd., Jinshan Science & Technology (Group) Co. Ltd., Koninklijke Philips N.V., Medtronic plc, Olympus Corporation, and PENTAX Medical (Hoya Corporation).
|Base Year of the Analysis
||Target Area, Disease Indication, Application, End User, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||CapsoVision Inc., Check-Cap Ltd., General Electric Company, IntroMedic Co. Ltd., Jinshan Science & Technology (Group) Co. Ltd., Koninklijke Philips N.V., Medtronic plc, Olympus Corporation and PENTAX Medical (Hoya Corporation)
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