Smart Pills Market in terms of revenue was estimated to be worth $0.6 billion in 2023 and is poised to reach $1.1 billion by 2028, growing at a CAGR of 11.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in this market is primarily fueled by increased patient preference for minimally invasive procedures and technological improvements in capsule endoscopy. The growing demand for rising need for rapid drug development is expected to offer opportunities for market players during the forecast period. On the other hand, technological limitations and challenges associated with accuracy of smart pills are expected to restrain the market growth to some extent in the coming years.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=840
The vital sign monitoring segment has accounted for the second largest share of the market during the forecast period
Based on application, targeted medicine delivery, capsule endoscopy, and vital sign monitoring are the different smart pill market segments. The vital sign monitoring segment accounted for the second largest share of 8.0% of smart pills application market in 2022. The lack of integration with digital health systems in conventional vital sign monitoring devices drives the growth of the vital sign monitoring segment in the smart pills market. As healthcare systems strive for interoperability and comprehensive patient records, the rising need for vital sign monitoring devices that integrate smoothly with digital health systems becomes crucial. The growing demand for streamlined integration is expected to increase the adoption of smart pills due to advanced connectivity and compatibility with digital health systems.
The small intestine target area accounted for the largest share of the market during the forecast period.
Based on target area, the small intestine, esophagus, stomach, and large intestine, make up the major market segments for smart pills. The small intestine accounted for the largest share of the market during the forecast period. Rising incidence of small intestine disorders such as Crohn’s disease, celiac disorders, and small bowel tumors are key factors driving market growth. Additional factors include the small intestine’s complex anatomy and challenging accessibility that are expected to drive the adoption of smart pills in the coming years.
The hospitals segment is to witness the highest growth during the forecast period
Based on end users, the smart pills market is categorized into distinct segments, including diagnostic centers, hospitals, and other end users. Among these, hospitals segment is to witness the highest growth during the forecast period. This can be attributed to several factors, such as the growing demand for minimally invasive surgical procedures and inadequate medication adherence. Numerous hospitals have embraced the concept of capsule endoscopy, which has subsequently contributed to an increased adoption of smart pills.
Asia-Pacific is to witness the highest growth during the forecast period.
The Asia-pacific smart pills market is expected to grow at the highest CAGR during the forecast period of 2023-2028. The high growth rate of this market can be attributed to presence of established vendors in the regional market and rising adoption of capsule endoscopy in countries such as China and India. The high incidence of stomach cancer in Japan has created a growing demand for advanced diagnostic technologies such as capsule endoscopy. This non-invasive and patient-friendly procedure utilizes small, swallowable capsules equipped with cameras to capture detailed images of the gastrointestinal tract.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=840
Smart Pills Market Dynamics:
Drivers:
- Rising demand for non-invasive diagnostic and monitoring devices
Restraints:
- High cost associated with smart pills
Opportunities:
- Growing demand for advance drug delivery system
Challenges:
- Implications with patient privacy
Key Market Players:
The prominent players in smart pills market are Chongqing Jinshan Science Technology (Group) Co., Ltd (China), RF Co., Ltd (Japan), etectrx (US), Bodycap (France), CapsoVision,Inc. (US), Medtronic plc (US), Check-Cap Ltd. (Israel), IntroMedic (South Korea), ANX Robotica Corp. (US), Olympus Corporation (Japan), Shenzen Jifu Medical Technology Co., Ltd (China) and Otsuka America Pharmaceutical, Inc. (US).
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=840
Smart Pills Market Advantages:
- Enhanced Patient Monitoring: Smart pills enable continuous and remote monitoring of patients, providing healthcare professionals with real-time data on various physiological parameters. This allows for early detection of abnormalities, better management of chronic conditions, and timely interventions, ultimately leading to improved patient monitoring and care.
- Improved Diagnostics: Smart pills equipped with imaging technology can capture high-resolution images or videos of the gastrointestinal tract. This enables healthcare providers to obtain detailed insights into a patient’s condition, facilitating accurate and early diagnosis of diseases such as colon cancer, gastrointestinal bleeding, and inflammatory bowel disease.
- Targeted Drug Delivery: Smart pills can be designed to deliver medication precisely to the intended location in the body. By incorporating drug reservoirs and release mechanisms, these pills can release drugs at specific sites or in response to specific physiological cues. This targeted drug delivery approach enhances the efficacy of treatment, reduces side effects, and improves patient compliance.
- Personalized Medicine: Smart pills collect real-time data about an individual’s health, lifestyle factors, and medication adherence. This data can be used to personalize treatment plans, optimize medication dosages, and provide tailored lifestyle recommendations. The ability to customize healthcare interventions based on individual characteristics and needs can lead to more effective treatments and improved patient outcomes.
- Increased Patient Engagement: Smart pills empower patients to actively participate in their own healthcare. By providing them with access to real-time data about their health, these pills encourage patient engagement and enable individuals to take proactive measures to manage their conditions. This can result in better medication adherence, lifestyle modifications, and overall self-care.
- Research and Development Opportunities: The smart pills market opens up new avenues for research and development in healthcare. The integration of pharmaceuticals with digital technology enables the exploration of novel drug delivery mechanisms, advanced diagnostics, and personalized medicine. This fosters innovation, drives advancements in healthcare technologies, and encourages collaboration between pharmaceutical companies, technology firms, and healthcare providers.
It’s important to note that while smart pills offer significant advantages, challenges such as data privacy, regulatory compliance, and cost-effectiveness need to be addressed to ensure their widespread adoption and long-term success in the market.
Smart Pills Market – Report Highlights:
UPDATED MARKET OVERVIEW:
- The current edition of the report consists of an updated market overview, along with an updated market assessment across all segments from 2021 to 2028. Also, it includes challenges, value chain analysis, trends, technology analysis, patent analysis, regulatory analysis, key conferences and events in 2023-2024, regulatory bodies/government agencies and other organizations, and ecosystem analysis provided in the market overview chapter.
UPDATED COMPETITIVE LANDSCAPE CHAPTER:
- The competitive landscape chapter has been updated with the company evaluation quadrant for key players. The competitive landscape also includes the revenue share analysis of the top players, market share analysis, competitive benchmarking, and the company footprint of the global market.
UPDATED COMPANY PROFILES:
- The new edition of the report includes profiles for Check-Cap Ltd. (Israel), IntroMedic (Seoul), Chongqing Jinshan Science & Technology (Group) Co., Ltd. (China), Shenzhen Jifu Medical Technology Co., Ltd. (China), RF Co., Ltd. (Japan), etectRx (US), BodyCap (France), and Otsuka America Pharmaceutical, Inc. (OAPI) (US).
UPDATED FINANCIAL INFORMATION/PRODUCT PORTFOLIOS OF PLAYERS:
- The new edition of the report provides updated financial information in the context of the smart pills market until 2022 for each listed company in a graphical representation in a single diagram (instead of multiple tables). This will easily help analyze the present status of profiled companies in terms of their financial strength, key revenue-generating country/region, business segment focus in terms of the highest revenue-generating segment, and investments in R&D activities.
UPDATED MARKET DEVELOPMENTS OF PROFILED PLAYERS:
- Recent developments are important to understand the market trend and growth strategies adopted by players in the global smart pills market space. The current edition of this report provides updated developments of profiled players from January 2020 to June 2023, indicating a continuation of the previous version. Product launches and approvals, expansions, asset purchases, and collaborations are the principal growth strategies adopted by market players in this period.
ADDITION OF RECESSION IMPACT:
- The current edition of the report consists of the impact of the recession on the smart pills market.
- A section on the impact of the recession on all regional markets, such as North America, Europe, and Asia Pacific, has been included.
Media Contact
Company Name: MarketsandMarkets™ Research Private Ltd.
Contact Person: Mr. Aashish Mehra
Email: Send Email
Phone: 18886006441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL 60062
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/smart-pill-technology-market-840.html