Smart Pills Market 2030 By Application (Patient Monitoring, Drug Delivery, Capsule Endoscopy), Target Area (Large Intestine, Small Intestine, Stomach, Esophagus), and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Industry : Healthcare | Pages : 195 Pages | Published On : Feb 2024

Smart Pills Market was valued USD 630.2 Million in 2023 and projected to reach USD 3,113.2 Million by 2030, growing at a CAGR of 22.1% during the forecast period of 2023-2030.

Major vendors in the global Smart Pills Market : CapsoCam Plus, Medtronic (Given Imaging, Inc.), Olympus Corporation, JINSHAN Science & Technology, HQ, Inc., IntroMedic Co. Ltd, Check-Cap and Others.

Market Overview

Smart Pills are essentially ingestible sensors that are swallowed and can record various physiological measures. These capsules can house biosensors, imaging devices, pH or chemical sensors, and, when ingested, traverse the gastrointestinal tract to capture images. The global demand for advanced treatment options is fueled by the increasing incidence of chronic diseases such as colorectal and breast cancer, coupled with the rising prevalence of life-related disorders like gastrointestinal reflux diseases (GERD) and gastric ulcers. Patients' increasing preference for minimally invasive procedures further propels the growth of the smart pills market. The benefits offered by smart pills, including advanced capsule endoscopy, targeted drug delivery, and remote patient monitoring, contribute to their adoption in the treatment of gastrointestinal diseases and cancer. Market players are investing in research and development to introduce smaller pills for diagnosing and treating new medical conditions.  However, challenges such as the high cost of smart pills and inadequate reimbursement policies in emerging countries limiting patient coverage may impede the market's growth. Additionally, technological limitations in certain conditions and stringent government regulations on smart pill usage pose hurdles to adoption during the forecast period from 2023 to 2030.

Patient preference for minimally invasive procedures

The shift in patient preference towards minimally invasive procedures for treatment is a significant driver for the adoption of smart pills. Patients are increasingly inclined towards medical interventions that minimize discomfort, reduce recovery times, and offer a less invasive alternative to traditional diagnostic techniques. Smart pills, being non-invasive and capable of capturing images and data from within the gastrointestinal tract without the need for surgical procedures, align with this preference. The ease of administration and reduced invasiveness contribute to their attractiveness in the healthcare landscape. This boosts the adoption of smart pills as it empowers patients by allowing them to actively participate in their own healthcare. Patients can easily monitor their health conditions and track the effectiveness of treatments using smart pill technology.

Market Dynamics

Drivers:

  • Patient preference for minimally invasive procedures
  • Increasing incidence of chronic diseases and life-related disorders
  • Technological advancements and research & development initiatives

Opportunities:

  • Growing need of confidential AI solutions
  • Remote Work Trends
  • Increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML)

Integration of artificial intelligence (AI) and data analytics

The significant opportunity lies in the integration of artificial intelligence (AI) and data analytics into smart pill technology. As smart pills capture intricate data and images from within the gastrointestinal tract, the utilization of AI algorithms can enhance the interpretation and analysis of this information. Implementing machine learning algorithms can enable the identification of subtle patterns or early signs of diseases, contributing to more accurate diagnostics. Moreover, the use of data analytics can facilitate the extraction of valuable insights from the vast datasets generated by smart pills, aiding healthcare professionals in making informed decisions about patient treatment plans.

The market for Smart Pills is dominated by North America.

In 2023, North America is poised to take the lead in the Smart Pills market, with the United States projected to dominate the regional landscape, a trend anticipated to persist through 2030. Propelling key factors such as continuous technological advancements in the healthcare sector, a rising incidence of colorectal cancer, and the regulatory approval of novel products. Colorectal cancer, ranked as the third most prevalent cancer globally by the World Health Organization (WHO), constitutes approximately 10% of all cancer cases and stands as the second leading cause of cancer-related deaths on a worldwide scale. This particular type of cancer predominantly affects older individuals, with the majority of cases manifesting in individuals aged 50 years and above. Life factors, including a diet rich in processed meats and deficient in fruits and vegetables, sedentary habits, obesity, smoking, and excessive alcohol consumption, play a significant role in the development of colorectal cancer.

The Asia Pacific is anticipated to demonstrate robust growth, projected to achieve a remarkable CAGR of the forecast period. This growth is particularly prominent in key countries such as Japan, China, and India. Noteworthy factors propelling the Japanese market include the implementation of mandatory healthcare insurance, continuous technological advancements, and a surge in the prevalence of stomach cancer and gastrointestinal disorders.

The Capsule Endoscopy Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

Based on application the smart pill market is divided into patient monitoring, drug delivery, and capsule endoscopy. In 2022, the capsule endoscopy segment has emerged as the predominant contributor, holding the largest market share. This dominance can be attributed to the escalating incidence of colon cancer, with contemporary alternatives such as capsule endoscopy gradually superseding established gastrointestinal diagnostic techniques like endoscopy and colonoscopy. As per the article published in Gastroenterology & Endoscopy News in March 2022 highlighted the high positive (94%-97%) and negative (83%-100%) predictive value of capsule endoscopy in evaluating gastrointestinal (GI) bleeding. Findings from capsule endoscopy have the potential to prompt endoscopic or surgical intervention or bring about a change in medical management in a substantial percentage of patients (37%-87%). Consequently, ongoing advancements in the field of endoscopy, coupled with the increasing demand for precise diagnoses of gastrointestinal disorders, are expected to drive significant growth in the smart pills market over the forecast period.

Global Smart Pills Market Report Scope:

Report

Details

Market size value in 2023

USD 630.2 Million

Market size value in 2030

USD 3,113.2 Million

CAGR (2023-2030)

22.1%

Forecast Period

2023–2030

Historic Data

2019

Forecast Units

Value (USD Million/USD Billion)

Segments Covered

Target Area, Application and Region

Geographies Covered

North America, Europe, Asia Pacific, and RoW

Segmentations Analysis of Smart Pills Market: -

  • By Application:
    • Patient Monitoring
    • Drug Delivery
    • Capsule Endoscopy
  • By Target Area:
    • Large Intestine
    • Small Intestine
    • Stomach
    • Esophagus
  • By Region
    • North America
      • U.S.
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
      • Peru
      • Rest of Latin America
    • Europe
      • Germany
      • France
      • Italy
      • Spain
      • U.K.
      • BENELUX
      • CIS & Russia
      • Nordics
      • Austria
      • Poland
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Thailand
      • Indonesia
      • Malaysia
      • Vietnam
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Nigeria
      • Egypt
      • Israel
      • Turkey
      • Rest of MEA

Recent Developments

  • In February 2023, AnX Robotica Corp. (US) introduced the NaviCam Small Bowel System to the US market. This system utilizes aspherical lens technology, aiming to minimize distortion and improve the field of vision—a crucial aspect in the diagnosis of small bowel disease.
  • In June 2023, Check-Cap (Israel) increased the manufacturing capacity and on-site production line for C-Scan, addressing technical issues originating from a sole-source supplier. The company made substantial enhancements to its production capabilities to facilitate its pivotal study in the United States.  

Answers to Following Key Questions:

  • What will be the Smart Pills Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers in the Smart Pills Market?
  • What are the main forces behind worldwide Smart Pills Market? Which companies dominate Smart Pills Market?
  • Which companies dominate Smart Pills Market? Which business possibilities, dangers, and tactics did they embrace in the market?
  • What are the global Insight Engines industry's suppliers' opportunities and dangers in Smart Pills Market?
  • What is the Insight Engines industry's regional sales, income, and pricing analysis? In the Smart Pills Market, who are the distributors, traders, and resellers?
  • What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Smart Pills Market?
  • What are the main geographical areas for various industries that are anticipated to observe astounding expansion for Smart Pills Market?
  • What are the dominant revenue-generating regions for Smart Pills Market, as well as regional growth trends?
  • By the end of the forecast period, what will the market size and growth rate be?
  • What are the main Smart Pills Market trends that are influencing the market's expansion?
  • Which key product categories dominate Smart Pills Market? What is Smart Pills Market’s main applications?
  • In the coming years, which Smart Pills Market technology will dominate the market?

Reason to purchase this Smart Pills Market Report:

  • Determine prospective investment areas based on a detailed trend analysis of the global Smart Pills Market over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different Smart Pills Market segments in the top spending countries across the world and identify the opportunities each offers.
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels that are driving the global Smart Pills Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Smart Pills Market.
  • Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Smart Pills Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.

TOC

Table and Figures

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This methodology is built upon the integration of all seven research methodologies developed by MarketDigits, a renowned global research and consulting firm. By leveraging the collective strength of these methodologies, we are able to deliver a 360° view of the challenges, trends, and issues impacting your industry.

The first step of our 360° Research Methodology™ involves conducting extensive primary research, which involves gathering first-hand information through interviews, surveys, and interactions with industry experts, key stakeholders, and market participants. This approach enables us to gather valuable insights and perspectives directly from the source.

Secondary research is another crucial component of our methodology. It involves a deep dive into various data sources, including industry reports, market databases, scholarly articles, and regulatory documents. This helps us gather a wide range of information, validate findings, and provide a comprehensive understanding of the industry landscape.

Furthermore, our methodology incorporates technology-based research techniques, such as data mining, text analytics, and predictive modelling, to uncover hidden patterns, correlations, and trends within the data. This data-driven approach enhances the accuracy and reliability of our analysis, enabling us to make informed and actionable recommendations.

In addition, our analysts bring their industry expertise and domain knowledge to bear on the research process. Their deep understanding of market dynamics, emerging trends, and future prospects allows for insightful interpretation of the data and identification of strategic opportunities.

To ensure the highest level of quality and reliability, our research process undergoes rigorous validation and verification. This includes cross-referencing and triangulation of data from multiple sources, as well as peer reviews and expert consultations.

The result of our 360° Research Methodology is a comprehensive and robust research report that empowers you to make well-informed business decisions. It provides a panoramic view of the industry landscape, helping you navigate challenges, seize opportunities, and stay ahead of the competition.

In summary, our 360° Research Methodology is designed to provide you with a deep understanding of your industry by integrating various research techniques, industry expertise, and data-driven analysis. It ensures that every business decision you make is based on a well-triangulated and comprehensive research experience.

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