The growing preference of patients for minimally invasive surgeries is fueling the expansion of the smart pill market. Smart pills are small digital devices that are fashioned and built like capsules and perform extremely advanced functions like sensing, imaging, and medicine delivery. These capsules may contain a biosensor, an image sensor, a pH sensor, or a chemical sensor, and when eaten, they travel along the gastrointestinal track to record images that would otherwise be impossible to obtain. Smart pills also include a small wearable sensor patch that is linked to a mobile app and a provider site. These non-invasive gadgets have transformed cancer and gastrointestinal disorders diagnosis and potentially replace traditional diagnostic approaches such as endoscopy.
Globally, rising rates of chronic diseases such as colorectal and breast cancer, as well as an increase in the prevalence of lifestyle-related disorders such as gastrointestinal reflux disease (GERD), gastric ulcers, and others, are expected to drive demand for enhanced treatment alternatives. Furthermore, the growing desire of patients for minimally invasive treatments for treatment is likely to boost the growth of the smart pills market during the forecast period. Certain advantages provided by smart pills, such as enhanced capsule endoscopy, targeted medication delivery, and simple remote patient monitoring, are driving an increase in the use of smart tablets in the treatment of patients with gastrointestinal illnesses or cancer. Moreover, market participants are boosting their R&D investments in order to introduce tiny pills for the diagnosis and treatment of new illness conditions.
According to Business Intelligence Insights “Global Smart Pills Technology Market is expected to grow from USD 3,291.5 million in 2021 to USD 6,321.6 million by 2030, at a CAGR of 8.5% during the forecast period 2022-2030.
The COVID-19 pandemic has resulted in unforeseen consequences such as significant delays in disease identification and treatment. According to Commonwealth Fund projections, COVID-19 reduced overall outpatient visits by over 60% in May 2020. As smart tablets are frequently provided to patients in hospital settings, this is predicted to have a negative influence on demand. The COVID-19 epidemic is anticipated to have an influence on target market growth, as social distancing measures implemented by governments worldwide have resulted in considerable reductions in hospitals and healthcare facilities. Furthermore, the COVID-19 pandemic has had a significant influence on the functioning of general hospital treatment for non-COVID-19 patients in hospitals around the world, in addition to the global economy.
Capsule Endoscopy category dominated the market with a major share of the market share
Capsule endoscopy generated the greatest income throughout the projection period, and this dominance is expected to continue throughout the forecast period. This is because the prevalence of gastrointestinal diseases such as gastroesophageal reflux disease (GERD), irritable bowel syndrome (IBS), ulcers, and others has increased. The patient monitoring sector, on the other hand, is expected to grow at the fastest rate during the forecast period, owing to increased awareness about the problems associated with medication non-adherence, which are the primary reasons driving the Smart Pill Technology Market growth in the coming years.
Hospitals and Clinics category dominated the market with a major share of the market share
Hospitals and Clinics generated the most revenue during the predicted period, and this dominance is expected to continue. The rise in the number of colon cancer patients is also predicted to provide an opportunity for the Smart Pill Technology Market. Terms like "embeddable" and "wearables" are becoming more common as wireless gadgets and microscopic cameras evolve, allowing users to spot diseases and health concerns or problems early and more readily.
• Capsule Endoscopy
• Drug Delivery
• Patient Monitoring
By Target Area
• Small Intestine
• Large Intestine
By Disease Indication
• Barrett'S Esophagus
• Small Bowel Diseases
• Colon Cancer
By End User
• Hospitals and Clinics
• Diagnostic Centres
• Research Centres
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East and Africa
o South Africa
o Rest of Middle East and Africa (MEA)
List of Key Players in the Global Smart Pills Technology Market:
• Proteus Digital Health
• HQ Inc.
• CapoVision Inc.
• Medtronic Plc.
• Olympus Corporations
• IntroMedic Co., Ltd
• Check Cap
• Koninklijke Philips N.V
North America dominated the market with a major share of the market share
Due to reasons such as rising colorectal cancer prevalence, technological improvements in healthcare, and regulatory approvals for new products, North America presently dominates the Smart Pill Technology Market. The increased frequency of gastrointestinal illnesses and stomach cancer, as well as mandatory healthcare insurance regulations, are the key drivers affecting the market growth in North America. The high frequency of target illnesses, combined with increased government backing, is likely to create additional growth prospects for the North American smart pill market. All of these variables are projected to generate possibilities for major companies in the region.
|Market Size Value in 2021||USD 3,291.5 million|
|Market Size Value in 2030||USD 6,321.6 million|
|Forecast Units||(USD Million)|
|Countries Covered||North America: U.S and Canada Europe: Germany, France, Italy, U.K, Spain, Russia, Rest of Europe APAC: China, Japan, South Korea, India, Australia, South East Asia, Rest of Asia Pacific Latin America: Brazil, Mexico Middle East And Africa: Saudi Arab, South Africa, UAE|
|Segments Covered||By Application ,By Target Area , By Disease Indication, By End User, By Region.|
|Competitive landscape||Leading companies, Competitive strategies and Consumer engagement scope|
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