Smart Pills Market is Expected to Reach $1.1 billion | MarketsandMarkets.
Chicago, Aug. 31, 2023 (GLOBE NEWSWIRE) — In the near future, the smart pills industry is poised to revolutionize healthcare by seamlessly integrating cutting-edge technology with pharmaceuticals. These innovative pills, embedded with miniaturized sensors and wireless communication capabilities, are set to empower both patients and healthcare professionals in monitoring and managing various health conditions. By providing real-time data on medication adherence, bodily functions, and vital signs, smart pills offer personalized insights that enable more accurate diagnoses, personalized treatment plans, and early intervention. This transformative industry holds the potential to enhance patient outcomes, optimize drug therapies, and ultimately reshape the way healthcare is delivered, blurring the lines between traditional medicine and digital health. However, it also raises important considerations around privacy, data security, and ethical use of patient information, necessitating a careful balance between technological advancement and safeguarding individual rights.
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 latest report published by MarketsandMarkets™. Increasing incidence of colon cancer and growing demand for non-invasive diagnostic monitoring devices are the main factors driving market growth. The growing demand for advanced drug delivery systems and rising need for rapid drug development are expected to offer opportunities for market players during the forecast period. On the other hand, high cost associated with smart pills and technological limitations and challenges associated with accuracy of smart pills are expected to restrain the market growth to some extent in the coming years and implications with patient privacy is expected to pose a challenge for this market.
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Smart Pills Market Scope:
|Market Revenue in 2023||$0.6 billion|
|Estimated Value by 2028||$1.1 billion|
|Growth Rate||Poised to grow at a CAGR of 11.8%|
|Market Size Available for||2021-2028|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Application, Target Area, End User & Region|
|Geographies Covered||North America, Europe, Asia Pacific, and Rest of the World|
|Report Highlights||Updated financial information / product portfolio of players|
|Key Market Opportunities||Growing demand for advance drug delivery system|
|Key Market Drivers||Rising demand for non-invasive diagnostic and monitoring devices|
Smart Pills market major players covered in the report, such as:
- AnX Robotica Corp. (US)
- Otsuka America Pharmaceutical, Inc. (US)
- CapsoVision, Inc. (US)
- Olympus Corporation (Japan)
- Shenzhen Jifu Medical Technology Co., Ltd. (China)
- Bodycap (France)
- Medtronic plc (US)
- Check-Cap Ltd. (Israel)
- Chongqing Jinshan Science & Technology (Group) Co., Ltd. (China)
- IntroMedic (South Korea)
- RF Co., Ltd. (Japan)
- etectRx (US)
- and Among Others
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This research report categorizes the point-of-care and rapid diagnostics:
- Capsule Endoscopy
- Targeted Drug Delivery
- Vital Sign Monitoring
By Target Area
- Small Intestine
- Large Intestine
By End User
- Diagnostic Centers
- Other End Users
- North America
- Rest of Europe (RoE)
- Asia Pacific
- Rest of APAC (RoAPAC)
- Rest of the World (RoW)
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The key stakeholders in the Smart Pills market include:
- Pharmaceutical companies
- Healthcare providers (physician practices, diagnostic centers, and outpatient clinics)
- Government bodies
- Corporate entities
- In 2023, AnX Robotica Corp. (US) launched the NaviCam Small Bowel System in the US. The NaviCam SB System utilizes aspherical lens technology to reduce distortion and enhance the field of vision, a critical component in the diagnosis of small bowel disease.
- In 2021, the US FDA has granted 510(k) clearance for its PillCam Small Bowel 3 system for remote endoscopy procedures.
- In 2021, Check-Cap (Israel) expanded C-Scan’s manufacturing capacity and on-premises production line, while also remedying technical issues from a single source supplier. The company significantly expanded its production line to support its US pivotal study.
- In 2020, AnX Robotica Corp. (US) has been granted by the FDA De-Novo classification for its NaviCam Magnetically Controlled Capsule Endoscopy (MCCE) System. It is the first-of-its-kind system which allows complete, real-time visualization of the stomach utilizing a pill-sized capsule containing a camera and is remote-controlled by the physician using proprietary magnetic technologies.
- In 2020, CapsoVision Inc. (US), achieved the International Standard Organization (ISO) 27001 security certification. The scope of the certification includes CapsoVision’s headquarters and the company’s CapsoCloud software. This certification validates company’s long-term commitment for the protection of customer data.
Frequently Asked Questions (FAQs) of Smart Pills Market:
Which are the top industry players in the global Smart Pills market?
The top market players in the global Smart Pills market include Olympus Corporation (Japan), Capsovision,Inc. (US), Medtronic (US), Check-Cap (Israel), IntroMedic (South Korea), ANX Robotica Corp. (US), Shenzen Jifu Medical Technology Co., Ltd (China), Chongqing Jinshan Science Technology (Group) Co., Ltd (China), RF Co., Ltd (Japan), Etectrx, Inc (US), Bodycap (France) and Otsuka America Pharmaceutical, Inc. (US).
Which global Smart Pills have been included in this report?
This report contains the following segments:
- End User
- Target Area
Which end users have been include in the global Smart Pills market?
This report contains the following end-user’s segments:
- Diagnostic Centers
- Other End Users
Which geographical region is the second largest market in the global Smart Pills market?
The global Smart Pills market is segmented into North America, Europe, the Asia Pacific (APAC), and the Rest of the World (RoW). In 2022, Europe accounted for the second largest share of the smart pills market, and this can be attributed to factors such as increased utilization of capsule endoscopy for gastrointestinal bleeding and growth in ageing population
What are the trends in the Smart Pills market?
The development of more advanced and miniaturized sensors is a significant trend in the smart pills industry. These sensors enable accurate and reliable data collection within the body, improving the overall functionality and effectiveness of smart pills.
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- To define, describe, and forecast the smart pills market based on the application, target area, end user, and region.
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall smart pills market
- To analyze the opportunities for stakeholders and provide details of the competitive landscape for market leaders.
- To forecast the size of the market segments with respect to five main regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World.
- To profile the key players and analyze their market shares and core competencies2
- To track and analyze competitive developments such as product launches and approvals, expansions, asset purchase, and collaborations in the smart pills market.
- To benchmark players within the market using the proprietary “Company Evaluation Quadrant ” framework, which analyzes market players on various parameters within the broad categories of business and product strategy.
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