PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238828
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238828
Ingestible Smart Pills Market size was valued at USD 1,306.7 Million in 2022, expanding at a CAGR of 7.2% from 2023 to 2030.
An ingestible pill with electronic or mechanical components that travel through the gastrointestinal tract (GI) can be referred to as a "smart pill" and be used for a wide range of purposes, including diagnosis, treatment, sampling, or surgery.
The primary factors expected to drive the expansion of the global market for ingestible smart pills in the coming years are the growing geriatric population and the fast development of healthcare facilities. According to estimates, the overall industry will grow as a result of innovations and technological advancements in this area. The willingness of patients to spend more on healthcare facilities, particularly in developing countries, is also anticipated to support the development of the global market for ingestible smart pills soon.
Moreover, the market for ingestible smart pills is expected to grow as a result of the significant efforts being made by the top players in the industry to raise patient knowledge of the products' benefits and availability. Additionally, it is anticipated that the increasing demand for smart pills due to their advanced features and the apparent shift in patient care from hospitals to homes will accelerate market development over the forecast period.
Based on type, the capsule endoscopy segment is growing at the highest CAGR over the forecast period. A small wireless camera is used during a procedure called a capsule endoscopy to capture images of your digestive system. Users ingest a capsule the size of a vitamin that contains an endoscopy camera. Thousands of photos are taken by the camera as the capsule passes through your digestive system, and they are sent to a recorder that you wear on a belt around the abdomen. Smart pills are now largely owing to advancements in medical technology, which can do away with the need for invasive treatments. Smart pills are undergoing several advancements, including advancements in batteries and onboard memory, which are making them important for long-term utilization. Thus, driving segmental growth.
North America had a sizable portion of the industry and is probably going to continue to rule in the next few years. It is anticipated that in the near future, the presence of cutting-edge healthcare facilities and increasing research activities will accelerate market development in North America. Moreover, In the distribution of specialty drugs, there is a rise in medication errors brought on by human contact. The demand for smart pills is therefore anticipated to increase as healthcare providers in the US concentrate on delivering value-based treatment to patients. For instance, according to a report published by the National Library of Medicine, 7,000 to 9,000 people will die annually in the United States alone due to medication errors in 2022. Accordingly, the data show that the demand for smart pill products has increased in the nation to prevent medication errors. Furthermore, because of the rapid development of healthcare facilities, Asia Pacific is anticipated to experience promising growth in the near future.
In January 2022, Semaglutide, an anti-diabetes medication from Novo Nordisk that can be used to manage type 2 diabetes, was introduced in India. A potential addition to the treatment of diabetes is the glucagon-like peptide (GLP-1) receptor analogue molecule semaglutide.
This proposed research study on the Ingestible Smart Pills market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for ` the Ingestible Smart Pills market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain the Ingestible Smart Pills market
The impact of COVID-19 on the Ingestible Smart Pills market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight into the Ingestible Smart Pills market post-COVID will also be covered.
To give the users of this report a comprehensive view of the Ingestible Smart Pills market, we have also included a competitive landscape and key innovator analysis for the Ingestible Smart Pills market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand the financial information and strategic initiatives of players operating in the Ingestible Smart Pills market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, and regional expansion of major participants involved in the market on global as well as regional levels.
The global Ingestible Smart Pills market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: