Global Smart Pills Market - 2022-2029

Market Overview

The Global "Smart Pills Market" is expected to grow at a high CAGR of 16.21% during the forecasting period ( 2022-2029).

Smart pills are a revolutionary technological innovation that reduced the gap between healthcare and digital technology. Smart Pills are used to monitor temperature, drug adherence, and other parameters associated with the patient's body. These unique devices can be easily swallowed and offer a non-invasive, thorough examination of the gastrointestinal (GI) tract and many other parts of the body.

Market Dynamics

The global smart pills market growth is driven by the increase in the geriatric population, technological advancements in the field of endoscopy and an increase in the prevalence of colon cancer and inflammatory bowel disease are driving the global smart pills market during the forecast period.

Increasing preference for minimally-invasive devices is driving the market growth

The increased need for minimally invasive devices that are convenient and provide accurate therapeutic treatment strategies has led to an increased interest in research on smart pills. Products include Insulet Omnipod, the Medtronic MiniMed, and Animas OneTouch Ping. These systems combine features of an insulin pump, a drug reservoir, a blood sugar monitor, and handheld management devices.

Controlled by electronics, a smart drug delivery pill has great flexibility and precise control in dosage, delivery location, and release rate. Simultaneously, the pills can be used to monitor the local gastrointestinal (GI) environment, report measurements in real-time, and be controlled by an operator to perform an action on demand. Smart pills eliminate the need for invasive procedures as wireless communication allows the transmission of real-time information. Advances in battery technology (providing longer life) and onboard memory make them useful for long-term sensing from within the body. In the future, smart pills are likely to become an important part of remote patient monitoring and telemedicine. This sort of multi-dimensional performance is impossible with conventional oral drug forms. Smart pills have revolutionized the diagnosis of gastrointestinal disorders and are likely to replace the need for conventional diagnostic techniques like endoscopy. Traditionally, an endoscopy probe is inserted into a patient's esophagus, and subsequently, the upper and lower alimentary canal for diagnostic purposes.

Stringent government regulations will hamper the growth of the market in the forecast period

However, stringent government regulations regarding the increased use of these devices and the high cost associated with the ingestible sensors are the factors anticipated to restrain the growth of the market.

COVID-19 Impact Analysis

The COVID-19 pandemic has caused unintended consequences of severe delays in the diagnosis and treatment of various diseases. As per the Commonwealth Fund, it was estimated that there was a death smart initial decrease in overall outpatient visits by the month of May 2020 due to COVID-19. This was expected to have negatively affected the demand for smart pills as they are usually provided to patients in hospital settings. The outbreak of COVID-19 is likely to have an impact on market growth because hospitals and healthcare services were significantly reduced due to social distancing measures taken by governments across the globe. Moreover, the COVID-19 pandemic not only affected the global economy but also had a huge impact on the functioning of general hospital care for non-COVID-19 patients in hospitals across the globe.

Segment Analysis

The capsule endoscopy segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

Capsule endoscopy is the most commonly used application area for smart pills. Capsule endoscopy is an important application area, as smart pills are used to treat related diseases in the GI tract, which include Crohn's disease, obscure GI bleeding, celiac disease, and small bowel tumors. These pills target the small bowel, which is seen as a golden standard if GI bleeding is suspected.

Conventional scopes that are used for colonoscopy are uncomfortable for the patients. This has given rise to the demand for smart pills. As these pills have revolutionized the diagnosis of gastrointestinal disorders, they are expected to replace conventional endoscopy for certain indications. In 2019, the National Institutes of Health in the United States had stated that advancements in capsule endoscopy are being done rapidly, and in the near future, doctors will be able to control the movement of the device with an interface application inside the body. Through this technique, they can easily inspect or diagnose any part inside the body. Thus, with the continuous advancements that are being done in the area of endoscopy and with the rising need for proper diagnosis of gastrointestinal disorders, it is expected that the market studied will have rapid growth over the forecast period.

Many organizations are also providing grants so that research and development could be conducted in the field of smart pill development. For instance, in December 2020, the University College London provided GBP 150 thousand to a gut health startup company called Enteromics, which was developing smart pills. The company is developing a range of smart pills to monitor and detect chronic diseases, starting with inflammatory bowel disease (IBD).

Geographical Analysis

North America region holds the largest market share of the global smart pills market

North America has the largest market share in the forecast period owing to the factors such as an increase in the prevalence of colorectal cancer, technological advancements in the healthcare sector, and regulatory approval of new products. All these factors are expected to provide growth opportunities for the players operating in this region.

As per the Journal of the Canadian Association of Gastroenterology in 2018, Canada was one of the countries with the highest prevalence and incidence of IBD (inflammatory bowel disease) in the world. The number of Canadians living with IBD was approximately 270,000 and is predicted to rise to 403,000 by 2030. IBD affects all age groups, with adolescents and young adults at the highest risk of diagnosis. Endoscopy is used extensively in the management, diagnosis, and treatment of inflammatory bowel disease. As smart pills are more convenient to use as compared to traditional endoscopy, their use is expected to increase.

Research and development activities in the region are also expected to fuel market growth. In 2018, researchers from the Massachusetts Institute of Technology (MIT) created an ingestible capsule made with 3D printing technology, which communicates via Bluetooth. The capsule, once swallowed, can stay for a month inside the body. During that time, the capsule would collect information about the patient's body and will transmit the data to a smartphone for analysis. Such product innovations are likely to affect market growth in a positive manner.

Competitive Landscape

The smart Pills Market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include CapsoVision Inc., Medtronic PLC, IntroMedic, Olympus Medical Technology, Jinshan Science and Technology, etectRx Inc., Medisafe, HQ, Inc, Check-Cap. among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the smart Pills Market globally. For instance, in January 2021, etectRx announced that it had entered a partnership with Pear Therapeutics. The partnership will help in the development of two products that will combine Electrix's medication adherence sensors with Pear's digital therapeutics.

Medtronic plc

Overview:

Medtronic plc develops, manufactures, distributes, and sells device-based medical therapies to hospitals, physicians, clinicians, and patients worldwide. It operates through four segments: Cardiovascular Portfolio, Neuroscience Portfolio, Medical-Surgical Portfolio, and Diabetes Operating Unit.

Product Portfolio:

PillCam SB 3 Capsule: A camera inside a capsule that captures images at a frame rate of 2 to 6 frames per second (fps) based on capsule speed as it travels through the small bowel.

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Visualize the composition of the global smart pills market segmentation by product type, target area, disease indication, end-users, and region highlighting the key commercial assets and players.

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Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers

Market Segmentation

Global Smart Pills Market- By Product Type

Capsule endoscopy

Drug delivery

Patient Monitoring

Global Smart Pills Market- By Target Area

Esophagus

Stomach

Small intestine

Large intestine

Others

Global Smart Pills Market- By Disease Indication

Digestive Tract Diseases

Esophageal Diseases

Small Bowel tumors

Colon Diseases

Others

Global Smart Pills Market- By End User

Hospitals

Diagnostic centers

Ambulatory surgical centers

Research Institutes

Global Smart Pills Market- By Region

North America

Europe

Asia-Pacific

Middle East & Africa

South America