The global smart pills market reached a value of US$ 3.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 6.3 Billion by 2027, exhibiting at a CAGR of 7.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Smart pills are ingestible medical devices comprising sensors, cameras, patches, and trackers to record various physiological measures. They help in accurate therapy and better diagnostics and monitoring while eliminating the need for invasive procedures. Presently, several manufacturers are coming with innovative variants with advanced batteries and onboard memory. They assist in remote patient monitoring and telemedicine, providing wireless transmission of information in real-time and measuring the effects of the medication.
Smart Pills Market Trends:
- A considerable rise in the prevalence of cancer and malignant gastrointestinal (GI) disorders represents one of the primary factors driving the demand for smart pills over conventional diagnostic techniques, such as endoscopy. Endoscopy devices are inserted into the patient's esophagus for diagnosis of GI disorders. However, the risk of infection transmission and esophageal tearing is usually high with endoscopes. Consequently, smart pills are widely utilized as they provide multidimensional pictures of the internal parts of the body non-invasively. Moreover, the growing pediatric population, which is relatively more vulnerable to targeted diseases, along with the emerging trend of minimally invasive surgeries (MIS), is promoting the adoption of smart pills to diagnose and treat chronic diseases. Apart from this, the coronavirus disease (COVID-19) outbreak and the consequent rise in the demand for telemedicine technologies for remote patient visits are contributing to market growth. Furthermore, they are employed in the defense and allied industries to monitor the core body temperature of soldiers in real-time. Besides this, market players are investing in research and development (R&D) projects that focus on effective localization, steering, and control of pills. This is projected to expand the applications of smart pills in the future.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global smart pills market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on target area, disease indication, application and end user.
Breakup by Target Area:
- Small Intestine
- Large Intestine
Breakup by Disease Indication:
- Esophageal Diseases
- Small Bowel Diseases
- Colon Diseases
Breakup by Application:
- Capsule Endoscopy
- Drug Delivery
- Patient Monitoring
Breakup by End User:
- Diagnostic Centers
- Research Institutes
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being CapsoVision Inc., Check-Cap Ltd., General Electric Company, IntroMedic Co. Ltd., Jinshan Science & Technology (Group) Co. Ltd., Koninklijke Philips N.V., Medtronic plc, Olympus Corporation and PENTAX Medical (Hoya Corporation). Key Questions Answered in This Report:
- How has the global smart pills market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global smart pills market?
- What are the key regional markets?
- What is the breakup of the market based on the target area?
- What is the breakup of the market based on the disease indication?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global smart pills market and who are the key players?
- What is the degree of competition in the industry?