Market Research Report
Smart Pills Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application, Disease Indication, and End User
|Smart Pills Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application, Disease Indication, and End User|
Published: March 21, 2022
The Insight Partners
Content info: 198 Pages
Delivery time: 1-2 business days
The global Smart Pills market size is projected to reach US$ 9,061.29 million by 2028 from US$ 4,019.30 million in 2021. The global Smart Pills market size is estimated to grow at a CAGR of 12.3% during 2021-2028.
The report highlights trends prevailing in the market and the factors driving it. The Smart Pills market growth is attributed to the increase in strategic collaborations & partnerships on smart pills and rising demand for minimally invasive surgical procedures. However, the high cost of smart pills can hamper the smart pills market growth.
The geriatric population is highly vulnerable to gastrointestinal disorders. Various smart pills are now being analyzed for potential application in therapeutics and diagnosing several acute and chronic diseases. Patients with chronic diseases who follow a specified dose of medication at the target site are forming a large customer base for advanced drug delivery products. The increasing demand for minimally invasive surgical procedures led to innovative techniques, such as capsule endoscopy. Capsule endoscopy is expected to replace traditional endoscopy methods due to its advantages, including ease of administration and detailed observation of the gastrointestinal tract. The capsule endoscopy plays a vital role in the early diagnosis and proper treatment of these disorders, along with hybrid imaging technologies and new component innovations. Moreover, for instance, as per the University of Texas Health Science Center, the deployment of various colorectal cancer screening procedures such as capsule endoscopy improves adherence to screening. The university conducted a study comprising haphazardly assigned patients aged between 50 and 75 years and inferred that capsule endoscopy gives better diagnostic results when compared with CT colonography. Such findings are estimated to boost the segment growth over the forecast period. Furthermore, patients with a maximal requirement for home healthcare services face challenges concerning access and use of smart pills, which resulted in developers and producers increasing the accessibility & usability of these devices, thereby facilitating the interpretation of data more simply. Further, the majority of the industries offer compatible software for collecting data over a longer duration and conveying valuable information about patient health, coupled with suggestions for enhancing their life quality. The provision of being connected to smartphones through Bluetooth and providing data in user-friendly & statistical format is likely to elevate the demand for smart pills soon. In addition, strategic collaborations are vital for the overall growth of the smart pills market, as these collaborations help increase the influence of the players in the market. The players are involved in mergers, acquisitions, joint ventures, and partnerships. Furthermore, the investment levels in the smart pills market are rapidly growing. The rising popularity of smart pills among the global populace attracts several investors. Various companies and investment firms are investing heavily in mergers, acquisitions, and startups. These factors help increase the growth rate of the smart pills market. Additionally, Collaborations agreements between research institutions and companies, licensing agreements & partnerships amongst companies, and augmented R&D investment on smart pills are other factors boosting the market growth. For instance, in January 2021, etectRx, Inc. entered into a partnership agreement with Pear Therapeutics, Inc. to develop two product candidates in the CNS space integrating adherence sensors and PDTs (Prescription Digital Therapeutics). The partnership is the first of its kind in exploring the usage of digital pill solutions with PDTs.
The global smart pills market, based on application, is segmented into capsule endoscopy, drug delivery, and patient monitoring. The capsule endoscopy segment hold the largest share of the market in 2021. However, the drug delivery segment is anticipated to register the highest CAGR in the market during the forecast period of 2021 to 2028. Smart pills with environmental sensors, a feedback algorithm and a drug release mechanism can lead to smart drug delivery systems. Thus, this supportive technologies is resulting in accounting high CAGR during the forecast period. Based on disease indication, the global smart pills market is segmented into gastrointestinal diseases, neurological disorders, cancer, inherited disorders, and other disease indications. In 2021, the gastrointestinal diseases segment hold the largest share of the market. However, cancer segment is expected to witness growth at the fastest CAGR of 12.9% from 2021 to 2028. Based on end user, the smart pills market is segmented into hospitals and clinics, research institutes, and home healthcare. In 2021, the hospitals and clinics segment hold the largest share of the market. Moreover, this segment is also expected to witness growth at the fastest CAGR of 12.9% from 2021 to 2028.
A few of the major primary and secondary sources referred to while preparing the report on the smart Pills market are the National Center for Health Statistics, the Medical Association, Centers for Disease Control and Prevention (CDC), the National Institute of Statistics, Geography, and Informatics, National Health and Medical Research Council, and World Health Organization.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Smart Pills market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global Smart Pills market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution