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Smart Pills Market worth $1.1 billion by 2028

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Smart Pills Market worth $1.1 billion by 2028

September 14
12:40 2023
Smart Pills Market worth $1.1 billion by 2028
Browse 104 market data Tables and 33 Figures spread through 153 Pages and in-depth TOC on “Smart Pills Market by Application (Capsule Endoscopy, Drug Delivery, Patient Monitoring), Target Area (Esophagus, Small Intestine, Large Intestine, Stomach), End User (Hospitals, Diagnostic Centers), Region- Global Forecast to 2028
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™

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 new report by MarketsandMarkets™. Growth in this market is primarily fueled by increased patient preference for minimally invasive procedures and technological improvements in capsule endoscopy.  The growing demand for rising need for rapid drug development is expected to offer opportunities for market players during the forecast period. On the other hand, technological limitations and challenges associated with accuracy of smart pills are expected to restrain the market growth to some extent in the coming years.

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The vital sign monitoring segment has accounted for the second largest share of the market during the forecast period

Based on application, targeted medicine delivery, capsule endoscopy, and vital sign monitoring are the different smart pill market segments. The vital sign monitoring segment accounted for the second largest share of 8.0% of smart pills application market in 2022. The lack of integration with digital health systems in conventional vital sign monitoring devices drives the growth of the vital sign monitoring segment in the smart pills market. As healthcare systems strive for interoperability and comprehensive patient records, the rising need for vital sign monitoring devices that integrate smoothly with digital health systems becomes crucial. The growing demand for streamlined integration is expected to increase the adoption of smart pills due to advanced connectivity and compatibility with digital health systems.

The small intestine target area accounted for the largest share of the market during the forecast period.

Based on target area, the small intestine, esophagus, stomach, and large intestine, make up the major market segments for smart pills. The small intestine accounted for the largest share of the market during the forecast period. Rising incidence of small intestine disorders such as Crohn’s disease, celiac disorders, and small bowel tumors are key factors driving market growth. Additional factors include the small intestine’s complex anatomy and challenging accessibility that are expected to drive the adoption of smart pills in the coming years.

The hospitals segment is to witness the highest growth during the forecast period

Based on end users, the smart pills market is categorized into distinct segments, including diagnostic centers, hospitals, and other end users. Among these, hospitals segment is to witness the highest growth during the forecast period. This can be attributed to several factors, such as the growing demand for minimally invasive surgical procedures and inadequate medication adherence. Numerous hospitals have embraced the concept of capsule endoscopy, which has subsequently contributed to an increased adoption of smart pills.

Asia-Pacific is to witness the highest growth during the forecast period.

The Asia-pacific smart pills market is expected to grow at the highest CAGR during the forecast period of 2023-2028. The high growth rate of this market can be attributed to presence of established vendors in the regional market and rising adoption of capsule endoscopy in countries such as China and India. The high incidence of stomach cancer in Japan has created a growing demand for advanced diagnostic technologies such as capsule endoscopy. This non-invasive and patient-friendly procedure utilizes small, swallowable capsules equipped with cameras to capture detailed images of the gastrointestinal tract.

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Smart Pills Market Dynamics:

Drivers:

  1. Rising demand for non-invasive diagnostic and monitoring devices

Restraints:

  1. High cost associated with smart pills

Opportunities:

  1. Growing demand for advance drug delivery system

Challenges:

  1. Implications with patient privacy

Key Market Players:

The prominent players in smart pills market are Chongqing Jinshan Science Technology (Group) Co., Ltd (China), RF Co., Ltd (Japan), etectrx (US), Bodycap (France), CapsoVision,Inc. (US), Medtronic plc (US), Check-Cap Ltd. (Israel), IntroMedic (South Korea), ANX Robotica Corp. (US), Olympus Corporation (Japan), Shenzen Jifu Medical Technology Co., Ltd (China) and Otsuka America Pharmaceutical, Inc. (US).

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Recent Developments:

  • 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.

 

About MarketsandMarkets™ 

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. 

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes. 

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. 

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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