Smart Pills Market Key Players and Opportunities by 2028

[Research Report] The smart pills market size is expected to grow from US$ 4,019.30 million in 2021 to US$ 9,061.29 million in 2028; it is estimated to record a CAGR of 12.3% from 2022 to 2028.

Analyst Perspective

The rise in the geriatric population, growing prevalence of lifestyle-related disorders such as obesity, gastric ulcers, and others, and increase in chronic disorders, including cancer, diabetes, and others are some of the factors that support the growth of smart pills market. Furthermore, growing research and development activities and funding for the development of the smart pill is one of the major factors fueling the smart pills market growth. Moreover, the rise in technological advances relating to smart pills, such as micro-cameras, miniaturization, availability of microprocessors, and others, offer lucrative opportunities for market growth in the future. With the rising cases of dementia and Alzheimer, there is an increased chance that patients may miss their doses of medication or may take the wrong administration, which increases the demand and need for smart pills. Hence, the smart pills market will experience growth in the coming years due to its growth need in the healthcare industry.

Market Overview

Smart pills are capsule-sized ingestible medical devices consisting of elements such as sensors, cameras, patches, and trackers that help in better diagnostics, patient monitoring, as well as targeted drug delivery. They are majorly available in the form of vitamin capsule-sized pills and possess a small wearable sensor patch, an application on a mobile device, and a provider portal. 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. Smart pill technology helps patients and doctors to track their drug regimen compliance, thereby increasing patient adherence. Estimations suggest that this technology could save around US$100-US$300 billion yearly in the US. The primary drivers of the smart pills market are rising demand for minimally invasive surgical procedures and an increase in strategic collaborations & partnerships on smart pills. Also, increasing demand for drug delivery systems contributes to the growth of the smart pills market.

Published Report - Smart Pills Market: Strategic Insights

Market Driver

Rising Demand for Minimally Invasive Surgical Procedures to Drive Global Smart Pills Market Growth

The geriatric population is highly susceptible to gastrointestinal disorders. A number of smart pills are being evaluated for potential application in therapeutics and diagnosing numerous acute and chronic diseases. Patients with chronic diseases who follow a specified dose of medication at the target site are anticipated to form a considerable customer base for advanced drug delivery products. Certain benefits offered by smart pills include advanced capsule endoscopy, easy remote patient monitoring, and targeted drug delivery. These factors result in the rising adoption of smart pills to treat gastrointestinal diseases or cancer patients. A growing shift in patient preference toward minimally invasive procedures for treatment is projected to drive the smart pills market growth. As per an article published in IEEE Access in February 2021, minimally invasive medicine has become mainstream due to its crucial clinical significance in delivering low-risk postoperative complications, limited blood loss, reduced postoperative recovery time, and small sizes of associated physiological tissue wounds. These factors result in the rising adoption of smart pills to treat gastrointestinal diseases or cancer patients.

The increasing demand for minimally invasive surgical procedures has led to innovative techniques, such as capsule endoscopy. Capsule endoscopy plays a crucial role in the early diagnosis and proper treatment of these disorders, along with hybrid imaging technologies and new component innovations, and is expected to replace traditional endoscopy methods due to its advantages, including ease of administration and detailed observation of the gastrointestinal tract. For instance, as per the University of Texas Health Science Center, deploying various colorectal cancer screening procedures, such as capsule endoscopy, improves adherence to screening. The university conducted a study comprising haphazardly assigned patients aged 50 to 75 and understood that capsule endoscopy gives better diagnostic results than CT colonography. Therefore, such factors are likely to boost the demand for smart pills, which in turn, drive the smart pills market growth in the forecast period.

Segmental Analysis

Based on disease indication, the smart pills market is categorized into gastrointestinal diseases, neurological disorders, cancer, inherited disorders, and other disease indications. In 2021, the gastrointestinal diseases segment held the largest market share. However, the cancer segment is estimated to register the highest CAGR during the forecast period. The Centers for Disease Control and Prevention (CDC) estimates that 60 to 70 million Americans are affected by gastrointestinal disorders each year, and tens of millions of endoscopic operations are performed as a result of it. Colonoscopies are also performed in millions of cases to diagnose or test for colorectal malignancies. Patients are uncomfortable with traditional, hard scopes used for these procedures, which might cause internal bruising or infection if they are reused on various patients. Thanks to smart pills, invasive procedures are no longer necessary: wireless connection allows real-time data to be transmitted, and developments in battery technology and onboard memory make them viable for long-term sensing from within the body.

Smart pills have transformed the diagnosis of gastrointestinal illness, and they may soon be able to replace traditional diagnostic methods like endoscopy. During a traditional procedure, an endoscopy probe is placed into a patient's esophagus, followed by the upper and lower gastrointestinal tract, for diagnostic purposes. The esophagus lining is in danger of perforation or tears, and the patient will experience discomfort during and after the treatment. However, a smart pill or wireless capsule endoscopy (WCE) can be eaten and manipulated to acquire images with minimum patient preparation, such as sedation. The built-in sensors allow the physician to measure all fluids and gases in the gut, providing a multidimensional image of the human body to the physician. Therefore, above mentioned factors support the growth of the segment in the smart pills market.

Regional Analysis

The Asia Pacific smart pills market was valued at US$ 488.75 million in 2021 and is projected to reach US$ 1,156.22 million by 2028; it is expected to grow at a CAGR of 13.1% during the forecast period. The Asia Pacific smart pills market is segmented into China, Japan, India, Australia, South Korea, and the Rest of APAC. Japan held the largest share of the Asia Pacific smart pills market in 2021. The growth of the smart pills market in the country is primarily driven by massive developments and financial aid that accelerate the adoption and acceptance of smart pills in the country. The growing prevalence of neurological diseases is likely to demand smart pill technology. For instance, in 2018, according to the health ministry, around 4.6 million people suffered from some form of dementia, and the total number is expected to soar to about 7.3 million people, i.e., one in five Japanese aged 65 or above by 2025. Also, the growing prevalence of gastrointestinal diseases in Japan fuel the demand for smart pills. As per the study ‘Trends in Gastrointestinal Diseases in Japan,’ the incidence of gastric cancer is high in East Asian countries, including Japan. It also reported that the incidence of gastroesophageal reflux disease (GERD) and IBD are continuously increasing.

Scientists and researchers have also helped the biotechnology and life science market to grow. Japan Society for the Promotion of Science (JSPS) estimated that nearly US$270 million (30 billion yen) of funds would be available to offer research grants which will further increase the development of new technologies by the researchers. Thus, the establishment of the plants and favorable funds & grants will support the smart pills market growth during the forecast period.

Key Player Analysis

The smart pills market analysis consists of players, such as CapsoVision, Inc.; Medtronic; Check-Cap; PENTAX Medical; Olympus Corporation; BodyCap; Otsuka America Pharmaceutical, Inc.; IntroMedic Co., Ltd; Jinshan Science & Technology.; and RF Co., Ltd. Among the players in the smart pills market, Medtronic and CapsoVision, Inc are the top two players owing to the diversified product portfolio offered.

Recent Developments

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the smart pills market. A few recent key market developments are listed below: 

• In January 2022, Novo Nordisk India has launched an oral formulation for an anti-diabetes drug available only as injections. The company claimed the new drug help better control blood sugar levels and weight in adults with type-2 diabetes. For this breakthrough, the company received the Prix Galien Award in 2020, a prestigious award in the industry. The drug was approved in 2020, by the Drugs Controller General of India.
• In December 2020, CapsoVision, Inc. achieved the International Standard Organization (ISO) 27001 security certification. The scope of the certification includes CapsoVision's headquarters and the company's CapsoCloud software.
• In August 2020, Otsuka America Pharmaceutical, Inc. announced that it had purchased the assets of Proteus Digital Health, Inc. (Proteus), including assets and intellectual property for its ingestible and wearable sensor technology.

Published Report - Smart Pills Market Players Density: Understanding Its Impact on Business Dynamics

The Published Report - Smart Pills Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.