Publication Month: Mar 2022 | Report Code: TIPHE100001238 | No. of Pages: 198 | Category: Medical Device | Status: Published
Smart pills are capsule-sized ingestible medical devices consisting of elements such as sensors, cameras, patches, and trackers, which help in better diagnostics, patient monitoring, and targeted drug delivery. They are majorly available in the form of a vitamin capsule-sized pill and possess a small wearable sensor patch, an application on a mobile device, and a provider portal.
The smart pills market growth is attributed to the technological advancements in smart pills and the rising demand for minimally invasive surgical procedures. However, the high cost of smart pills hampers the smart pills market growth.
|Market Size Value in||US$ 4,019.30 million in 2021|
|Market Size Value by||US$ 9,061.29 million by 2028|
|Growth rate||CAGR of 12.3% from 2021 to 2028.|
|Forecast Period||2021- 2028|
|No. of Pages||198|
|No. of Tables||119|
|No. of Charts & Figures||76|
|Historical data available||Yes|
|Segments covered||Application, Disease Indication, and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
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The elderly 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 need to 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 replacing traditional endoscopy methods with advantages such as 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, in addition to 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, facilitating the interpretation of data even for a layperson. Additionally, most 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 elevating the demand for smart pills. In addition, strategic collaborations are vital for the overall growth of the smart pills market. The players are involved in mergers, acquisitions, joint ventures, and partnerships. These activities help expand the influence of the players in the market, eventually strengthening the growth structure. Furthermore, the investment levels in the smart pills market are expanding at a rapid pace. The rising popularity of smart pills among a large chunk of the global populace attracts many investors. Various companies and investment firms are investing heavily in mergers, acquisitions, and startups. These factors may help increase the growth rate of the smart pills market.
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 pill 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.
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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, the cancer segment is expected to witness growth at the fastest CAGR of 12.9% from 2021 to 2028.
The global smart pills market, based on end user, 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.
Product launches and approvals are commonly adopted strategies by companies to expand their global footprints and product portfolios to dominate the smart pills market share. Moreover, the smart pills market players focus on the partnership strategy to enlarge their clientele, which, in turn, permits them to maintain their brand name globally. The smart pills market share is flourishing with the development of new innovative products by market players.