Market summery
Market Research Future (MRFR's) study on the global smart pills market size is projected to
grow USD 2.01 billion by 2032 at a CAGR of 15.9% over the forecast period of 2023-2032
Amidst cut-throat competition, reimbursement issues, and
expiry of blockbuster patent drugs, there is immense pressure on the healthcare
sector to innovate diagnosis solutions. This has provided fuel for the
advancement and commercialization of the smart pill technology which has been
there for decades.
Smart pills are aligned with smart pills such as greater
flexibility, precise delivery, real-time measurements, and monitoring of GI
tract, and controlled operation or performance have acted as factors which can
be employed to great advantage in drug development. They have several important
applications, especially in diagnosis.
With the surge in the occurrence of chronic diseases,
especially gastrointestinal diseases, smart pills are increasingly emerging as
an effective method of endoscopy. Lifestyle diseases such as gastroesophageal
reflux disease (GERD), obesity, and gastric ulcers are on the rise due to rapid
lifestyle changes and unhealthy eating habits. This has induced high demand for
on-site diagnosis, and, in turn, drive the market for smart pills. Surging
prevalence of colon cancer is a key factor which is motivating the growth of
the smart pills market.
Smart pills have been a breakthrough in gastrointestinal
tract diagnosis and are set to replace conventional methods of diagnosis such
as colonoscopy and endoscopy. Capsule endoscopy has cropped up as an effective
method to perform endoscopy which is non-invasive and causes very little
discomfort. Increasing consumer preference for minimally invasive medical
procedures is likely to induce greater demand within the smart pills market.
Application of smart pills in monitoring pH, temperature,
pressure, and drug adherence are further expected to catapult the growth of the
market. Considerable research in the field of smart pills purveyed by heavy
investments is also favoring the growth of the market. Other factors fostering
market growth include conducive reimbursement landscape and increasing
geriatric population. On the other hand, the market growth is restricted by
factors such as regulatory restrictions and high costs of smart pills.
Segmentation
The global smart pills market has been segmented based on application, target area, disease indication, and end user.
By application, the smart pills market has been segmented into capsule endoscopy, drug delivery, patient monitoring, and others. The capsule endoscopy segment has been further segmented into small bowel capsule endoscopy, controllable capsule endoscopy, colon capsule endoscopy, and others. The patient monitoring segment has been further segmented into capsule pH monitoring and others.
By target area, the smart pills market has been segmented into esophagus, small intestine, large intestine, and stomach.
By disease indication, the smart pills market has been segmented into esophageal diseases, small bowel disases, colon diseases, and others.
By end user, the smart pills market has been segmented into hospitals, diagnostic center, and research institute.
Competitive Landscape
Global smart pills market players are CapsoVision, Inc., Proteus Digital Health, Inc., JINSHAN Science &
Technology, MEDTRONIC, Check-Cap, BDD Limited, Olympus Corporation, PENTAX
Medical, FUJIFILM Holdings Corporation, MEDISAFE, INTROMEDIC, and RF Co., Ltd. are the notable players in the global smart pills market.
Regional Analysis
By region, the smart pills market insights has been
segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East
& Africa (MEA).
Conducive reimbursement scenario, the surging prevalence of
chronic diseases, a nd fast uptake of advanced technology are the factors
supporting the growth of the market in the region. The Americas account for the
foremost share of the smart pills market.
Europe follows the Americas closely and accounts for the
second most significant share of the smart pills market. Robust healthcare
infrastructure, the high incidence rate of lifestyle-related diseases such as
obesity, gastroesophageal reflux disease (GERD), and gastric ulcers have
generated high demand for smart pills in the region. Moreover, European
countries invest heavily in healthcare which acts as a plus for the growth of
the market.
The APAC market is poised to perform relatively well and
emerge as the fastest-growing market for smart pills. Percolation of advanced
healthcare technologies in the region coupled with high healthcare expenditure
in the developing countries of the region favors the growth of the market.
Besides, increase in geriatric population and prevalence of various chronic
diseases contribute to the growth of the market.
The minimum share of the smart pills market is held by MEA. Lack
of knowledge, low healthcare penetration, and poor economic conditions,
especially in the African region is hindering the growth of the market.
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