Dublin, Aug. 10, 2023 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
According to the report, the global smart pills market is projected to reach USD 1.1 billion by 2028, growing at a CAGR of 11.8% during the forecast period from USD 0.6 billion in 2023.
Market Dynamics:
The smart pills market is witnessing significant growth due to several key factors. The rise in demand for non-invasive diagnostic monitoring devices, coupled with technological advancements in capsule endoscopy, has been driving market expansion. Additionally, notable developments in capsule endoscopy technology have contributed to market growth. The need for advanced drug delivery systems and the requirement for a rapid drug development process present promising opportunities for market players. However, the market growth may be somewhat restricted due to the technological limitations of smart pills in certain conditions.
Premium Insights:
The report highlights several premium insights driving the growth of the smart pills market. The vital sign monitoring segment is expected to experience the highest compound annual growth rate (CAGR) during the forecast period. This growth is attributed to the increasing demand for precise and accurate measurement of inner body temperature and the need for seamless integration with digital health systems in conventional vital sign monitoring devices. As healthcare systems focus on interoperability and comprehensive patient records, the adoption of smart pills is projected to increase due to their advanced connectivity and compatibility with digital health systems.
Case Study Analysis:
The report showcases a case study analysis of the target area segmentation. The large intestine target area accounted for the second-largest share of the market in 2022. This growth is attributed to the rising cases of colorectal cancer and the demand for effective screening, diagnosis, and monitoring of inflammatory bowel diseases and other gastrointestinal disorders. Smart pills are being increasingly adopted in the large intestine as they can access areas of the colon that may be challenging to visualize with traditional methods.
Companies Mentioned: The key players in the smart pills market include RF Co., Ltd (Japan), etectrx(US), Olympus Corporation (Japan), BodyCap (France), Chongqing Jinshan Science Technology (Group) Co., Ltd (China), Check-Cap Ltd. (Israel), CapsoVision, Inc. (US), ANX Robotica Corp. (US), Medtronic plc (US), IntroMedic (South Korea), Shenzen Jifu Medical Technology Co., Ltd (China), and Otsuka America Pharmaceutical, Inc. (US).
SEO Optimisation: To optimize search engine visibility, this press release includes relevant keywords such as "Smart Pills Market," "Global Smart Pills Market," "Smart Pills Market Forecast," "Vital Sign Monitoring," "Large Intestine Target Area," "Diagnostic Centers," "European Smart Pills Market," and "Key Players in Smart Pills Market."
Research Coverage: The report analyzes the smart pills market and estimates its size and future growth potential based on application, target area, and end user segments. It also provides a product portfolio matrix of various smart pills products available in the market. Furthermore, the report includes a competitive analysis of key players in the market, along with their company profiles, service offerings, and key market strategies.
Market: Dynamics
Drivers
- Rising Demand for Noninvasive Diagnostic Monitoring Devices
- Technological Advancements in Capsule Endoscopy
- Increasing Incidence of Colon Cancer
Restraints
- High Costs
- Technical Limitations Associated with the Accuracy of Smart Pills
Opportunities
- Growing Demand for Advanced Drug Delivery Systems
- Rising Need for Rapid Drug Delivery Development
Challenges
- Patient Privacy Concerns
Industry Trends
- Advancements in Sensor Technology
- Integration with Wearable Devices
- Technology Analysis
- Self-Powered Ingestible Smart Pill
- Adaptive Frame Rate Technology
- IMAG (Ingestible Microdevices for Anatomic Mapping of Gastrointestinal Tract)
The smart pills market is poised for substantial growth, driven by advancements in technology and increasing demand for non-invasive diagnostics. With a focus on providing precise and accurate healthcare solutions, the market is witnessing significant opportunities for innovative drug delivery systems and rapid development processes. Diagnostic centers, hospitals, and other end users are embracing smart pills to enhance diagnostic capabilities and patient experiences.
Europe stands as a significant market, attributing its growth to an aging population and the rising utilization of capsule endoscopy for gastrointestinal bleeding. Leading companies are actively contributing to market expansion, leveraging advanced technologies and seamless integration.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $0.6 Billion |
| Forecasted Market Value (USD) by 2028 | $1.1 Billion |
| Compound Annual Growth Rate | 11.8% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/q4f7yw
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