Vancouver, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The global smart pills market size was USD 0.60 Billion in 2022 and is expected to register a rapid revenue CAGR of 12.0% during the forecast period The global smart pills market is witnessing significant growth, fueled by the increasing demand for non-invasive diagnostic monitoring devices and a surge in the prevalence of colon cancer. The market's momentum is further boosted by regulatory approvals, such as those from the Food and Drug Administration (FDA) and European Conformity (CE) mark, highlighting the importance of smart pills in the evolving landscape of healthcare.
Non-Invasive Approach Drives Market Demand
One of the key drivers of the smart pills market is the escalating demand for non-invasive monitoring devices, replacing uncomfortable and risky traditional diagnostic procedures like endoscopy. Smart pills offer a patient-friendly alternative, allowing individuals to undergo screenings and tests without the discomfort associated with invasive methods. The simplicity of swallowing a smart pill aligns with the growing preference for less invasive and more comfortable diagnostic options.
Technological Advancements Enhance Efficacy
Technological advancements in capsule endoscopy play a crucial role in the market's growth. Smart pills, equipped with sensors and wireless technology, enable real-time monitoring of medication effectiveness. This facilitates immediate adjustments to dosage, ensuring patients receive optimal treatment tailored to their specific conditions. The optimization of drug delivery not only improves treatment outcomes but also reduces side effects, making smart pills a compelling choice for both healthcare providers and patients.
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However, the market faces challenges due to technological limitations. The cost associated with manufacturing and distributing digital pills, incorporating sensors and wireless technology, is significantly higher than traditional medication. This increased cost may limit accessibility, potentially hindering the broader adoption of smart pills and making them less affordable for some patients.
Application Insights: Patient Monitoring Takes the Lead
In terms of application, the patient monitoring segment dominated the global smart pills market in 2022. Equipped with built-in sensors, smart pills can measure various parameters within the body, providing valuable information about a patient's well-being. This ability to monitor vital signs aids in the early detection of potential health issues, contributing to the segment's largest revenue share.
Target Area Insights: Small Intestine Segment Leads
The small intestine segment is expected to account for a significantly large revenue share in the global smart pills market during the forecast period. Rising demand for smart pills to diagnose and monitor conditions in the small intestine, where many gastrointestinal diseases occur, contributes to this segment's prominence.
End-Use Insights: Hospitals at the Forefront
In terms of end-use, hospitals are expected to account for the largest revenue share in the global smart pills market over the forecast period. The increasing use of smart pills for diagnostic and treatment purposes, especially in the realm of gastrointestinal diseases, enhances hospitals' capabilities in assessing and treating various conditions.
Regional Insights: North America Leads, Europe and Asia Pacific Show Promise
In 2022, the North America market claimed the largest revenue share in the global smart pills market, driven by increasing healthcare expenditure in the region. The Europe market is expected to register the fastest revenue growth rate, propelled by collaborative efforts and partnerships promoting the integration of smart pill technologies into healthcare systems. The Asia Pacific market is poised to account for a considerably large revenue share, driven by the rising prevalence of gastrointestinal disorders and the need for effective early diagnosis and management.
The global smart pills market is on a trajectory of substantial growth, propelled by advancements in healthcare technology, a shift towards non-invasive diagnostic solutions, and an increasing prevalence of gastrointestinal disorders. As innovations continue to reshape the healthcare landscape, smart pills emerge as a valuable asset in enhancing early diagnosis, personalized treatment plans, and overall patient care.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 0.60 Billion |
| CAGR (2023–2032) | 12.0% |
| Revenue Forecast To 2032 | USD 1.84 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Target Area, application, end-use, disease, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | CapsoVision, Inc., HQ.Inc., OLYMPUS Corporation., Medtronic plc, Check-Cap Ltd., Koninklijke Philips N.V., RF Co., Ltd., IntroMedic Co., Ltd, Proteus Digital Health, JINSHAN Science & Technology, Bio-Sensings, Medimetrics, IntroMedic, Cerner Corporation, eTect, Microchips Biotech, VitalConnect, Hologic, Cadence Design Systems, and Medtronic (formerly Covidien) |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global smart pills market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient smart pills solutions in the market. Some major players included in the global smart pills market report are:
- CapsoVision, Inc.
- HQ.Inc.
- OLYMPUS Corporation
- Medtronic plc
- Check-Cap Ltd.
- Koninklijke Philips N.V.
- RF Co., Ltd.
- IntroMedic Co., Ltd.
- Proteus Digital Health
- JINSHAN Science & Technology
- Bio-Sensings
- Medimetrics
- IntroMedic
- Cerner Corporation
- eTect
- Microchips Biotech
- VitalConnect, Hologic
- Cadence Design Systems
- Medtronic (formerly Covidien)
Strategic Development
- On 8 September 2022, HealthBeacon, a leading digital therapeutics company, introduced its HB Smart Pills Solution, aimed at managing complex and vital pill regimens. This new system integrates seamlessly with the company's existing technology platform, designed to help individuals adhere to prescribed medications, offering reminders for refills and recording visual images of pill containers to verify medication adherence. This innovation addresses the challenge of non-adherence to pill regimens faced by many individuals managing chronic illnesses. HealthBeacon aims to deepen its relationships with pharmaceutical companies, specialty pharmacies, and governments, extending its reach and customer base, by enhancing its product offerings.
- On 20 January 2022, Danish pharmaceutical company Novo Nordisk launched oral semaglutide in India, a new treatment for type 2 diabetes. The oral semaglutide pill is priced at Rs 315 per pill or approximately Rs 10,000 for a month's treatment. This introduction makes India the sixth country to commercially release the semaglutide pill. Unlike its previous injectable form, oral semaglutide is more convenient for patients and promises several benefits in diabetes management, such as mimicking natural incretin hormone action, which stimulates insulin release, controls blood glucose, and aids in weight loss and cardiovascular risk reduction.
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For the purpose of this report, Emergen Research has segmented the global smart pills market on the basis of target area, application, end-use, disease, and region:
- Target Area Outlook (Revenue, USD Billion; 2019-2032)
- Small Intestine
- Large Intestine
- Esophagus
- Stomach
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Product
- Tools
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Hospitals
- Diagnostic Centers
- Research Institutes
- Disease Outlook (Revenue, USD Billion; 2019-2032)
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
-
- Esophagus Diseases
- Small Bowel Disease
- Colon Diseases
- Others
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