Smart Pills Market Size

Smart Pills Market Analysis

The Smart Pills Market is expected to register a CAGR of 10.2% over the forecast period.

The COVID-19 pandemic has boosted the demand for smart pills for the management of patients suffering from COVID-19 and other associated disorders. It has also fueled the research and development activities for the development of smart pills. For instance, as per an article published by the International Journal on Emerging Technologies, in August 2020, in times of the COVID-19 pandemic, there was a need to develop a pill with a preprogrammed feature, which will be used by the elderly or infected people. The proposed preprogrammed pill dispenser (PPD) is one such approach that is designed to help them to take their medicines at regular intervals of time. As per the above-mentioned source proposed preprogrammed drug delivery system is designed with an alerting module using an alarm and camera unit, which is one such approach designed to help patients to take their medications at regular intervals of time. Additionally, according to an article published by WHO, in 2022, macroscopic changes in the small intestine mucosa, occurred frequently in severe COVID-19 patients. A minimally invasive alternative for studying the small intestine is the use of capsule endoscopy, which is useful in the context of COVID-19. Therefore, owing to the advantages associated with smart pills, such as improved efficiency, provider and patient satisfaction is anticipated to increase in the post-pandemic phase.

Certain factors that are driving the smart pills market growth include increasing preference for minimally invasive devices, increasing incidence of gastrointestinal disorders, and technological advancements. Additionally, the increasing burden of neurological, cancer, and other disorders is driving the demand for smart pills in healthcare settings. For instance, the World Health Organization, September 2021 update, around 55 million people have dementia, with over 60% living in low and middle-income countries. The same source also reports that this number is expected to rise to 78 million by 2030 and 139 million by 2050. With the increasing cases of Alzheimer's and dementia, there are increased chances of patients missing doses of medication or wrong administration leading to an increasing need for smart pills. Thus, the increasing burden of diseases around the globe lead to an increase demand for smart drug delivery eventually driving the growth of smart pill market over the forecast period.

Furthermore, according to an article published by GIE Media, Inc., in December 2021, the need to perform highly skilled actions using specialized tools with limited visibility and motion range has introduced higher levels of expertise for surgical teams. Support equipment includes endoscopic cameras, visualization scanners, contrast injectors, etc. According to an article published in IEEE Access in February 2021, minimally invasive medicine has become mainstream because of its crucial clinical significance in providing a low risk of postoperative complications, limited blood loss, short postoperative recovery time, and small sizes of associated physiological tissue wounds. These factors have led to an increased preference for minimally invasive surgeries among patients leading to the smart pills market growth.

Therefore, the factors mentioned above are attributed collectively to the studied market growth over the forecast period. However stringent regulations for the approval of smart pills and potential health risks are expected to hinder market growth over the forecast period.