Smart Pills Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 14.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
Smart Pills Market Trends
This section covers the major market trends shaping the Smart Pills Market according to our research experts:
Capsule Endoscopy is Expected to Witness High Growth Over the Forecast Period
Capsule endoscopy is a procedure that uses a tiny wireless camera to take pictures of your digestive tract. A capsule endoscopy camera sits inside a vitamin-size capsule you swallow. As the capsule travels through your digestive tract, the camera takes thousands of pictures that are transmitted to a recorder you wear on a belt around your waist. With the advent of healthcare technology, smart pills are capable of eliminating the need for invasive procedures. Various advances are being undertaken in smart pills, such as advances in batteries and onboard memory, which are making them significant for long-term usage. According to an article published by Gastroenterology & Endoscopy News, in March 2022, capsule endoscopy has a high positive (94%-97%) and negative (83%-100%) predictive value in the evaluation of GI bleeding, and findings on capsule endoscopy can lead to endoscopic or surgical intervention or a change in medical management in 37% to 87% of patients. Hence, it is anticipated that the market under study would experience significant growth over the forecast period due to ongoing developments in the field of endoscopy and the growing demand for accurate diagnoses of gastrointestinal illnesses.
Owing to the global companies inclining toward the smart capsule, the segment is expected to witness healthy growth. For instance, Medtronic provides PillCam SB1, PillCam SB2, Olympus provides Endocapsule and Endocapsule 10, NaviCam Stomach is developed by Ankon whereas, CapsoCam is provided by CapsoVision in the global markets. Advance technologies and product approvals in the market are also expected to drive segment growth. For instance, In November 2021, Medtronic plc announced the United States Food and Drug Administration (FDA) clearance for its PillCam Small Bowel 3 system for remote endoscopy procedures. Additionally, in July 2022, Scottish health researchers launched a new EUR 6 million project to make Artificial Intelligence-assisted (AI) capsule endoscopy a part of future bowel cancer diagnostics. Clinical Capsule Endoscopy (CCE) utilizes a 'smart pill' containing cameras that, once swallowed by a patient, records images of the intestines as it passes through.
North America is Expected to Dominate the Smart Pills Market
North America has dominated the global market studied, owing to the factors, such as the wide acceptance of technologically advanced solutions to make patient care hassle-free, a large pool of customers, and a rapidly growing geriatric population.
There is an increase in medication errors caused by human interaction in the distribution of specialty drugs. Thus, to focus on providing value-based care to patients in the United States the demand for smart pills is expected to grow. For instance, as per an article published by the National Library of Medicine, in July 2022, 7,000 to 9,000 persons each year in the United States alone die as a result of drug mistakes. Thus, the statistics indicate that there has been a rising need for smart pill products in the country to avoid medication errors. Additionally, as per the 2022 Alzheimer's Disease facts and figures report, more than 6 million Americans of all ages have Alzheimer's, and an estimated 6.5 million Americans aged 65 and older will be living with Alzheimer's in 2022. The same source reports that out of the total US population, about 1 in 9 people (10.7%) age 65 and older have Alzheimer's dementia. The percentage of people with Alzheimer's dementia increases with age, with 5.0% of people aged 65 to 74. Thus, the statistics indicate that the demand for smart pills is expected to rise in the United States.
Furthermore, the increase development of smart pill facilities in the United States is expected to drive the market. For instance, in March 2022, AccelmedPartners, a private equity firm, focused on acquiring and investing in the US commercial stage, lower middle market HealthTechcompanies, reported that it led a USD 40 million investment in MedMinder Systems Inc., the leading fully-integrated, end-to-end pharmacy, medication adherence, and connected care solution for elderly and polypharmacy patients.
Therefore, the factors mentioned above are expected to drive market growth in the region during the forecast period.
Smart Pills Industry Overview
The smart pills market is moderate due to the presence of companies operating globally and regionally. The competitive landscape includes an analysis of a few international as well as local companies which hold significant market shares and are well known including CapsoVision, Check-Cap, etectRx Inc., HQ Inc., Jinshan Science and Technology, Koninklijke Philips NV (Medimetrics), Medtronic PLC, Olympus Medical Technology, Pentax Medical (Hoya), among others.
Smart Pills Market Leaders
Medtronics
Capso Vision Inc.
Olympus Corporation
Pentax Medical (Hoya)
etectRx
*Disclaimer: Major Players sorted in no particular order
Smart Pills Market News
- In September 2022, HealthBeacon plc extended its platform to manage complex and critical pill regimens with the launch of its new HB Smart Pills Management System.
- In January 2022, Novo Nordisk launched the anti-diabetes pill semaglutide in India which can be used for the treatment of type 2 diabetes. Semaglutide is a glucagon-like peptide (GLP-1) receptor analog molecule which has become promising addition to diabetes treatment.
Smart Pills Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Preference for Minimally-invasive Devices
4.2.2 Rising Burden of Gastrointestinal Disorders
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 Increasing Cost with Technological Advancements
4.3.2 Potential Health Risks
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Application Area
5.1.1 Capsule Endoscopy
5.1.1.1 Small Bowel Video Capsule Endoscopy
5.1.1.2 Colon Capsule Endoscopy
5.1.2 Patient Monitoring
5.1.3 Drug Delivery
5.2 By Disease Indication
5.2.1 Occult GI Bleeding
5.2.2 Crohn's Disease
5.2.3 Small Bowel Tumors
5.2.4 Celiac Disease
5.2.5 Inherited Polyposis Syndromes
5.2.6 Neurological Disorders
5.2.7 Other Disease Indications
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 CapsoVision Inc.
6.1.2 Medtronic PLC
6.1.3 Novartis AG
6.1.4 Olympus Medical Technology
6.1.5 Pentax Medical (Hoya)
6.1.6 Koninklijke Philips NV (Medimetrics)
6.1.7 CapsoVision Inc.
6.1.8 Check-Cap
6.1.9 Otsuka Pharmaceutical Co. Ltd
6.1.10 Intromedic
6.1.11 etectRx Inc.
6.1.12 Pixie Scientific
6.1.13 HQ Inc.
6.1.14 Jinshan Science and Technology
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Smart Pills Industry Segmentation
As per the scope of the report, smart pills are ingestible medical devices consisting of elements, such as sensors, cameras, patches, and trackers that help in better diagnostics and monitoring. These unique devices can be easily swallowed and offer a non-invasive, thorough examination of the gastrointestinal (GI) tract and many other parts of the body. The Smart Pills Market is Segmented by Application Area (Capsule Endoscopy (Small Bowel Video Capsule Endoscopy and Colon Capsule Endoscopy), Patient Monitoring, and Drug Delivery), Disease Indication (Occult GI Bleeding, Crohn's Disease, Small Bowel Tumors, Celiac Disease, Inherited Polyposis Syndromes, Neurological Disorders, and Other Disease Indications), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD billion) for the above segments.
| By Application Area | ||||
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| Patient Monitoring | ||||
| Drug Delivery |
| By Disease Indication | |
| Occult GI Bleeding | |
| Crohn's Disease | |
| Small Bowel Tumors | |
| Celiac Disease | |
| Inherited Polyposis Syndromes | |
| Neurological Disorders | |
| Other Disease Indications |
| Geography | ||||||||
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Smart Pills Market Research FAQs
What is the current Smart Pills Market size?
The Smart Pills Market is projected to register a CAGR of 14.5% during the forecast period (2024-2029)
Who are the key players in Smart Pills Market?
Medtronics, Capso Vision Inc., Olympus Corporation, Pentax Medical (Hoya) and etectRx are the major companies operating in the Smart Pills Market.
Which is the fastest growing region in Smart Pills Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Smart Pills Market?
In 2024, the North America accounts for the largest market share in Smart Pills Market.
What years does this Smart Pills Market cover?
The report covers the Smart Pills Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Smart Pills Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Smart Pills Industry Report
Statistics for the 2024 Smart Pills market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Smart Pills analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
