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| ✷ Report Code: A00578 | Mar 2022 | Pages: 234 | ||
| Tables: 180 | Charts: 64 |
| |
The Smart Pill Technology Market size was valued at $3.2 billion in 2020 and is projected to reach $7.5 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030. Smart pills are capsule-sized ingestible medical devices consisting of elements such as sensors, cameras, patches, and trackers that help in better diagnostics, patient monitoring, as well as targeted drug delivery. They are majorly available in the form of a vitamin capsule-sized pill and possess a small wearable sensor patch, an application on a mobile device, and a provider portal. Once swallowed, it gets activated in the gut; the sensors provide information about the patient’s health parameters and the effectiveness of medication treatment leading to more informed healthcare decisions &optimized therapies. Moreover, smart pills have revolutionized the field of gastrointestinal diagnosis. Smart pills, being non-invasive can be a potent alternative approach against invasive procedures such as gastrointestinal endoscopy/colonoscopy.
The overall COVID-19 impact was negative on the smart pill market as the COVID-19 pandemic caused unintended consequences of severe delays in the diagnosis and treatment of various diseases. As per the Commonwealth Fund, it was estimated that there was a nearly a 60% initial decline in overall outpatient visits by the month of May 2020 due to COVID-19. This was expected to have negatively affected the demand for smart pills as they are usually provided to patients in hospital settings.
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The Smart Pill Technology Market trends are an increase in the geriatric population, a rise in chronic disorders such as cancer, diabetes, and others, and a surge in the prevalence of lifestyle-related disorders, such as obesity, gastroesophageal reflux disease (GERD), gastric ulcers, and others. In addition, increased R&D investments in developing smart pills further boost market growth. However, stringent government regulations regarding the increased use of these devices and the high cost associated with the ingestible sensors are the factors anticipated to restrain the growth of the market. Furthermore, the rise in technological advances pertaining to the best smart pill on the market such as bioelectronics, availability of microprocessors, micro-cameras, miniaturization, and others are projected to offer lucrative opportunities in the future.
The smart pills market is segmented based on application, target area, disease indication, end-users, and region. On the basis of application, the market is characterized into capsule endoscopy, drug delivery, and patient monitoring. By target area, it is categorized into the esophagus, stomach, small intestine, and large intestine. By disease indication, the market is classified into Barrett's esophagus disease, small bowel disease, colon disease, and others. By end-user, it is classified into hospitals & clinics, diagnostic centers, and research centers. By region, Smart Pill Technology Market analysis is done across North America, Europe, Asia-Pacific, and LAMEA.
Application Segment Review
On the basis of application, the market is characterized by capsule endoscopy, drug delivery, and patient monitoring. Capsule endoscopy generated the highest revenue in 2020 and is expected to maintain this dominance throughout the forecast period. This is attributed to the increased prevalence of gastrointestinal disorders such as gastroesophageal reflux disease (GERD), irritable small bowel syndrome, ulcers, and others. However, the patient monitoring segment is expected to register the highest growth rate during the forecast period, owing to a rise in awareness regarding problems related to medication non-adherence are the key factors that drive the Smart Pill Technology Market growth in upcoming years.
Target Area Segment Review
By target area, the market is classified into the esophagus, stomach, small intestine, and large intestine. The esophagus target area dominates the global smart pill market. This is attributed to the significant increase in esophagus disorders such as Crohn’s disease, celiac disease, and others.
Disease Indication Segment Review
On the basis of disease indication, the market is fragmented into esophagus disease, small bowel disease, colon disease, and others. The Barrett's esophagus disease segment generated the highest revenue in 2020 and is expected to maintain this dominance throughout the forecast period. The upsurge in the prevalence of gastrointestinal disorders is anticipated to fuel the market growth in upcoming years.
End-User Segment Review
By end-user, the market is classified into hospitals & clinics, diagnostic centers, and research centers. The hospitals and Clinics generated the highest revenue in 2020 and is expected to maintain this dominance throughout the forecast period. The surge in the number of patients suffering from colon cancer is further anticipated to provide a Smart Pill Technology Market opportunity.
Region Segment Review
By region, the smart pills market is divided across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest Smart Pill Technology Market share in 2020 and is expected to retain its dominance throughout the forecast period owing to factors such as technological advancements in the healthcare sector, an increase in the incidence of colorectal cancer, and regulatory approval of new products.
Smart Pills Technology Market Report Highlights
| Aspects | Details |
|---|---|
| By APPLICATION |
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| By TARGET AREA |
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| By DISEASE INDICATION |
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| By END USER |
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| By Region |
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| Key Market Players | HQ, Inc., Proteus Digital Health, Medtronic Plc., RF Co., Ltd, IntroMedic Co., Ltd, Koninklijke Philips N.V, Check Cap, JINSHAN Science and Technology, Olympus Corporations, CapsoVision, Inc. |
According to the CXOs, the smart pills market is expected to witness substantial growth owing to an increase in gastrointestinal disorders related to sedentary lifestyles such as colon cancers, small intestinal disorders, and others.
The smart pills market gained the interest of the healthcare industry due to its non-invasive procedure coupled with the wide range of applications across various disease indications, which include cancers, gastrointestinal problems, gastroesophageal reflux disorder, and others. Capsule endoscopy is majorly adopted to diagnose the aforementioned disease indications and thereby, significantly contributes to the growth of the demand for smart pills. There have been remarkable advancements and some major developments in this market, such as devices with more throughput and accurate results.
Nevertheless, the surge in the need for non-invasive devices raised the demand for innovative technologies and newer versions of capsule endoscopes. Capsule endoscopy, a pill-sized endoscope, has become a powerful diagnostic tool for imaging the small intestine, which contains a tiny camera. The rise in the incidence of gastrointestinal diseases contributed to significant demand for capsule endoscopy worldwide.
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A. are Proteus Digital Health, HQ, Inc., CapsoVision, Inc., The top companies to hold the market share in Smart Pills TechnologyMedtronic Plc., Olympus Corporations, IntroMedic Co., Ltd, RF Co., Ltd, JINSHAN Science & Technology, Check-Cap, and Koninklijke Philips N.V.
A. No, there is no value chain analysis provided in the Smart Pills Technology Market report
A. The Upcoming that drive the growth of the market is an increase in the geriatric population, the rise in chronic disorders such as cancer, diabetes, and others, and surge in prevalence of lifestyle-related disorders, such as obesity, gastroesophageal reflux disease (GERD), gastric ulcers, and others. In addition, increased R&D investments in developing smart pills further boost market growth.
A. North America is the largest regional market for Smart Pills Technology
A. The total market value of the Smart Pills Technology Market is $7,524.89 Million in 2030
A. The global Smart Pills Technology market was valued at $3,216.39 million in 2020
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