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A00578 | Pages: 234 | Charts: 64 | Tables: 180 |
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.
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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
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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
[TARGETAREAGRAPH]
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
[DISEASEINDICATIONGRAPH]
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
[ENDUSERGRAPH]
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
[REGIONGRAPH]
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.
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Key Market Segments
Key Market Players