Smart Pill Technology Market Expected to Reach $7.5 Billion by 2030

 The Smart Pill Technology Market size was valued at $3.2 billion in 2020 and is estimated to reach $7.5 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030.

The smart pill is a technological innovation that has bridged the unsought gap between healthcare and digital technology. The technology is implanted in tiny electronic appliances (such as sensors, cameras, trackers, and others), that are embedded into a small pill-sized device for monitoring and diagnosis of several diseases. The advent of novel smart pill technologies has revolutionized gastrointestinal (GI) monitoring and diagnosis techniques. Novel features such as non-invasiveness, patient convenience, and real-time monitoring offered by smart pills popularly boost their adoption in the treatment of numerous diseases. The global Smart Pill Technology Market trends are the growth in adoption of capsule endoscopy, increase in demand for smart pills in GI monitoring, and the rise in prevalence of gastrointestinal diseases. However, factors such as high costs, limited technical know-how, and low acceptance among patients (fear of ingesting electronic devices) are expected to restrain the growth of the market.

The capsule endoscopy application generated the highest revenue 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 nonadherence.

On the basis of the target area, the Smart Pill Industry 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.

By region, the smart pills market is analyzed 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. As per the American Cancer Society, 95,520 new cases of colon cancer and 39,910 new cases of rectal cancer were diagnosed in the U.S. by the end of 2019. This is provided growth opportunities for players operating in this region. Asia-Pacific witnessed the highest growth rate for the smart pills market and is expected to remain dominant throughout the forecast period attributed to the rise in expenditure on healthcare and improvement in the medical & healthcare infrastructure are the key factors driving the Smart Pill Technology Market growth in upcoming years.

The key players that operate in the smart pills market have adopted product approval as their key developmental strategy and focus on launching innovative products to cater to consumer requirements and to strengthen their market share. The major companies profiled in the report are Proteus Digital Health, HQ, Inc., CapsoVision, Inc., Medtronic Plc., Olympus Corporations, IntroMedic Co., Ltd, RF Co., Ltd, JINSHAN Science & Technology, Check-Cap, and Koninklijke Philips N.V.

KEY FINDINGS OF THE STUDY

• By application, the capsule endoscopy segment was the highest contributor to the market in 2020.
• On the basis of target areas, the esophagus segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
• On the basis of disease indication, Barrett’s esophagus disease segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
• On the basis of end-users, the hospital segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
• Region-wise, North America garnered the largest revenue share in 2020, however, Asia Pacific is anticipated to grow at the highest CAGR during the forecast period.