Smart Pills Market

Smart Pills Market Size (2023 to 2028)

The size of the global smart pills market was estimated at USD 324.6 Million in 2023. This market is predicted to be around USD 578.7 Million by 2028, growing at a CAGR of 12.26% during the forecast period. 

MARKET DRIVERS:

The growing prevalence of chronic diseases and the need for effective medication adherence drives the growth of the smart pills market. The population suffering from chronic diseases, such as cardiovascular diseases, diabetes, and respiratory disorders is growing rapidly worldwide. Patients suffering from chronic diseases must follow long-term medication management and strict adherence to treatment regimens. In failed situations, patients will end up getting results such as suboptimal treatment outcomes, increased healthcare costs, and complications for patients. Smart pills are being used to be in line with medication adherence by incorporating digital technologies into pharmaceuticals. Smart pills are embedded with sensors, microchips, and wireless communication capabilities and help healthcare professionals and patients with real-time data to understand information such as the time of ingestion, dosage, and other relevant parameters. The need for effective medication adherence is on the rise due to the rapidly growing chronic disease population worldwide and contributing to the growth of the smart pills market.

Technological advancements in smart pill technology, rising demand for remote patient monitoring and telemedicine, growing healthcare expenditure and investment in digital healthcare solutions, growing geriatric population and their increased susceptibility to chronic diseases drive the growth of the smart pills market. The growing awareness and acceptance of smart pills among healthcare professionals and patients, improved patient compliance and medication management through smart pills, benefits of real-time data collection and monitoring for personalized healthcare and rising demand for non-invasive diagnostic tools and procedures fuel the growth rate of the smart pills market.

The integration of smart pills with healthcare systems and electronic medical records, the expansion of digital health platforms and wearable medical devices, the growing number of initiatives from governments to promote digital healthcare solutions and the increasing number of advancements in wireless communication technologies and IoT contribute to the smart pills market growth. The rising focus on preventive healthcare and early disease detection, potential cost savings and improved treatment outcomes with smart pills, enhanced drug delivery and dosage control with smart pill technology and improved patient safety and reduced medication errors with smart pills supports the market growth.

The rapid adoption of smart pills in clinical trials and research studies, growing investment by pharmaceutical and medical device companies in smart pill technology and favorable reimbursement policies for smart pill technology promote the market growth.

MARKET RESTRAINTS:

High costs associated with the development and manufacturing of smart pills are one of the major factors hampering the market growth. The lack of clear regulatory guidelines and standards specific to smart pills, privacy concerns associated with using smart pills, lack of awareness and limited acceptance of smart pill technologies among patients and healthcare professionals and technical challenges hinder the market growth. Compatibility issues, the lack of reimbursement policies for smart pills and reliability and accuracy issues of smart pill technologies further impede the market growth.

Impact of COVID-19 on the global smart pills market:

The global smart pills market has had both negative and positive impacts from the COVID-19 pandemic. During the COVID-19 pandemic, the demand for remote patient monitoring solutions such as smart pills has increased notably. The adoption and usage of telemedicine and virtual healthcare services have grown significantly during the COVID-19 pandemic, and this has resulted in the increased usage of smart pills. The COVID-19 pandemic has further fuelled the importance of medication adherence, particularly for chronic disease management. Such factors have shown a favorable impact on the growth of the smart pills market. On the other hand, factors such as the disruptions in the global supply chains, reduced healthcare spending and limited clinical trials caused by the COVID-19 pandemic have shown an unfavorable impact on the global smart pills market. Likewise, the COVID-19 pandemic has had a mixed impact on the global smart pills market.

REPORT COVERAGE:

This market research report on the Global Smart Pills market has been segmented and sub-segmented based on type, production technologies, and region.

Smart Pills Market - By Target Area:

• Stomach
• Esophagus
• Small Intestine
• Large Intestine

Based on the target area, the small intestine segment is expected to account for the major share of the global market during the forecast period. The growing prevalence of gastrointestinal disorders and the need for accurate diagnosis and treatment in the small intestine primarily drive the growth of the small intestine segment in the global market. Smart pills equipped with advanced imaging and sensing technologies can provide real-time monitoring and targeted drug delivery in the small intestine, leading to improved patient outcomes.

The stomach segment is anticipated to account for a considerable share of the global market during the forecast period owing to the rising incidence of these disorders and the demand for non-invasive diagnostic procedures.

The large intestine segment is predicted to register a healthy CAGR during the forecast period owing to factors such as the rising awareness about colorectal cancer screening and the emphasis on preventive healthcare.

The esophagus segment is projected to do well in the coming years.

Smart Pills Market - By Disease Indication:

• Esophageal Diseases
• Small Bowel Diseases
• Colon Diseases
• Others

Based on the disease indication, the esophagus segment is expected to account for the largest share of the global market during the forecast period owing to the growing prevalence of esophageal disorders like GERD and esophagitis and rising awareness about early detection and monitoring of esophageal diseases. The growing number of advancements in smart pill technology for accurate diagnosis and treatment, non-invasive and convenient diagnostic procedures using smart pills and real-time data collection for better assessment and management of esophageal conditions further fuel the growth rate of the esophagus segment in the worldwide market.

The small bowel disease segment is anticipated to hold a considerable share of the worldwide market in the coming years. The rising incidence of small bowel disorders such as Crohn's disease and celiac disease is one of the major factors propelling segmental growth. Non-invasive imaging and monitoring capabilities of smart pills for small bowel assessment contribute to the growth of the small bowel disease segment. Enhanced convenience and patient comfort compared to invasive diagnostic methods, growing demand for precise diagnosis and surveillance of small bowel diseases and advantages of smart pill technology in detecting small bowel tumors and abnormalities further propel the growth of the small bowel diseases segment.

Smart Pills Market - By Application:

• Capsule Endoscopy
• Patient Monitoring
• Drug Delivery

Based on the application, the capsule endoscopy segment was the leader in 2022 and is expected to grow at a promising CAGR during the forecast period. The non-invasive nature of capsule endoscopy for diagnosis of gastrointestinal disorders, the high-quality imaging capabilities of capsule endoscopy for detailed visualization of the gastrointestinal tract and the growing patient population suffering from gastrointestinal diseases and disorders drive the growth of the capsule endoscopy segment in the global market. The rising demand for early and accurate diagnosis, technological advancements in imaging and miniaturization of capsules and the shift towards minimally invasive procedures in healthcare further fuel the growth rate of the capsule endoscopy segment in the global market.

The patient monitoring segment is anticipated to hold a considerable share of the worldwide market during the forecast period. The growing focus on remote patient monitoring and telehealth solutions, increasing need for real-time tracking of vital signs and health parameters, growing aging population, rising prevalence of chronic diseases and increasing number of advancements in wearable and sensor technologies for continuous monitoring drive the growth of the patient monitoring segment.

Smart Pills Market - By End-User:

• Hospital
• Diagnostic Centres
• Research Centres

Based on end-user, the hospital segment is anticipated to account for the major share of the global market during the forecast period owing to the growing adoption of smart pill technology for real-time patient monitoring and diagnostics and rising demand for non-invasive and patient-friendly diagnostic methods in hospital settings. Growing emphasis on preventive healthcare and early disease detection driving the use of smart pills in hospitals and increasing number of collaborations between pharmaceutical companies and hospitals for clinical trials and drug development utilizing smart pills contributes to the growth of the hospital segment in the global market.

Smart Pills Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The North American smart pills market held the major share of the global market in 2022 and the domination of the North American region is likely to continue in the global market throughout the forecast period. The strong presence of key market players and advanced healthcare infrastructure in North America and growing prevalence of chronic diseases and the need for advanced monitoring and diagnostics drive the smart pills market growth in the North American region. Technological advancements in healthcare including smart pill technology, promote its usage in North America and contributes to the North American market growth. Favorable reimbursement policies, government initiatives supporting the integration of smart pills into healthcare systems, a growing geriatric population, rising awareness about preventive healthcare and an increasing number of collaborations between pharmaceutical companies, research institutions and healthcare providers to drive innovation and smart pills market growth in North America.

Europe accounted for the second-largest share of the global market in 2022 and is anticipated to account for a notable share of the global market during the forecast period. The growing focus on personalized medicine and advanced healthcare technologies in Europe, the rising burden of chronic diseases and the need for efficient patient monitoring, a favorable regulatory environment and reimbursement policies supporting the integration of smart pills in healthcare systems primarily drive the European smart pills market growth. The growing investments in healthcare infrastructure and research and development activities and the strong presence of pharmaceutical and medical device companies fostering innovation and product development in the European region propel the European market growth.

The Asia Pacific region is expected to be growing at the fastest CAGR among all the regions in the worldwide market during the forecast period owing to the developing economies such as India, China, Japan, Australia, and New Zealand and many regional consumers. In addition, the Asia Pacific is the most significant demographic dividend among all the other areas, establishing it as the largest & fastest-growing Smart drug market region in the coming years. Aspects contributing to the growth of the smart pills market in the Asia Pacific are a large population base, small companies in China and Japan, increasing disposable income of people, technological advancements, and the growing trend of research in academic institutes. On the other hand, lack of awareness regarding smart pills, poor medical infrastructure, and high cost and low availability of smart drugs are anticipated to restrain the smart pills market in Latin America, the Middle East & Africa during the forecast period.

KEY MARKET PARTICIPANTS:

Companies playing a noteworthy role in the global smart pills market profiled in this report are CapsoVision, Inc., Medtronic Plc., Olympus Corporation, IntroMedic Co., Ltd, Proteus Digital Health, HQ, Inc., Koninklijke Philips N.V., and JINSHAN Science & Technology. In addition, the support players in the supply chain (not a part of the report but can get on the customer's request) include Bio-Images Drug Delivery (BDD) Limited, Quotient Clinical Ltd., Innovative Devices LLC, GE Healthcare, Novartis AG, Fujifilm Holdings Corporation, and PENTAX Medical.