Richmond, Dec. 01, 2023 (GLOBE NEWSWIRE) -- According to a research report "Smart Pills Market, by Application (Patient Monitoring, Drug Delivery, Capsule Endoscopy), Target Area (Large Intestine, Small Intestine, Stomach, Esophagus), and Region.
Global Smart Pills Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 630.2 Million |
| Market size value in 2030 | USD 3,113.2 Million |
| CAGR (2023-2030) | 22.1% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Target Area, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Smart Pills Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Smart Pills are essentially ingestible sensors that are swallowed and can record various physiological measures. These capsules can house biosensors, imaging devices, pH or chemical sensors, and, when ingested, traverse the gastrointestinal tract to capture images. The global demand for advanced treatment options is fueled by the increasing incidence of chronic diseases such as colorectal and breast cancer, coupled with the rising prevalence of lifestyle-related disorders like gastrointestinal reflux diseases (GERD) and gastric ulcers. Patients' increasing preference for minimally invasive procedures further propels the growth of the smart pills market. The benefits offered by smart pills, including advanced capsule endoscopy, targeted drug delivery, and remote patient monitoring, contribute to their adoption in the treatment of gastrointestinal diseases and cancer. Market players are investing in research and development to introduce smaller pills for diagnosing and treating new medical conditions. However, challenges such as the high cost of smart pills and inadequate reimbursement policies in emerging countries limiting patient coverage may impede the market's growth. Additionally, technological limitations in certain conditions and stringent government regulations on smart pill usage pose hurdles to adoption during the forecast period from 2023 to 2030.
Major Vendors in the Global Smart Pills Market:
- CapsoCam Plus
- Medtronic (Given Imaging, Inc.)
- Olympus Corporation
- JINSHAN Science & Technology
- HQ, Inc.
- IntroMedic Co. Ltd
- Check-Cap
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Patient preference for minimally invasive procedures
The shift in patient preference towards minimally invasive procedures for treatment is a significant driver for the adoption of smart pills. Patients are increasingly inclined towards medical interventions that minimize discomfort, reduce recovery times, and offer a less invasive alternative to traditional diagnostic techniques. Smart pills, being non-invasive and capable of capturing images and data from within the gastrointestinal tract without the need for surgical procedures, align with this preference. The ease of administration and reduced invasiveness contribute to their attractiveness in the healthcare landscape. This boosts the adoption of smart pills as it empowers patients by allowing them to actively participate in their own healthcare. Patients can easily monitor their health conditions and track the effectiveness of treatments using smart pill technology.
Market Dynamics
Drivers:
- Patient preference for minimally invasive procedures
- Increasing incidence of chronic diseases and lifestyle-related disorders
- Technological advancements and research & development initiatives
Opportunities:
- Growing need of confidential AI solutions
- Remote Work Trends
- Increasing adoption of Artificial Intelligence (AI) and Machine Learning (ML)
Integration of artificial intelligence (AI) and data analytics
The significant opportunity lies in the integration of artificial intelligence (AI) and data analytics into smart pill technology. As smart pills capture intricate data and images from within the gastrointestinal tract, the utilization of AI algorithms can enhance the interpretation and analysis of this information. Implementing machine learning algorithms can enable the identification of subtle patterns or early signs of diseases, contributing to more accurate diagnostics. Moreover, the use of data analytics can facilitate the extraction of valuable insights from the vast datasets generated by smart pills, aiding healthcare professionals in making informed decisions about patient treatment plans.
The market for Smart Pills is dominated by North America.
In 2023, North America is poised to take the lead in the Smart Pills market, with the United States projected to dominate the regional landscape, a trend anticipated to persist through 2030. Propelling key factors such as continuous technological advancements in the healthcare sector, a rising incidence of colorectal cancer, and the regulatory approval of novel products. Colorectal cancer, ranked as the third most prevalent cancer globally by the World Health Organization (WHO), constitutes approximately 10% of all cancer cases and stands as the second leading cause of cancer-related deaths on a worldwide scale. This particular type of cancer predominantly affects older individuals, with the majority of cases manifesting in individuals aged 50 years and above. Lifestyle factors, including a diet rich in processed meats and deficient in fruits and vegetables, sedentary habits, obesity, smoking, and excessive alcohol consumption, play a significant role in the development of colorectal cancer.
The Asia Pacific is anticipated to demonstrate robust growth, projected to achieve a remarkable CAGR of the forecast period. This growth is particularly prominent in key countries such as Japan, China, and India. Noteworthy factors propelling the Japanese market include the implementation of mandatory healthcare insurance, continuous technological advancements, and a surge in the prevalence of stomach cancer and gastrointestinal disorders.
The Capsule Endoscopy Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on application the smart pill market is divided into patient monitoring, drug delivery, and capsule endoscopy. In 2022, the capsule endoscopy segment has emerged as the predominant contributor, holding the largest market share. This dominance can be attributed to the escalating incidence of colon cancer, with contemporary alternatives such as capsule endoscopy gradually superseding established gastrointestinal diagnostic techniques like endoscopy and colonoscopy. As per the article published in Gastroenterology & Endoscopy News in March 2022 highlighted the high positive (94%-97%) and negative (83%-100%) predictive value of capsule endoscopy in evaluating gastrointestinal (GI) bleeding. Findings from capsule endoscopy have the potential to prompt endoscopic or surgical intervention or bring about a change in medical management in a substantial percentage of patients (37%-87%). Consequently, ongoing advancements in the field of endoscopy, coupled with the increasing demand for precise diagnoses of gastrointestinal disorders, are expected to drive significant growth in the smart pills market over the forecast period.
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