Pune, India, June 28, 2023 (GLOBE NEWSWIRE) -- According to Recently Published Report by The Insight Partners, “Smart Pills Market Size Report, Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application, Disease Indication, and End User,” the market size is expected to grow from $4.01 billion in 2021 to $9.06 billion in 2028; it is estimated to record a CAGR of 12.3% from 2022 to 2028. Based on disease indication, the gastrointestinal diseases segment held the largest market share in 2021. However, the cancer segment is estimated to register the highest CAGR during the 2022-2028.
Request Sample PDF Brochure: https://www.theinsightpartners.com/sample/TIPHE100001238
Global Smart Pills Market Growth: Competitive Landscape and Key Developments
CapsoVision, Inc.; Medtronic; Check-Cap; PENTAX Medical; Olympus Corporation; BodyCap; Otsuka America Pharmaceutical, Inc.; IntroMedic Co., Ltd; Jinshan Science & Technology.; and RF Co., Ltd are a few of the key companies operating in the smart pills market. These companies adopt product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name. A few of the recent developments in the global smart pills market are mentioned below:
In November 2021, Medtronic plc announced that the US Food and Drug Administration (FDA) had granted 510(k) clearance for its PillCam Small Bowel 3 system for remote endoscopy procedures. The PillCam SB3 HOME program combines Medtronic's PillCam technology with Amazon logistics, a combination intended to ensure both timely and accurate results for patients from the comfort of their homes.
In September 2020, CapsoVision announced that the U.S Food & Drug Administration (FDA) would apply enforcement discretion which allows at-home administration of the CapsoCam Plus small bowel capsule endoscope during the COVID-19 pandemic for patients who are determined eligible for at-home administration.
In August 2020, Olympus Corporation acquired Arc Medical Design Limited (Arc Medical Design), a subsidiary of Norgine B.V. The acquisition underscores Olympus’ commitment to expanding its offering in gastrointestinal therapeutic devices and the development of advanced colonoscopy tools for improving early detection and treatment of colorectal cancer (CRC).
Browse key market insights spread across 197 pages with 119 list of tables & 76 list of figures from the report, "Smart Pills Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Application (Capsule Endoscopy, Drug Delivery, and Patient Monitoring), Disease Indication (Gastrointestinal Diseases, Neurological Disorders, Cancer, Inherited Disorders, and Other Disease Indications), and End User (Hospitals and Clinics, Research Institutes, and Home Healthcare)" in detail along with the table of contents: https://www.theinsightpartners.com/reports/smart-pills-market
Increase in Strategic Collaborations & Partnerships on Smart Pills to Drive Global Smart Pills Market Growth During 2022-2028:
Strategic collaborations are critical for the overall growth of the smart pills market, as these collaborations help increase the influence of the players in the market. The players are involved in various strategic efforts comprising mergers, acquisitions, joint ventures, and partnerships. Furthermore, the investment levels in the smart pills market are rapidly growing. The rising popularity of smart pills among the global populace attracts several investors. Companies and investment firms invest heavily in mergers, acquisitions, and startups. These factors eventually help increase the smart pills market growth.
For instance, in January 2021, etectRx, Inc. entered into a partnership agreement with Pear Therapeutics, Inc. to develop two product candidates in the CNS space integrating adherence sensors and PDTs (Prescription Digital Therapeutics). This is first of its kind partnership in exploring the usage of digital pill solutions with PDTs.
In August 2020, Otsuka acquired Proteus Digital Health, the smart pill manufacturer, for USD 15 million. Collaborations agreements between research institutions & companies, licensing agreements & partnerships among companies, and augmented R&D investment in smart pills are a few other factors boosting the smart pills market growth.
Speak To Analyst: https://www.theinsightpartners.com/speak-to-analyst/TIPHE100001238
The smart pills market is the largest in the US. The growth of the market is primarily driven by the growing prevalence of gastrointestinal diseases, favorable reimbursement scenario, FDA approvals for smart pills, developments by the market players, and the presence of major market players in the US. The growing prevalence of gastrointestinal diseases in the US is likely to demand smart pills. According to the National Health Interview Survey, 2018, about 14.8 million people in the US were diagnosed with ulcers. Furthermore, the National Ambulatory Medical Care Survey reported that around 22.4 million people visited physician’s office for digestive diseases, and about 8.3 million emergency department visits were for digestive diseases. Hence, the prevalence of gastrointestinal diseases coupled with the rising incidence of ulcers is anticipated to push the growth of smart pills market in the US.
Additionally, FDA approvals in the US is likely to favor the growth of the market. For instance, innovator CapsoVision, Inc. received US Food and Drug Administration (FDA) 510(k) clearance for the CapsoCam Plus small bowel capsule endoscope system. CapsoCam Plus is an award-winning technology that provides a novel 360º panoramic lateral image of the small bowel, used to detect small bowel abnormalities. Therefore, the above-mentioned factors fuel the growth of smart pills market in the country.
Purchase Premium Copy of Smart Pills Market Growth Report (2022-2028) at: https://www.theinsightpartners.com/buy/TIPHE100001238
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Biology Smart Pills Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Intelligent Pills Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Smart Pills Drug Delivery Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Contraceptive Pills Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Diet Pills Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Ingestible Smart Pills Market Forecast to 2028 - COVID-19 Impact and Global Analysis
Electronic Pill Box Market Forecast to 2028 - COVID-19 Impact and Global Analysis
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/smart-pills-market
Industry Research: https://www.biospace.com/employer/2735308/the-insight-partners/
