Global Smart Pills Market is Expected to Hit USD 4.78 Billion by 2032, With a CAGR of 11.6% From 2024 to 2032- Report by Polaris Market Research (PMR)

New York, May 15, 2024 (GLOBE NEWSWIRE) -- Market Explanation:

The Smart Pills Market was valued at USD 1.79 billion in 2023 and is anticipated to generate an estimated revenue of USD 4.78 billion by 2032, with a CAGR of 11.6% from 2024 to 2032.

Smart pills are ingestible medical devices in the form of capsules that contain components, including cameras, sensors, trackers, and patches to aid in targeted medicine delivery, improved patient monitoring, and diagnostics. They come with a tiny wearable sensor patch, a smartphone application, and a provider portal and are primarily sold as vitamin capsule-sized pills. The smart pills market demand is growing as the sensors give information about the patient's health parameters and the efficiency of medicine treatment, enabling better healthcare decisions and therapy optimization.

Moreover, smart pills have completely transformed the field of gastrointestinal diagnosis. Because they are noninvasive, smart pills can be a powerful countermeasure to invasive procedures like colonoscopies and gastrointestinal endoscopies.

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Key Findings from the Report:

• The market is expected to develop due to the increasing demand for less invasive procedures, increased attention to improving patient convenience, and technological advancements such as integrated circuit shrinking.
• The smart pills market segmentation is primarily based on the target area, end-use, application, and region.
• In 2023, North America dominated the market with the largest share.

Market Key Players:

• CapsoVision, Inc.
• Medtronic
• Medisafe
• Otsuka Holdings Co., Ltd.
• Olympus Corporation

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Smart Pills Market Scope:

Important Market Developments:

Growth Drivers:

The growing need for sophisticated drug delivery methods that provide advantages such as targeted drug administration, safer carriers, less frequent dosages, fewer adverse effects, and optimal utilization of active pharmaceutical components is driving the market for smart pills.

Also, throughout the forecast period, the combination of advanced technology, medical devices, and innovative medications is expected to propel the growth of the smart pills market size significantly.

Trends:

The demand for advanced medical technologies that improve patient convenience is predicted to rise as the aging population grows. Experts also predict that the world's population will continue to rise, adding around 2 billion new residents in the next thirty years. Therefore, in the upcoming years, this population rise will provide opportunities for resource management, sustainability, and global development.

Regional Insights:

North America: North America dominated the smart pills market. This dominance is anticipated to continue for the duration of the projection period due to several factors, including increased colorectal cancer cases, technological advancements, regulatory approvals for new products, and healthcare.

Asia Pacific: The Asia Pacific region is predicted to expand quickly. It is expanding due to technology improvements, healthcare insurance requirements, and an increase in the incidence of gastrointestinal illnesses and stomach cancer. Some Asian countries, including Mongolia, Japan, and China, show higher incidence rates.

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Segmentation Overview:

By Application Outlook:

• Capsule Endoscopy
• Targeted Drug Delivery
• Vital Sign Monitoring

By Target Area Outlook:

• Esophagus
• Small Intestine
• Large Intestine
• Stomach

By End Use Outlook:

• Hospitals
• Diagnostic Centers
• Others

By Region:

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.

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