(EMAILWIRE.COM, February 20, 2024 ) The report “Smart Pills Market by Application (Capsule Endoscopy, Drug Delivery, Patient Monitoring), Target Area (Esophagus, Small Intestine, Large Intestine, Stomach), End User (Hospitals, Diagnostic Centers), Region- Global Forecast to 2028″, is projected to reach USD 1.1 billion by 2028 from USD 0.6 billion in 2023, at a CAGR of 11.8% during the forecast period. Growth in this market is primarily fueled by increased patient preference for minimally invasive procedures and technological improvements in capsule endoscopy. The growing demand for rising need for rapid drug development is expected to offer opportunities for market players during the forecast period. On the other hand, technological limitations and challenges associated with accuracy of smart pills are expected to restrain the market growth to some extent in the coming years.
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The vital sign monitoring segment has accounted for the second largest share of the market during the forecast period
Based on application, targeted medicine delivery, capsule endoscopy, and vital sign monitoring are the different smart pill market segments. The vital sign monitoring segment accounted for the second largest share of 8.0% of smart pills application market in 2022. The lack of integration with digital health systems in conventional vital sign monitoring devices drives the growth of the vital sign monitoring segment in the smart pills market. As healthcare systems strive for interoperability and comprehensive patient records, the rising need for vital sign monitoring devices that integrate smoothly with digital health systems becomes crucial. The growing demand for streamlined integration is expected to increase the adoption of smart pills due to advanced connectivity and compatibility with digital health systems.
The small intestine target area accounted for the largest share of the market during the forecast period.
Based on target area, the small intestine, esophagus, stomach, and large intestine, make up the major market segments for smart pills. The small intestine accounted for the largest share of the market during the forecast period. Rising incidence of small intestine disorders such as Crohns disease, celiac disorders, and small bowel tumors are key factors driving market growth. Additional factors include the small intestine’s complex anatomy and challenging accessibility that are expected to drive the adoption of smart pills in the coming years.
The hospitals segment is to witness the highest growth during the forecast period
Based on end users, the smart pills market is categorized into distinct segments, including diagnostic centers, hospitals, and other end users. Among these, hospitals segment is to witness the highest growth during the forecast period. This can be attributed to several factors, such as the growing demand for minimally invasive surgical procedures and inadequate medication adherence. Numerous hospitals have embraced the concept of capsule endoscopy, which has subsequently contributed to an increased adoption of smart pills.
Asia-Pacific is to witness the highest growth during the forecast period.
The Asia-pacific smart pills market is expected to grow at the highest CAGR during the forecast period of 2023-2028. The high growth rate of this market can be attributed to presence of established vendors in the regional market and rising adoption of capsule endoscopy in countries such as China and India. The high incidence of stomach cancer in Japan has created a growing demand for advanced diagnostic technologies such as capsule endoscopy. This non-invasive and patient-friendly procedure utilizes small, swallowable capsules equipped with cameras to capture detailed images of the gastrointestinal tract.
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Key Players
The prominent players in smart pills market are Chongqing Jinshan Science Technology (Group) Co., Ltd (China), RF Co., Ltd (Japan), etectrx (US), Bodycap (France), CapsoVision,Inc. (US), Medtronic plc (US), Check-Cap Ltd. (Israel), IntroMedic (South Korea), ANX Robotica Corp. (US), Olympus Corporation (Japan), Shenzen Jifu Medical Technology Co., Ltd (China) and Otsuka America Pharmaceutical, Inc. (US).