The market size of the Global Smart Pill Technology Market in the year 2021 is valued at 3.66 billion and is predicted to reach 8.24 billion by the year 2030 at an 9.73% CAGR during the forecast period.
By bridging the gap between digital technology and healthcare, smart pill technologies have sparked a new wave of change in the healthcare sector. Digital ingestible pills containing edible electronic sensors are known as "smart pills." Investment levels in the market for smart pill technologies are rising quickly. Many investors are drawn to smart pill technologies due to their growing appeal among a sizable portion of the world's population. In mergers, acquisitions, and startups, numerous businesses and investment firms make significant investments. These elements could contribute to the market for smart pill technology growing more quickly. Among these are smart medicines. To expand their customer base, the market participants for smart pill technologies make significant investments in R&D efforts.
Moreover, the leading market growth drivers are the participants improved reimbursement rates and more superficial regulatory approvals for capsule endoscopy. The desire of patients to choose this treatment, ease of monitoring body processes and managing medicines, and general health are the main market drivers. However, factors offering a hurdle to the smart pill technology market growth include probable health hazards related to a smart pill being introduced into the body, privacy concerns, and ethical considerations.
The smart pill technology market is segmented on the application, target area, disease indication and end users. Based on application, the market is divided into capsule endoscopy, drug delivery and patient monitoring. Based on the target area, the smart pill technology market is segmented into the esophagus, stomach, and small and large intestines. Based on the disease indication, the smart pill technology market is segmented into barrett's esophagus, small bowel diseases, colon cancer and others. Based on end-use, the smart pill technology market is segmented into hospitals, clinics, diagnostic centers, and research centers.
Based on application, the capsule endoscopy segment is a major contributor to the smart pill technology market.
The market's leading segment is capsule endoscopy. It is anticipated that factors like wireless health monitoring and site-specific drug delivery will encourage both patients and doctors to use these technologies. A procedure called capsule endoscopy—called GI capsule, camera capsule, pill camera, or wireless end capsule—is employed to diagnose GI diseases. Devices for capsule endoscopy consist of four microcapsules: a light source, a color camera, a transmitter, and a battery. A lot of flexibility is available with capsule endoscopy. Both wireless patient monitoring and intelligent drug delivery (also known as Bio-MEMS drug delivery system) via smart pills are still in their infancy.
The hospital and clinics segment witnessed growth at a rapid rate.
Hospitals and clinics grabbed the highest revenue share, and it is anticipated that they will continue to hold that position during the anticipated time. The way that patients are treated in hospitals has changed noticeably. In the comfort of a patient's sensor, embedded systems or diagnostic tools support monitoring vital signs, including temperature, pH, pulse, and others. The ability to integrate sensors and electronics at lower power levels on materials like silicon is growing. This improves the multiple drug delivery applications for sensors. As a result, the market for hospitals and clinics is expanding, creating new opportunities for the smart pill market to expand.
The North American smart pill technology market holds a significant regional revenue share.
North America is anticipated to post respectable gains during the study period. Medical researchers' ongoing progress in the area of ingestible electronics is what is fueling this rise. The U.S. FDA and other regional agencies have been developing standards for obtaining digital smart tablet approval. In addition, the rise in colorectal cancer incidence, improvements in healthcare technology, and the regulatory clearance of new products. All these variables are anticipated to present growth prospects for the players operating in this region. Besides, Asia-Pacific smart pill market share would grow more quickly than any other region. Because of the growing older population, rising healthcare spending, and advancements in medical technology.
The key players in the smart pill technology market have shifted their focus toward product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance their product portfolio and strengthen their global market footprint. Some major key players in the Smart Pill Technology market are RF Co., Ltd, JINSHAN Science and Technology, Proteus Digital Health, HQ, Inc., CapsoVision, Inc., Medtronic Plc., Olympus Corporations, IntroMedic Co., Ltd, Check Cap, Koninklijke Philips N.V.