Northbrook, IL 60062 -- (SBWire) -- 07/12/2023 --Smart Pills Market in terms of revenue was estimated to be worth $0.6 billion in 2023 and is poised to reach $1.1 billion by 2028, growing at a CAGR of 11.8% from 2023 to 2028 according to a new report by MarketsandMarkets™. Growth in this market is primarily fuelled 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.
In the near future, the smart pills industry is poised to revolutionize healthcare by combining pharmaceuticals with digital technology. These advanced pills will enable remote patient monitoring, providing real-time data on physiological parameters and medication adherence. With imaging capabilities, they will enhance diagnostics by capturing detailed images and videos of the gastrointestinal tract. Moreover, smart pills will enable targeted drug delivery, releasing medications at specific locations within the body. Personalized medicine will be a key focus, as smart pills gather individualized health data to tailor treatment plans and lifestyle recommendations. However, addressing data privacy and security concerns, as well as navigating regulatory challenges, will be imperative for the industry's success. Overall, the future of smart pills holds great promise for improving healthcare outcomes through advanced monitoring, diagnostics, and personalized interventions.
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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 Crohn's 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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Smart Pills Market Dynamics:
Drivers:
1. Rising demand for non-invasive diagnostic and monitoring devices
Restraints:
1. High cost associated with smart pills
Opportunities:
1. Growing demand for advance drug delivery system
Challenges:
1. Implications with patient privacy
Key Market 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).
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Recent Developments:
- In 2023, AnX Robotica Corp. (US) launched the NaviCam Small Bowel System in the US. The NaviCam SB System utilizes aspherical lens technology to reduce distortion and enhance the field of vision, a critical component in the diagnosis of small bowel disease.
- In 2021, the US FDA has granted 510(k) clearance for its PillCam Small Bowel 3 system for remote endoscopy procedures.
- In 2021, Check-Cap (Israel) expanded C-Scan's manufacturing capacity and on-premises production line, while also remedying technical issues from a single source supplier. The company significantly expanded its production line to support its US pivotal study.
- In 2020, AnX Robotica Corp. (US) has been granted by the FDA De-Novo classification for its NaviCam Magnetically Controlled Capsule Endoscopy (MCCE) System. It is the first-of-its-kind system which allows complete, real-time visualization of the stomach utilizing a pill-sized capsule containing a camera and is remote-controlled by the physician using proprietary magnetic technologies.
- In 2020, CapsoVision Inc. (US), achieved the International Standard Organization (ISO) 27001 security certification. The scope of the certification includes CapsoVision's headquarters and the company's CapsoCloud software. This certification validates company's long-term commitment for the protection of customer data.
Smart Pills Market Advantages:
- Enhanced Patient Monitoring: Smart pills enable continuous and remote monitoring of patients, providing healthcare professionals with real-time data on various physiological parameters. This allows for early detection of abnormalities, better management of chronic conditions, and timely interventions, ultimately leading to improved patient monitoring and care.
- Improved Diagnostics: Smart pills equipped with imaging technology can capture high-resolution images or videos of the gastrointestinal tract. This enables healthcare providers to obtain detailed insights into a patient's condition, facilitating accurate and early diagnosis of diseases such as colon cancer, gastrointestinal bleeding, and inflammatory bowel disease.
- Targeted Drug Delivery: Smart pills can be designed to deliver medication precisely to the intended location in the body. By incorporating drug reservoirs and release mechanisms, these pills can release drugs at specific sites or in response to specific physiological cues. This targeted drug delivery approach enhances the efficacy of treatment, reduces side effects, and improves patient compliance.
- Personalized Medicine: Smart pills collect real-time data about an individual's health, lifestyle factors, and medication adherence. This data can be used to personalize treatment plans, optimize medication dosages, and provide tailored lifestyle recommendations. The ability to customize healthcare interventions based on individual characteristics and needs can lead to more effective treatments and improved patient outcomes.
- Increased Patient Engagement: Smart pills empower patients to actively participate in their own healthcare. By providing them with access to real-time data about their health, these pills encourage patient engagement and enable individuals to take proactive measures to manage their conditions. This can result in better medication adherence, lifestyle modifications, and overall self-care.
- Research and Development Opportunities: The smart pills market opens up new avenues for research and development in healthcare. The integration of pharmaceuticals with digital technology enables the exploration of novel drug delivery mechanisms, advanced diagnostics, and personalized medicine. This fosters innovation, drives advancements in healthcare technologies, and encourages collaboration between pharmaceutical companies, technology firms, and healthcare providers.
Smart Pills Market 2022 : Growth, Demands, Industry Trends and Forecast to 2028
In 2023, AnX Robotica Corp. (US) launched the NaviCam Small Bowel System in the US. The NaviCam SB System utilizes aspherical lens technology to reduce distortion and enhance the field of vision, a critical component in the diagnosis of small bowel disease.