Bharat Book Bureau Provides the Trending Market Research Report on “Smart Pills Market by Application, Target Area, End User, Region – Global Forecast to 2028”under Life Sciences Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
The global Smart Pills Market 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 majorly driven by the rise in demand for non-invasive diagnostic monitoring devices, technological advancements in capsule endoscopy and significant advancements in capsule endoscopy technology.
The growing demand for advanced drug delivery systems and need for a rapid drug development process are expected to offer opportunities for market players during the forecast period. On the other hand, technological incompetence of smart pills in some conditions is expected to restrain the market growth to some extent in the coming years
“The vital sign monitoring segment is projected to grow at the highest CAGR during the forecast period.”
Based on application, the market for smart pills is divided into segments for target drug devliery, capsule endoscopy, and vital sign monitoring. The vital sign monitoring segments is projected to grow at the highest CAGR during the forecast period. This is due to the increasing need for precise and accurate measurement of inner body temperature and insufficient integration with digital health systems in conventional vital sign monitoring devices.
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 large intestine target area accounted for the second largest share of the market during the forecast period. “
Based on target area, the smart pills market is broadly segmented into, small intestine, large intestine, esophagus, and stomach. The large intestine target area accounted for the second largest share in 2022 and this is attributed to the increasing cases of colorectal cancer and need for effective screening, diagnosis, and monitoring of inflammatory bowel diseases and other gastrointestinal disorders. The increasing cases of colorectal cancer have contributed to the growing adoption of smart pills in large intestine as smart pills can reach areas of the colon that may be challenging to visualize with traditional methods.
The diagnostic centers segment accounted for the second largest share of the market in 2022
Based on end users, the smart pills market is broadly segmented into diagnostic centers, hospitals, and other end users. Diagnostic centers are the second largest end users of the smart pills market. This can be attributed to the advancements in technology, demand for non-invasive diagnostics, and improved diagnostic accuracy. The integration of smart pills in diagnostic centers has been a key factor in driving utilization by offering expanded diagnostic capabilities, enhanced patient experience, improved operational efficiency, and the ability to facilitate remote diagnostics.
Europe accounted for the second largest share of the smart pills market in 2022
In 2022, Europe accounted for the second largest share of the smart pills market. This can be attributed to factors such as growth in ageing population and increased utilization of capsule endoscopy for gastrointestinal bleeding. The endorsement of capsule endoscopy by the European Society of Gastrointestinal Endoscopy (ESGE) guidelines provides a standardized approach for healthcare professionals, enhancing the quality of care provided to patients. As a result, there is a growing demand for smart pills and related technologies, driven by the increased utilization of capsule endoscopy for gastrointestinal bleeding.
The break up of the profile of primary participants in the smart pills market:
•By Company Type: Tier 1- 60%, Tier 2- 30%, and Tier 3-10%
•By Designation: C-level Executives- 50%, Directors- 40% , and Others- 10%.
•By Region: North America- 45%, Europe- 35%, Asia Pacific- 15%, and Rest of the World- 5%.
Key players in the Smart pills market
The key players operating in the smart pills market include RF Co., Ltd (Japan), etectrx(US), Olympus Corporation (Japan), BodyCap (France), Chongqing Jinshan Science Technology (Group) Co., Ltd (China), Check-Cap Ltd. (Israel), CapsoVision,Inc. (US), ANX Robotica Corp. (US), Medtronic plc (US), IntroMedic (South Korea), Shenzen Jifu Medical Technology Co., Ltd (China) and Otsuka America Pharmaceutical, Inc. (US).
The report analyzes the smart pills market and aims at estimating the market size and future growth potential of this market based on various segments such as application, target area, and end user. The report also includes a product portfolio matrix of various smart pills products available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, service offerings, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a more significant share of the market. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.
This report provides insights into the following pointers:
•Market Penetration: Comprehensive information on product portfolios offered by the top players in the global smart pills market. The report analyzes this market by applications, target area and end user.
•Service Enhancement/Innovation: Detailed insights on upcoming trends in the global smart pills market
•Market Development: Comprehensive information on the lucrative emerging markets by applications, target area and end user.
•Market Diversification: Exhaustive information about new services or service enhancements, growing geographies, recent developments, and investments in the global smart pills market.
•Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, company evaluation quadrant, and capabilities of leading players in the global smart pills market.
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