Smart pills are capsule-sized ingestible medical devices consisting of elements such as sensors, cameras, patches, and trackers that help in better diagnostics, patient monitoring, as well as targeted drug delivery. They are majorly available in the form of vitamin capsule-sized pills and possess a small wearable sensor patch, an application on a mobile device, and a provider portal. Once swallowed, it gets activated in the gut; the sensors provide information about the patient’s health parameters and the effectiveness of medication treatment leading to more informed healthcare decisions and optimized therapies. Moreover, smart pills have revolutionized the field of gastrointestinal diagnosis. These pills are non-invasive, and hence the user can be a potent alternative approach against invasive procedures such as gastrointestinal endoscopy/colonoscopy.
A considerable increase in the geriatric population, rise in chronic disorders such as cancer, diabetes, and others, and surge in prevalence of lifestyle-related disorders, such as obesity, gastroesophageal reflux disease (GERD), gastric ulcers, and others majorly drive the growth of the smart pills market. In addition, increased R&Dinvestments in developing smart pills further boost the market growth. However, stringent government regulations regarding the increased use of these devices and the high cost associated with the ingestible sensors are the factors anticipated to restrain the growth of the market.
The smart pills market is segmented based on application, target area, disease indication, end-users, and region. On the basis of application, the market is divided into capsule endoscopy, drug delivery, and patient monitoring. By target areas, the market is divided into the esophagus, stomach, small intestine, and large intestine. By disease indication, the market is segmented into Barrett's esophagus disease, small bowel disease (bifurcated into Crohn's disease, small bowel tumor, celiac disease, and others), Colon Disease, and Others. By end-user, the smart pills market is divided into hospitals & clinics, diagnostic centers, and research centers.
By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Product development and research collaborations are the key strategies adopted by market players. The report provides a comprehensive analysis of the key players that operate in the global smart pills market.
The key players operating in the global smart pills market include CapsoVision, Inc., Check-Cap Ltd., HQ.Inc., IntroMedic Co., Ltd, JINSHAN Science & Technology, Koninklijke Philips N.V., Medtronic plc, OLYMPUS Corporation, Proteus Digital Health, RF Co., Ltd.
A considerable increase in the geriatric population, rise in chronic disorders such as cancer, diabetes, and others, and surge in prevalence of lifestyle-related disorders, such as obesity, gastroesophageal reflux disease (GERD), gastric ulcers, and others majorly drive the growth of the smart pills market. In addition, increased R&Dinvestments in developing smart pills further boost the market growth. However, stringent government regulations regarding the increased use of these devices and the high cost associated with the ingestible sensors are the factors anticipated to restrain the growth of the market.
The smart pills market is segmented based on application, target area, disease indication, end-users, and region. On the basis of application, the market is divided into capsule endoscopy, drug delivery, and patient monitoring. By target areas, the market is divided into the esophagus, stomach, small intestine, and large intestine. By disease indication, the market is segmented into Barrett's esophagus disease, small bowel disease (bifurcated into Crohn's disease, small bowel tumor, celiac disease, and others), Colon Disease, and Others. By end-user, the smart pills market is divided into hospitals & clinics, diagnostic centers, and research centers.
By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Product development and research collaborations are the key strategies adopted by market players. The report provides a comprehensive analysis of the key players that operate in the global smart pills market.
The key players operating in the global smart pills market include CapsoVision, Inc., Check-Cap Ltd., HQ.Inc., IntroMedic Co., Ltd, JINSHAN Science & Technology, Koninklijke Philips N.V., Medtronic plc, OLYMPUS Corporation, Proteus Digital Health, RF Co., Ltd.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart pills technology market analysis from 2020 to 2030 to identify the prevailing smart pills technology market opportunities.
- The Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart pills technology market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart pills technology market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
BY APPLICATION
- Capsule Endoscopy
- Drug Delivery
- Patient Monitoring
BY TARGET AREA
- Esophagus
- Stomach
- Small Intestine
- Large Intestine
BY DISEASE INDICATION
- Barrett'S Esophagus
- Small Bowel Diseases
- Colon Cancer
- Others
BY END USER
- Hospitals and Clinics
- Diagnostic Centres
- Research Centres
BY REGION
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- Australia
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- 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
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART PILLS TECHNOLOGY MARKET, BY APPLICATION
CHAPTER 5: SMART PILLS TECHNOLOGY MARKET, BY TARGET AREA
CHAPTER 6: SMART PILLS TECHNOLOGY MARKET, BY DISEASE INDICATION
CHAPTER 7: SMART PILLS TECHNOLOGY MARKET, BY END USER
CHAPTER 8: SMART PILLS TECHNOLOGY MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
The Smart Pill Technology Market size was valued at $3.2 billion in 2020 and is estimated to reach $7.5 billion by 2030, growing at a CAGR of 8.8% from 2021 to 2030.The smart pill is a technological innovation that has bridged the unsought gap between healthcare and digital technology. The technology is implanted in tiny electronic appliances (such as sensors, cameras, trackers, and others), that are embedded into a small pill-sized device for monitoring and diagnosis of several diseases. The advent of novel smart pill technologies has revolutionized gastrointestinal (GI) monitoring and diagnosis techniques. Novel features such as non-invasiveness, patient convenience, and real-time monitoring offered by smart pills popularly boost their adoption in the treatment of numerous diseases. The global Smart Pill Technology Market trends are the growth in adoption of capsule endoscopy, increase in demand for smart pills in GI monitoring, and the rise in prevalence of gastrointestinal diseases. However, factors such as high costs, limited technical know-how, and low acceptance among patients (fear of ingesting electronic devices) are expected to restrain the growth of the market.
The capsule endoscopy application generated the highest revenue and is expected to maintain this dominance throughout the forecast period. This is attributed to the increased prevalence of gastrointestinal disorders such as gastroesophageal reflux disease (GERD), irritable small bowel syndrome, ulcers, and others. However, the patient monitoring segment is expected to register the highest growth rate during the forecast period, owing to a rise in awareness regarding problems related to medication nonadherence.
On the basis of the target area, the Smart Pill Industry is classified into the esophagus, stomach, small intestine, and large intestine. The esophagus target area dominates the global smart pill market. This is attributed to the significant increase in esophagus disorders such as Crohn’s disease, celiac disease, and others.
By region, the smart pills market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest Smart Pill Technology Market share in 2020 and is expected to retain its dominance throughout the forecast period owing to factors such as technological advancements in the healthcare sector, an increase in the incidence of colorectal cancer, and regulatory approval of new products. As per the American Cancer Society, 95,520 new cases of colon cancer and 39,910 new cases of rectal cancer were diagnosed in the U.S. by the end of 2019. This is provided growth opportunities for players operating in this region. Asia-Pacific witnessed the highest growth rate for the smart pills market and is expected to remain dominant throughout the forecast period attributed to the rise in expenditure on healthcare and improvement in the medical & healthcare infrastructure are the key factors driving the Smart Pill Technology Market growth in upcoming years.
The key players that operate in the smart pills market have adopted product approval as their key developmental strategy and focus on launching innovative products to cater to consumer requirements and to strengthen their market share. The major companies profiled in the report are Proteus Digital Health, HQ, Inc., CapsoVision, Inc., Medtronic Plc., Olympus Corporations, IntroMedic Co., Ltd, RF Co., Ltd, JINSHAN Science & Technology, Check-Cap, and Koninklijke Philips N.V.
Key findings of the Study
- By application, the capsule endoscopy segment was the highest contributor to the market in 2020.
- On the basis of target areas, the esophagus segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
- On the basis of disease indication, Barrett’s esophagus disease segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
- On the basis of end-users, the hospital segment dominated the market in 2020 and is expected to continue this trend during the forecast period.
- Region-wise, North America garnered the largest revenue share in 2020, however, Asia Pacific is anticipated to grow at the highest CAGR during the forecast period.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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