Smart Pills Market

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

Report Code: MD 3264 Jun, 2023, by marketsandmarkets.com

The global 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. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The expansion of this market is primarily propelled by the rising incidence of colon cancer , the increasing need for noninvasive diagnostic and monitoring devices, and technological advancements in capsule endoscopy.  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 limitations and challenges associated with the accuracy of smart pills are expected to restrain the market growth to some extent in the coming years.

Global Smart Pills Market Trends

Smart Pill Technology Market

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Smart Pill Technology Market

Smart Pills Market Dynamics

Driver: Rising demand for non-invasive diagnostic and monitoring devices

Patients generally prefer non-invasive diagnostic procedures due to their convenience, reduced discomfort, and lower risk of complications. The growing demand for noninvasive diagnostics encourages the development of innovative technologies like smart pills that can provide diagnostic information without invasive procedures. The shift towards minimally invasive diagnosis aligns with the broader trend of patient-centric care and personalized medicine. This boosts the adoption of smart pills as it empowers patients by allowing them to actively participate in their own healthcare. Patients can easily monitor their health conditions and track the effectiveness of treatments using smart pill technology.

Restraint: High cost associated with smart pills

Smart pills technology incorporates findings from various scientific disciplines, including biology, semiconductors, and information technology, among others. Developing and refining the technology behind smart pills requires significant investment in R&D. The process involves designing and testing complex sensors, miniaturized cameras, wireless communication capabilities, and data analysis algorithms. These research efforts contribute to the overall elevated cost of smart pills. The expenses associated with research and development, manufacturing, regulatory compliance, and ongoing technological advancements all contribute to the overall cost of smart pills.

Opportunity: Growing demand for advance drug delivery system

Oral administration of rapidly effective medicinal substances has traditionally been the primary focus of medication delivery strategies. However, the limitations of conventional drug delivery methods, such as the requirement for higher doses, frequent administration, and unpredictable release of therapeutic substances, have prompted the exploration of alternative approaches. As drug molecules have advanced and new modalities have been researched, bio/pharmaceutical companies have devoted considerable effort to developing advanced drug delivery systems (ADDSs) to overcome these limitations. The growth of advanced drug delivery systems provides a favorable environment for the development and utilization of smart pills.

Challenge: Implications with patient privacy

Data security in healthcare was already a major concern for patients and providers across the nation. In 2021, there were nearly two health data breaches per day, and the US Department of Health and Human Services’ Office for Civil Rights, which tracked reports of these data incursions, estimated that 94.63% of the US population in 2021 had been affected by these incidents. The integration of advanced technologies and sensors in smart pills raises concerns about the collection, storage, and usage of personal health data. Smart pills generate and transmit sensitive health data, including medication adherence, physiological parameters, and potentially even real-time video or images from within the body. Ensuring robust data security measures is crucial to protect this information from unauthorized access, breaches, or misuse.

Smart Pills Market Ecosystem Map

Smart Pill Technology Market Ecosystem

The capsule endoscopy segment has accounted for the largest share of the smart pills industry during the forecast period

Based on application, the smart pills market is categorized into the capsule endoscopy, target drug delivery  and vital sign monitoring market segments of smart pills.  The capsule endoscopy segment has accounted for the largest share of the market. This can be attributed to the increased incidence of colon cancer, and modern alternatives like capsule endoscopy are gradually taking the place of established gastrointestinal diagnostic techniques like endoscopy and colonoscopy.

The small intestine target area has accounted for the largest share of the smart pills industry during the forecast period.

Based on target area, the smart pills market is categorized into several segments, including the esophagus, small intestine, large intestine, and stomach. Among these segments, the small intestine emerged as the dominant area in 2022. This can be primarily attributed to the notable rise in small intestine disorders, such as Crohn's disorders, celiac disorders, small bowel tumors, and the small intestine's intricate anatomy, which presents challenges in terms of accessibility.

The hospitals segment accounted for the largest share of the smart pills industry in 2022

Based on end users, the smart pills market is categorized into hospitals, diagnostic centres, and other end users. The hospital segment has accounted for the largest share of the  market during the forecast period. This segment's largest share can be due to factors including the rising demand for minimally invasive surgical treatments, poor medication adherence, and an increase in hospitalisations and surgical operations worldwide.Overall, the surge in Inflammatory bowel disease (IBD) cases has prompted hospitals to embrace smart pills as a valuable tool in diagnostic procedures. The noninvasive nature of smart pills, coupled with their ability to enhance early detection & diagnosis, make it a lucrative alternative for hospitals seeking to improve patient care and address the increasing burden of IBD.

North America accounted for the largest share of the smart pills industry in 2022

Smart Pill Technology Market by Region

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The smart pills market is segmented into four major regions–North America, Europe, the Asia Pacific (APAC), and the Rest of the World (RoW). In 2022, North America accounted for the largest market share. Factors such as technological developments in the healthcare sector, rise in the incidence of inflammatory bowel diseases, and  regulatory approval of new products in the region are driving the growth of the market in North America. The North American market is a highly lucrative market. The growing prevalence of Inflammatory bowel diseases (IBD) in North America is also of the major factors driving the growth of the market in this region.

The prominent players in this 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).

Scope of the Smart Pills Industry

Report Metric 

Details 

Market Revenue in 2023

$0.6 billion

Projected Revenue by 2028

$1.1 billion

Revenue Rate

Poised to Grow at a CAGR of 11.8%

Market Driver

Rising demand for non-invasive diagnostic and monitoring devices

Market Opportunity

Growing demand for advance drug delivery system

This research study categorizes the global smart pills market to forecast revenue and analyze trends in each of the following submarkets:

By Application

  • Capsule Endoscopy
  • Targeted Drug Delivery
  • Vital Sign Monitoring

By Target Area

  • Esophagus
  • Small Intestine
  • Large Intestine
  • Stomach

By End User

  • Hospitals
  • Diagnostic Centers
  • Other End Users

By Region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Rest of Europe (RoE)
  • Asia Pacific
    • Japan
    • China
    • India
    • Rest of APAC (RoAPAC)
  • Rest of the World (RoW)

Recent Developments of Smart Pills Industry

  • 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.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS
 
1 INTRODUCTION (Page No. - 20)
    1.1 STUDY OBJECTIVES 
    1.2 MARKET DEFINITION 
           1.2.1 INCLUSIONS AND EXCLUSIONS
    1.3 MARKET SCOPE 
           1.3.1 MARKETS COVERED
                    FIGURE 1 SMART PILLS INDUSTRY: MARKET SEGMENTATION
           1.3.2 YEARS CONSIDERED
    1.4 CURRENCY CONSIDERED 
    1.5 LIMITATIONS 
    1.6 STAKEHOLDERS 
    1.7 SUMMARY OF CHANGES 
    1.8 RECESSION IMPACT 
 
2 RESEARCH METHODOLOGY (Page No. - 24)
    2.1 RESEARCH APPROACH 
          FIGURE 2 RESEARCH DESIGN
           2.1.1 SECONDARY RESEARCH
                    2.1.1.1 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    FIGURE 3 PRIMARY SOURCES
                    2.1.2.1 Key data from primary sources
                    2.1.2.2 Insights from primary experts
                                FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, AND REGION
           2.1.3 MARKET SIZE ESTIMATION
                    FIGURE 5 MARKET SIZE ESTIMATION: REVENUE SHARE ANALYSIS
                    FIGURE 6 SMART PILLS MARKET: SEGMENTAL EXTRAPOLATION
                    FIGURE 7 SMART PILLS INDUSTRY: CAGR PROJECTIONS FROM ANALYSIS OF DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES (2023–2028)
                    FIGURE 8 CAGR PROJECTIONS: SUPPLY-SIDE ANALYSIS
    2.2 MARKET BREAKDOWN AND DATA TRIANGULATION METHODOLOGY 
          FIGURE 9 MARKET: DATA TRIANGULATION METHODOLOGY
    2.3 MARKET SHARE ANALYSIS 
    2.4 STUDY ASSUMPTIONS 
    2.5 LIMITATIONS 
           2.5.1 METHODOLOGY-RELATED LIMITATIONS
    2.6 RISK ASSESSMENT 
          TABLE 1 SMART PILLS INDUSTRY: RISK ASSESSMENT ANALYSIS
    2.7 RECESSION IMPACT ANALYSIS 
 
3 EXECUTIVE SUMMARY (Page No. - 36)
    FIGURE 10 SMART PILLS MARKET, BY APPLICATION, 2023 VS. 2028 (USD MILLION)
    FIGURE 11 SMART PILLS INDUSTRY, BY TARGET AREA, 2023 VS. 2028 (USD MILLION)
    FIGURE 12 MARKET, BY END USER, 2023 VS. 2028 (USD MILLION)
    FIGURE 13 GEOGRAPHICAL SNAPSHOT OF MARKET
 
4 PREMIUM INSIGHTS (Page No. - 39)
    4.1 SMART PILLS MARKET OVERVIEW 
          FIGURE 14 RISING TECHNOLOGICAL ADVANCEMENTS IN CAPSULE ENDOSCOPES TO DRIVE MARKET
    4.2 NORTH AMERICA: SMART PILLS INDUSTRY, BY END USER AND COUNTRY 
          FIGURE 15 HOSPITALS ACCOUNTED FOR LARGEST MARKET SHARE IN US FOR 2022
    4.3 MARKET: GEOGRAPHIC GROWTH OPPORTUNITIES 
          FIGURE 16 CHINA TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD
    4.4 MARKET: REGIONAL MIX 
          FIGURE 17 NORTH AMERICA TO REGISTER HIGHEST GROWTH RATE DURING FORECAST PERIOD
    4.5 MARKET: DEVELOPING VS. EMERGING MARKETS 
          FIGURE 18 EMERGING MARKETS TO REGISTER HIGHEST GROWTH RATE DURING FORECAST PERIOD
 
5 MARKET OVERVIEW (Page No. - 42)
    5.1 INTRODUCTION 
    5.2 MARKET DYNAMICS 
          FIGURE 19 SMART PILLS MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
          TABLE 2 MARKET: IMPACT ANALYSIS
           5.2.1 DRIVERS
                    5.2.1.1 Rising demand for noninvasive diagnostic monitoring devices
                    5.2.1.2 Technological advancements in capsule endoscopy
                    5.2.1.3 Increasing incidence of colon cancer
           5.2.2 RESTRAINTS
                    5.2.2.1 High costs
                    5.2.2.2 Technical limitations associated with accuracy of smart pills
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Growing demand for advanced drug delivery systems
                    5.2.3.2 Rising need for rapid drug delivery development
           5.2.4 CHALLENGES
                    5.2.4.1 Patient privacy concerns
    5.3 INDUSTRY TRENDS 
           5.3.1 ADVANCEMENTS IN SENSOR TECHNOLOGY
           5.3.2 INTEGRATION WITH WEARABLE DEVICES
    5.4 TECHNOLOGY ANALYSIS 
           5.4.1 SELF-POWERED INGESTIBLE SMART PILL
           5.4.2 ADAPTIVE FRAME RATE TECHNOLOGY
           5.4.3 IMAG (INGESTIBLE MICRODEVICES FOR ANATOMIC MAPPING OF GASTROINTESTINAL TRACT)
                    TABLE 3 SENSOR AND BATTERY TYPES USED FOR CAPSULE ENDOSCOPY PRODUCTS
                    TABLE 4 SENSOR USED FOR VITAL SIGN MONITORING AND DRUG INGESTION TRACKING PRODUCTS
                    TABLE 5 MARKET: DRUGS UNDER PIPELINE
    5.5 PORTER’S FIVE FORCES ANALYSIS 
          TABLE 6 PORTER’S FIVE FORCES ANALYSIS
           5.5.1 THREAT OF NEW ENTRANTS
           5.5.2 THREAT OF SUBSTITUTES
           5.5.3 BARGAINING POWER OF SUPPLIERS
           5.5.4 BARGAINING POWER OF BUYERS
           5.5.5 INTENSITY OF COMPETITIVE RIVALRY
    5.6 ECOSYSTEM ANALYSIS 
          FIGURE 20 MARKET: ECOSYSTEM ANALYSIS
    5.7 VALUE CHAIN ANALYSIS 
          FIGURE 21 MARKET: VALUE CHAIN ANALYSIS
    5.8 PATENT ANALYSIS 
           5.8.1 PATENT PUBLICATION TRENDS FOR SMART PILLS
                    FIGURE 22 PATENT PUBLICATION TRENDS (JANUARY 2012–DECEMBER 2022)
           5.8.2 INSIGHTS: JURISDICTION AND TOP APPLICANT ANALYSIS
                    FIGURE 23 TOP APPLICANTS (COMPANIES/INSTITUTIONS) FOR SMART PILLS PATENTS (JANUARY 2012–DECEMBER 2022)
                    FIGURE 24 TOP APPLICANTS FOR SMART PILLS PATENTS (COUNTRY/REGION) (JANUARY 2012–JANUARY 2022)
                    TABLE 7 MARKET: LIST OF PATENTS (2020–2023)
    5.9 PRICING ANALYSIS 
          TABLE 8 PRICE RANGE FOR SMART PILLS (2022)
    5.10 KEY CONFERENCES AND EVENTS 
           TABLE 9 SMART PILLS MARKET: DETAILED LIST OF CONFERENCES AND EVENTS (2023-2024)
    5.11 REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS 
           TABLE 10 LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
    5.12 REGULATORY ANALYSIS 
           5.12.1 NORTH AMERICA
                    5.12.1.1 US
                                 TABLE 11 US FDA: MEDICAL DEVICE CLASSIFICATION
                                 TABLE 12 US: MEDICAL DEVICE REGULATORY APPROVAL PROCESS
           5.12.2 EUROPE
           5.12.3 ASIA PACIFIC
                    5.12.3.1 Japan
                                 TABLE 13 JAPAN: MEDICAL DEVICE CLASSIFICATION UNDER PMDA
                    5.12.3.2 China
                                 TABLE 14 CHINA: CLASSIFICATION OF MEDICAL DEVICES
    5.13 KEY STAKEHOLDERS AND BUYING CRITERIA 
           5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS
                     FIGURE 25 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION
                     TABLE 15 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS, BY APPLICATION (%)
           5.13.2 BUYING CRITERIA
                     FIGURE 26 KEY BUYING CRITERIA FOR SMART PILLS, BY APPLICATION
                     TABLE 16 KEY BUYING CRITERIA FOR SMART PILLS, BY APPLICATION
 
6 SMART PILLS MARKET, BY TARGET AREA (Page No. - 67)
    6.1 INTRODUCTION 
          TABLE 17 MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
    6.2 SMALL INTESTINE 
           6.2.1 RISING INCIDENCE OF SMALL INTESTINE DISORDERS TO DRIVE MARKET
                    TABLE 18 MARKET FOR SMALL INTESTINE, BY COUNTRY, 2021–2028 (USD MILLION)
    6.3 LARGE INTESTINE 
           6.3.1 INCREASING INCIDENCE OF COLORECTAL CANCER TO SUPPORT MARKET GROWTH
                    TABLE 19 MARKET FOR LARGE INTESTINE, BY COUNTRY, 2021–2028 (USD MILLION)
    6.4 ESOPHAGUS 
           6.4.1 EVALUATION AND MONITORING OF BARRETT’S ESOPHAGUS TO PROPEL MARKET
                    TABLE 20 MARKET FOR ESOPHAGUS, BY COUNTRY, 2021–2028 (USD MILLION)
    6.5 STOMACH 
           6.5.1 IMPROVED DIAGNOSTIC ACCURACY TO SUPPORT MARKET GROWTH
                    TABLE 21 MARKET FOR STOMACH, BY COUNTRY, 2021–2028 (USD MILLION)
 
7 SMART PILLS MARKET, BY APPLICATION (Page No. - 74)
    7.1 INTRODUCTION 
          TABLE 22 MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
    7.2 CAPSULE ENDOSCOPY 
           7.2.1 ABILITY TO ASSESS GASTROINTESTINAL BLEEDING AND SMALL-BOWL TUMORS TO DRIVE MARKET
                    TABLE 23 CAPSULE ENDOSCOPES OFFERED BY KEY MARKET PLAYERS
                    TABLE 24 MARKET FOR CAPSULE ENDOSCOPY, BY COUNTRY, 2021–2028 (USD MILLION)
    7.3 VITAL SIGN MONITORING 
           7.3.1 LAUNCH OF INNOVATIVE SENSOR TECHNOLOGIES TO PROPEL MARKET
                    TABLE 25 VITAL SIGN MONITORING SMART PILLS UNDER PIPELINE
                    TABLE 26 MARKET FOR VITAL SIGN MONITORING, BY COUNTRY, 2021–2028 (USD MILLION)
    7.4 TARGETED DRUG DELIVERY 
           7.4.1 SITE-SPECIFIC DRUG DELIVERY INTEGRATION WITH SMART PILLS TO SUPPORT MARKET GROWTH
                    TABLE 27 TARGETED DRUG DELIVERY SMART PILLS UNDER PIPELINE
                    TABLE 28 MARKET FOR TARGETED DRUG DELIVERY, BY COUNTRY, 2021–2028 (USD MILLION)
 
8 SMART PILLS MARKET, BY END USER (Page No. - 81)
    8.1 INTRODUCTION 
          TABLE 29 MARKET BY END USER, 2021–2028 (USD MILLION)
    8.2 HOSPITALS 
           8.2.1 RISING NEED FOR TECHNOLOGICALLY ADVANCED ENDOSCOPY PROCEDURES TO DRIVE MARKET
                    TABLE 30 MARKET FOR HOSPITALS, BY COUNTRY, 2021–2028 (USD MILLION)
    8.3 DIAGNOSTIC CENTERS 
           8.3.1 GROWING PREFERENCE FOR NONINVASIVE DIAGNOSTICS TO PROPEL MARKET
                    TABLE 31 MARKET FOR DIAGNOSTIC CENTERS, BY COUNTRY, 2021–2028 (USD MILLION)
    8.4 OTHER END USERS 
          TABLE 32 MARKET FOR OTHER END USERS, BY COUNTRY, 2021–2028 (USD MILLION)
 
9 SMART PILLS MARKET, BY REGION (Page No. - 86)
    9.1 INTRODUCTION 
          TABLE 33 SMART PILLS INDUSTRY, BY REGION, 2021–2028 (USD MILLION)
          TABLE 34 CAPSULE ENDOSCOPY MARKET, BY REGION, 2021–2028 (MILLION UNITS)
          TABLE 35 VITAL SIGN MONITORING MARKET, BY REGION, 2021–2028 (MILLION UNITS)
    9.2 NORTH AMERICA 
          FIGURE 27 NORTH AMERICA: SMART PILLS MARKET SNAPSHOT
          TABLE 36 NORTH AMERICA: MARKET, BY COUNTRY, 2021–2028 (USD MILLION)
          TABLE 37 NORTH AMERICA: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
          TABLE 38 NORTH AMERICA: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
          TABLE 39 NORTH AMERICA: MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.2.1 US
                    9.2.1.1 Favorable reimbursements for endoscopy procedures to drive market
                                TABLE 40 US: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                TABLE 41 US: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
                                TABLE 42 US: MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.2.2 CANADA
                    9.2.2.1 Rising incidence of IBD to drive market
                                TABLE 43 CANADA: SMART PILLS MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                TABLE 44 CANADA: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
                                TABLE 45 CANADA: MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.2.3 NORTH AMERICA: RECESSION IMPACT
    9.3 EUROPE 
          TABLE 46 EUROPE: MARKET, BY COUNTRY, 2021–2028 (USD MILLION)
          TABLE 47 EUROPE: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
          TABLE 48 EUROPE: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
          TABLE 49 EUROPE: SMART PILLS INDUSTRY, BY END USER, 2021–2028 (USD MILLION)
           9.3.1 GERMANY
                    9.3.1.1 Rising incidence of Chron’s disease to drive market
                                TABLE 50 GERMANY: SMART PILLS MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                TABLE 51 GERMANY: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
                                TABLE 52 GERMANY: MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.3.2 UK
                    9.3.2.1 Utilization of capsule endoscopy for bowel cancer to drive market
                                TABLE 53 UK: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                TABLE 54 UK: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
                                TABLE 55 UK: MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.3.3 FRANCE
                    9.3.3.1 Reimbursement coverage for small bowel capsule endoscopy to drive market
                                TABLE 56 FRANCE: SMART PILLS MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                TABLE 57 FRANCE: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
                                TABLE 58 FRANCE: MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.3.4 ITALY
                    9.3.4.1 Rising adoption of technologically advanced endoscopes to support market growth
                                TABLE 59 ITALY: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                TABLE 60 ITALY: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
                                TABLE 61 ITALY: SMART PILLS INDUSTRY, BY END USER, 2021–2028 (USD MILLION)
           9.3.5 REST OF EUROPE
                    TABLE 62 REST OF EUROPE: SMART PILLS MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                    TABLE 63 REST OF EUROPE: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
                    TABLE 64 REST OF EUROPE: MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.3.6 EUROPE: RECESSION IMPACT
    9.4 ASIA PACIFIC 
          FIGURE 28 ASIA PACIFIC: MARKET SNAPSHOT
          TABLE 65 ASIA PACIFIC: MARKET, BY COUNTRY, 2021–2028 (USD MILLION)
          TABLE 66 ASIA PACIFIC: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
          TABLE 67 ASIA PACIFIC: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
          TABLE 68 ASIA PACIFIC: MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.4.1 JAPAN
                    9.4.1.1 Rising incidence of gastric cancer to drive market
                                TABLE 69 JAPAN: SMART PILLS MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                TABLE 70 JAPAN: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
                                TABLE 71 JAPAN: MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.4.2 CHINA
                    9.4.2.1 Increasing funding initiatives for development of smart pills to fuel market
                                TABLE 72 CHINA: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                TABLE 73 CHINA: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
                                TABLE 74 CHINA: SMART PILLS INDUSTRY, BY END USER, 2021–2028 (USD MILLION)
           9.4.3 INDIA
                    9.4.3.1 Rising incidence of IBD to support market growth
                                TABLE 75 INDIA: SMART PILLS MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                                TABLE 76 INDIA: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
                                TABLE 77 INDIA: MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.4.4 REST OF ASIA PACIFIC
                    TABLE 78 REST OF ASIA PACIFIC: MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
                    TABLE 79 REST OF ASIA PACIFIC: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
                    TABLE 80 REST OF ASIA PACIFIC: MARKET, BY END USER, 2021–2028 (USD MILLION)
           9.4.5 ASIA PACIFIC: RECESSION IMPACT
    9.5 REST OF THE WORLD 
          TABLE 81 REST OF THE WORLD: SMART PILLS MARKET, BY APPLICATION, 2021–2028 (USD MILLION)
          TABLE 82 REST OF THE WORLD: MARKET, BY TARGET AREA, 2021–2028 (USD MILLION)
          TABLE 83 REST OF THE WORLD: MARKET, BY END USER, 2021–2028 (USD MILLION)
 
10 COMPETITIVE LANDSCAPE (Page No. - 114)
     10.1 OVERVIEW 
     10.2 STRATEGIES ADOPTED BY KEY PLAYERS 
             TABLE 84 OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS
             10.2.1 REVENUE SHARE ANALYSIS
                        FIGURE 29 REVENUE SHARE ANALYSIS OF LEADING PLAYERS
             10.2.2 MARKET SHARE ANALYSIS
                        FIGURE 30 SMART PILLS MARKET SHARE, BY KEY PLAYER (2022)
     10.3 COMPANY EVALUATION QUADRANT FOR KEY PLAYERS 
             10.3.1 STARS
             10.3.2 EMERGING LEADERS
             10.3.3 PERVASIVE PLAYERS
             10.3.4 PARTICIPANTS
                        FIGURE 31 SMART PILLS INDUSTRY: COMPANY EVALUATION MATRIX FOR KEY PLAYERS (2022)
     10.4 COMPANY FOOTPRINT ANALYSIS 
                        TABLE 85 MARKET: COMPANY FOOTPRINT ANALYSIS
             10.4.1 APPLICATION FOOTPRINT ANALYSIS
                        TABLE 86 MARKET: APPLICATION FOOTPRINT
             10.4.2 TARGET AREA FOOTPRINT ANALYSIS
                        TABLE 87 MARKET: TARGET AREA FOOTPRINT
             10.4.3 END USER FOOTPRINT ANALYSIS
                        TABLE 88 MARKET: END USER FOOTPRINT
             10.4.4 REGIONAL FOOTPRINT ANALYSIS
                        TABLE 89 MARKET: REGIONAL FOOTPRINT
     10.5 COMPETITIVE SCENARIO 
             10.5.1 PRODUCT LAUNCHES & APPROVALS
                        TABLE 90 MARKET: PRODUCT LAUNCHES & APPROVALS (JANUARY 2020–JUNE 2023)
             10.5.2 DEALS
                        TABLE 91 SMART PILLS INDUSTRY: DEALS (JANUARY 2020–JUNE 2023)
             10.5.3 OTHER DEVELOPMENTS
                        TABLE 92 MARKET: OTHER DEVELOPMENTS (JANUARY 2020–JUNE 2023)
 
11 COMPANY PROFILES (Page No. - 128)
(Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
     11.1 KEY PLAYERS 
             11.1.1 OLYMPUS CORPORATION
                        TABLE 93 OLYMPUS CORPORATION: BUSINESS OVERVIEW
                        FIGURE 32 OLYMPUS CORPORATION: COMPANY SNAPSHOT (2022)
             11.1.2 CAPSOVISION, INC.
                        TABLE 94 CAPSOVISION, INC.: BUSINESS OVERVIEW
             11.1.3 MEDTRONIC PLC
                        TABLE 95 MEDTRONIC PLC: BUSINESS OVERVIEW
                        FIGURE 33 MEDTRONIC PLC: COMPANY SNAPSHOT (2022)
             11.1.4 INTROMEDIC
                        TABLE 96 INTROMEDIC: BUSINESS OVERVIEW
             11.1.5 ANX ROBOTICA CORP.
                        TABLE 97 ANX ROBOTICA CORP.: BUSINESS OVERVIEW
             11.1.6 SHENZHEN JIFU MEDICAL TECHNOLOGY CO., LTD.
                        TABLE 98 SHENZHEN JIFU MEDICAL TECHNOLOGY CO., LTD.: BUSINESS OVERVIEW
             11.1.7 CHONGQING JINSHAN SCIENCE & TECHNOLOGY (GROUP) CO., LTD.
                        TABLE 99 CHONGQING JINSHAN SCIENCE & TECHNOLOGY (GROUP) CO., LTD.: BUSINESS OVERVIEW
             11.1.8 RF CO., LTD.
                        TABLE 100 RF CO., LTD.: BUSINESS OVERVIEW
             11.1.9 ETECTRX
                        TABLE 101 ETECTRX: BUSINESS OVERVIEW
             11.1.10 BODYCAP
                        TABLE 102 BODYCAP: BUSINESS OVERVIEW
             11.1.11 OTSUKA AMERICA PHARMACEUTICAL, INC.
                        TABLE 103 OTSUKA AMERICA PHARMACEUTICAL, INC.: BUSINESS OVERVIEW
             11.1.12 CHECK-CAP LTD.
                        TABLE 104 CHECK-CAP LTD.: BUSINESS OVERVIEW
 
*Details on Business Overview, Products Offered, Recent Developments, and MnM View (Key strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) might not be captured in case of unlisted companies.
 
12 APPENDIX (Page No. - 147)
     12.1 DISCUSSION GUIDE 
     12.2 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     12.3 CUSTOMIZATION OPTIONS 
     12.4 RELATED REPORTS 
     12.5 AUTHOR DETAILS 

This study involved three major activities in estimating the size of the smart pills market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. The bottom-up approach was employed to estimate the overall market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and sub-segments.

Secondary Research

The secondary research process involved the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Some non-exclusive secondary sources include the World Health Organization (WHO), American Society for Gastrointestinal Endoscopy (ASGE), International Federation of Societies of Endoscopic Surgeons (IFSES), Asia-Pacific Association for Gynecologic Endoscopy and Minimally Invasive Therapy (APAGE), European Society of Gastrointestinal Endoscopy (ESGE), Centers for Disease Control and Prevention (CDC), Organisation for Economic Co-operation and Development (OECD), Food and Drug Administration (FDA), Centers for Disease Control and Prevention (CDC), European Medicines Agency (EMA), Annual Reports, SEC Filings, Investor Presentations, Journals, Publications from Government Sources and Professional Associations, Expert Interviews, and MarketsandMarkets Analysis.

Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the clinical decision support system market. It was also used to obtain important information about the key players and market classification and segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

Primary Research

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations operating in the smart pills market. The primary sources from the demand side included industry experts, consultants, healthcare providers, hospital administration, and government bodies. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends and key market dynamics.

Breakdown of Primary Interviews

Smart Pill Technology Market Size, and Share

Note 1: Companies are classified into tiers based on their total revenue. As of 2021: Tier 1 = >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3 = <USD 500 million.

Note 2: C-level executives include CEOs, COOs, CTOs, and VPs. 

Note 3: Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

Bottom-up approaches was used to estimate and validate the total size of the smart pills market. This method was also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

  • The key players in the industry and markets have been identified through extensive secondary research
  • The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes
  • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources

Smart Pill Technology Market Size, and Share

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides, in the provider, payer, and other industries.

Market Definition

"Smart pills" refer to miniature electronic devices that are shaped and designed like pharmaceutical capsules, but are equipped with advanced functions such as sensing, imaging, and drug delivery. These devices may incorporate biosensors, image sensors, pH sensors, or chemical sensors. When ingested, they traverse the gastrointestinal tract to gather valuable information that is otherwise challenging to obtain. Unlike implantable or wearable sensors, these ingestible sensors can be easily eliminated from the body after use.

Key Stakeholders

  • Pharmaceutical companies
  • Healthcare providers (physician practices, diagnostic centers, and outpatient clinics)
  • Government bodies
  • Corporate entities

Report Objectives

  • To define, describe, and forecast the smart pills market based on the application, target area, end user, and region.
  • To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
  • To analyze the micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall smart pills market
  • To analyze the opportunities for stakeholders and provide details of the competitive landscape for market leaders.
  • To forecast the size of the market segments with respect to five main regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World.
  • To profile the key players and analyze their market shares and core competencies2
  • To track and analyze competitive developments such as product launches and approvals, expansions, asset purchase, and collaborations in the smart pills market.
  • To benchmark players within the market using the proprietary "Company Evaluation Quadrant " framework, which analyzes market players on various parameters within the broad categories of business and product strategy.

Available Customizations

MarketsandMarkets offers the following customizations for this market report:

  • Further breakdown of the Rest of the World smart pills market into Latin America, Pacific countries, and the Middle East and Africa.
  • Detailed analysis and profiling of additional market players (up to 5)
Custom Market Research Services

We will customize the research for you, in case the report listed above does not meet with your exact requirements. Our custom research will comprehensively cover the business information you require to help you arrive at strategic and profitable business decisions.

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Jun, 2023
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