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
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
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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
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
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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):
What is the projected market revenue value of the global smart pills market?
The global smart pills market boasts a total revenue value of $1.1 billion by 2028.
What is the estimated growth rate (CAGR) of the global smart pills market?
The global smart pills market has an estimated compound annual growth rate (CAGR) of 11.8% and a revenue size in the region of $0.6 billion in 2023.
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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
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
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)
Generating Response ...
Growth opportunities and latent adjacency in Smart Pills Market