The 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 factors such as the technological advancements in capsule endoscopy, increasing incidence of colon cancer, and growing demand for non-invasive diagnostic monitoring devices. On the other hand, high cost associated with smart pills is expected to restrain the market growth to some extent in the coming years.
The prominent players in smart pills market are RF Co., Ltd. (Japan), CapsoVision, Inc. (US), Check-Cap Ltd. (Israel), Medtronic plc (US), Olympus Corporation (Japan), etectRx (US), Shenzhen Jifu Medical Technology Co., Ltd. (China), Chongqing Jinshan Science & Technology (Group) Co., Ltd. (China), BodyCap (France), IntroMedic (South Korea), AnX Robotica Corp. (US), and Otsuka America Pharmaceutical, Inc. (US).
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Medtronic plc is a well-known medical technology company that specializes in developing and manufacturing a wide range of medical devices and therapies and global manufacturer of smart pills. It offers capsule endoscopy products through its business segment, respiratory, gastrointestinal, and renal. The continued and future acceptance of minimally invasive standards of care in the field of Gastrointestinal (GI) and Hepatology is evident in the evolving product lines of diagnostic and therapeutic GI products and Medtronic, has introduced innovative products such as the PillCam COLON capsule endoscopy. The PillCam COLON is a cutting-edge solution that enables non-invasive imaging of the colon. This capsule endoscopy technology offers a less intrusive alternative to traditional colonoscopy procedures, reducing patient discomfort and enhancing overall patient experience. By embracing such advancements, Medtronic aims to provide healthcare professionals with advanced tools to diagnose and treat gastrointestinal conditions effectively.The company’s strong investments in developing innovative products have helped it become a reputed player in the smart pills market.
CapsoVision, Inc. is one of the major player in the smart pills market offering capsule endoscopy solutions that offers the diagnostic imaging solutions for the gastrointestinal system. The flagship CapsoCam Plus small bowel capsule endoscope offered by the company utilizes an innovative 360° panoramic lateral view to address the shortcomings associated with end-facing cameras. CapsoVision currently provides the CapsoCam Plus capsule endoscopy system in more than 70 countries, along with its comprehensive CapsoCloud and CapsoPro services exclusively in the US. Company also has multiple distribution through distribution partners across US and Canada.
Olympus Corporation is a provider of precision optics and imaging products. The company has established itself as a global leader in various fields, including medical and surgical equipment, life sciences, and camera & audio products . It is a leader in the gastrointestinal endoscopic equipment. The company holds a significant market position in the s mart pills markets. The company’s Endoscopic Solutions segment offers capsule endoscopes for diagnostic imaging of the digestive tract. It derives most of its revenue from the developed regions of North America and Europe. Olympus Corporation focuses on organic strategies, such as product launches. The company launched the EndoCapsule System EC-10 a few years ago for captureing images and transmitting them wirelessly to an external data recorder worn by the patient. The company has also invested in R&D to develop smart pill technologies that explore innovative methods to integrate sensors, data transmission capabilities, and other advanced features into ingestible capsules.
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
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