Smart Pills Market Size, Growth, Trends | Report 2023-2032
The global smart pills market was estimated at USD 1,932.57 million in 2022 and it is expected to surpass around USD 8,778.60 million by 2032, poised to grow at a CAGR of 16.34% from 2023 to 2032.
Key Pointers
Report Scope of the Smart Pills Market
| Report Coverage | Details |
| Market Size in 2022 | USD 1,932.57 million |
| Revenue Forecast by 2032 | USD 8,778.60 million |
| Growth rate from 2023 to 2032 | CAGR of 16.34% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
High demand for minimally invasive procedures, an increase in focus on patient convenience, and technological development including miniaturization of integrated circuits are factors that will drive market growth.
Demand for advanced drug delivery systems with benefits such as optimal use of the active pharmaceutical ingredients, reduced dosage frequency, minimal adverse/side effects, targeted drug delivery, and the safer carrier is driving the market for smart pills. The integration of innovative drugs, medical devices, and advanced technologies is expected to play an important role in further boosting the market over the forecast period. Patients with chronic diseases who need to follow a specific dose of medication at the target site are expected to form a large customer base for advanced drug delivery products.
High demand for minimally invasive surgical procedures has given rise to innovative techniques such as capsule endoscopy. With advantages such as ease of administration and detailed observation of the gastrointestinal tract, capsule endoscopy is expected to replace traditional endoscopy methods.
A large number of smart pills are being studied for their potential use in diagnosis and in therapeutics of several chronic and acute diseases. Players in emerging markets are focusing on the development of innovative products, such as video endoscopy capsules, to take advantage of early market opportunities. Jinshan Science and Technology (OMOM capsule endoscopy) from China and IntroMedic (MiroCam) from South Korea are examples of such companies.
Potential customers of smart pills include patients with paralysis, immobile patients, and the geriatric population. Growth in the geriatric population is expected to fuel the demand for advanced medical devices designed to increase the convenience of patients. According to the U.S. Census Bureau, in the next 10 years, there will be an increase of nearly 236 million people aged above 65 across the globe. This suggests an enormous growth opportunity for the market over the forecast period.
Regional Insights
North America dominates the smart pills market in terms of revenue, accounting for a share of 57.4% in 2022. The region is expected to retain its lead 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. The American Cancer Society estimates that 95,520 new cases of colon cancer and 39,910 new cases of rectal cancer will be diagnosed in the U.S. by the end of 2021. This is expected to provide growth opportunities for players operating in the U.S. market.
Asia Pacific is expected to grow significantly in the coming years, especially in Japan, China, and India. Key factors driving the Japan market for smart pills include mandatory healthcare insurance, technological advancements, and an increase in the prevalence of stomach cancer and gastrointestinal disorders. According to the World Cancer Research Fund International, Japan ranks third among Asian countries in the prevalence of stomach cancer. Thus, a high prevalence of target diseases, coupled with growing government support, will create suitable growth opportunities in Japan.
Smart Pills Market Segmentations and Key Players:
| By Application | Key Players |
|
Product Capsule Endoscopy Drug Delivery Tools Patient Monitoring Software |
Proteus Digital Health Medtronic CapsoVision, Inc. Olympus Corporation Otsuka Pharmaceutical Co., Ltd. MEDISAFE others |
Chapter 1. Introduction
1.1.Research Objective
1.2.Scope of the Study
1.3.Definition
Chapter 2. Research Methodology
2.1.Research Approach
2.2.Data Sources
2.3.Assumptions & Limitations
Chapter 3. Executive Summary
3.1.Market Snapshot
Chapter 4. Market Variables and Scope
4.1.Introduction
4.2.Market Classification and Scope
4.3.Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5.COVID 19 Impact on Smart Pills Market
5.1. COVID-19 Landscape: Smart Pills Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4.Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1.Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2.Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1.List of Suppliers
7.1.3.2.List of Buyers
Chapter 8. Global Smart Pills Market, By Application
8.1.Smart Pills Market, by Application Type, 2023-2032
8.1.1. Product
8.1.1.1.Market Revenue and Forecast (2020-2032)
8.1.2. Capsule Endoscopy
8.1.2.1.Market Revenue and Forecast (2020-2032)
8.1.3. Drug Delivery
8.1.3.1.Market Revenue and Forecast (2020-2032)
8.1.4. Tools
8.1.4.1.Market Revenue and Forecast (2020-2032)
8.1.5. Patient Monitoring Software
8.1.5.1.Market Revenue and Forecast (2020-2032)
Chapter 9. Global Smart Pills Market, Regional Estimates and Trend Forecast
9.1. North America
9.1.1. Market Revenue and Forecast, by Application (2020-2032)
9.1.2. U.S.
9.1.2.1. Market Revenue and Forecast, by Application (2020-2032)
9.1.3. Rest of North America
9.1.3.1. Market Revenue and Forecast, by Application (2020-2032)
9.2. Europe
9.2.1. Market Revenue and Forecast, by Application (2020-2032)
9.2.2. UK
9.2.2.1. Market Revenue and Forecast, by Application (2020-2032)
9.2.3. Germany
9.2.3.1. Market Revenue and Forecast, by Application (2020-2032)
9.2.4. France
9.2.4.1. Market Revenue and Forecast, by Application (2020-2032)
9.2.5. Rest of Europe
9.2.5.1. Market Revenue and Forecast, by Application (2020-2032)
9.3. APAC
9.3.1. Market Revenue and Forecast, by Application (2020-2032)
9.3.2. India
9.3.2.1. Market Revenue and Forecast, by Application (2020-2032)
9.3.3. China
9.3.3.1. Market Revenue and Forecast, by Application (2020-2032)
9.3.4. Japan
9.3.4.1. Market Revenue and Forecast, by Application (2020-2032)
9.3.5. Rest of APAC
9.3.5.1. Market Revenue and Forecast, by Application (2020-2032)
9.4. MEA
9.4.1. Market Revenue and Forecast, by Application (2020-2032)
9.4.2. GCC
9.4.2.1. Market Revenue and Forecast, by Application (2020-2032)
9.4.3. North Africa
9.4.3.1. Market Revenue and Forecast, by Application (2020-2032)
9.4.4. South Africa
9.4.4.1. Market Revenue and Forecast, by Application (2020-2032)
9.4.5. Rest of MEA
9.4.5.1. Market Revenue and Forecast, by Application (2020-2032)
9.5. Latin America
9.5.1. Market Revenue and Forecast, by Application (2020-2032)
9.5.2. Brazil
9.5.2.1. Market Revenue and Forecast, by Application (2020-2032)
9.5.3. Rest of LATAM
9.5.3.1. Market Revenue and Forecast, by Application (2020-2032)
Chapter 10.Company Profiles
10.1. Proteus Digital Health
10.1.1.Company Overview
10.1.2.Product Offerings
10.1.3.Financial Performance
10.1.4.Recent Initiatives
10.2. Medtronic
10.2.1.Company Overview
10.2.2.Product Offerings
10.2.3.Financial Performance
10.2.4.Recent Initiatives
10.3. CapsoVision, Inc.
10.3.1.Company Overview
10.3.2.Product Offerings
10.3.3.Financial Performance
10.3.4.Recent Initiatives
10.4. Olympus Corporation
10.4.1.Company Overview
10.4.2.Product Offerings
10.4.3.Financial Performance
10.4.4.Recent Initiatives
10.5. Otsuka Pharmaceutical Co., Ltd.
10.5.1.Company Overview
10.5.2.Product Offerings
10.5.3.Financial Performance
10.5.4.Recent Initiatives
10.6. MEDISAFE
10.6.1.Company Overview
10.6.2.Product Offerings
10.6.3.Financial Performance
10.6.4.Recent Initiatives
10.7. others
10.7.1.Company Overview
10.7.2.Product Offerings
10.7.3.Financial Performance
10.7.4.Recent Initiatives
Chapter 11.Research Methodology
11.1.Primary Research
11.2.Secondary Research
11.3.Assumptions
Chapter 12.Appendix
12.1. About Us
12.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers