Smart Pill Technology Market

Market Synopsis:

Global Smart Pill Technology Market is valued at USD 685.10 Million in 2021 and is projected to reach a value of USD 1,995.01 Million by 2028 at a CAGR of 19.5% over the forecast period.

The Global Smart Pill Technology Market is expected to witness growth over the forecast period. The convergence of the healthcare and technology industries has seen major advances in electronic health records and telehealth. Medication adherence has been a goal of digital health technology development for many years. Smart Pill Technology is a revolutionary technological innovation that bridges the gap between healthcare and digital technology. This technique is used to diagnose gastrointestinal disorders such as gastro paresis and constipation. The technology includes computer software, a receiver (worn by the patient) and a wireless capsule that analyzes and classifies the information. The main functions of the system include recording medication for the patient, as well as information related to various parameters such as pressure, temperature, and pH of the gastrointestinal tract. The pill uses gastric fluids as a power source to broadcast a signal back to the battery-powered patch. This data includes basic information such as body temperature, patient’s heart rate, and digestion time. Data is sent to a mobile app used by doctors to observe a high degree of flexibility in monitoring and diagnosing disease.

Market Segmentation:

Capsule Endoscopy Segment to Hold the Largest Market Share During the Forecast Period

On the basis of technology, the capsule endoscopy segment is expected to register a major share in the global Smart Pill Technology Market during the forecast period. This growth is mainly attributable to increased research activities and funding by various organizations, coupled with increasing adoption by the global healthcare industry to improve the efficiency and ease of use of endoscopy procedures.

The Crohn’s Disease is Projected to Account for Considerable Growth Rate

Based on diseases, the small pill technology market is expected to witness considerable growth rate from the Crohn's disease over the forecast period. This growth is due to a rush in the publication of research advocating the use of smart pills to treat diseases. For example, in January 2021, Smart Tab published "Advancing a High-Tech Drug Delivery System for the Treatment of Crohn's Disease" in the journal IBD (Inflammatory Bowel Disease). The company's capsule technology utilizes radio frequency (RF) signals to trigger optimal release of drug contents to a designated area of ​​the gastrointestinal tract.

North America Region Dominated the Smart Pill Technology Market

By region, the North America Smart Pill Technology Market is estimated to have recorded promising gains during the analysis period. This growth is driven by the continuing advancements in ingestible electronics by medical researchers. Favorable reimbursement scenario, coupled with several government organizations in the region, including the U.S. FDA, have been developing guidelines to ensure approval of digital smart pills. These steps are expected to drive regional growth during the forecast period.

The Asia Pacific market is new to Smart Pill Technology as compared to others. The growth in this region is attributed to increasing investments by various company players, changing reimbursement schemes, and provision for endoscopy research.

Competitive Landscape:

Competition will intensify as some major players are focusing on expanding their smart pill portfolios through acquisitions and partnerships with companies. The Smart Pill Technology Market is expected to open up several opportunities for new players, as well as for currently established market leaders. The major companies operating in the global Smart Pill Technology Market includes CapsoVision Inc. (U.S.), Given Imaging Inc. (Israel), Medimetrics S.A. de C.V. (Mexico), Olympus Corporation (Japan), and Bio-Images Research Limited (U.K.).

Smart Pill Technology Market is Segmented as Follows:

Smart Pill Technology Market is Tabulated as Follows: