Smart Pills - Market Insights, Competitive Landscape, and Market Forecast - 2030

Smart Pills - Market Insights, Competitive Landscape, and Market Forecast - 2030

Smart Pills Market By Product (Capsules And Software And Accessories), Application (Capsule Endoscopy [Small Bowel Video Capsule Endoscopy And Colon Capsule Endoscopy], Patient Monitoring, And Drug Delivery), Disease (Crohn's Disease, Small Bowel Tumors, Inherited Polyposis Syndromes, GI Bleeding, And Others), End-Users (Hospitals & Clinics, Diagnostic Centers, And Others), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing prevalence of gastrointestinal diseases and the increasing demand of minimally invasive approaches across the globe

The global smart pills market is poised for significant growth, projected to achieve a remarkable Compound Annual Growth Rate (CAGR) of 11.34% during the forecast period from 2024 to 2030. A confluence of factors propels the demand for smart pills, with a notable impact stemming from the rising geriatric population and the escalating incidence of lifestyle-related diseases such as cancer and diabetes. This demographic shift is creating a pressing need for advanced healthcare solutions, thereby fostering the adoption of smart pills.

Moreover, the market is set to benefit from heightened research and development endeavors, coupled with increased funding dedicated to smart pill innovation. Technological strides, including the integration of micro-cameras, miniaturization, and the widespread availability of advanced microprocessors, are pivotal in augmenting the overall market landscape. These technological enhancements enhance the diagnostic and therapeutic capabilities of smart pills, positioning them as vital tools in modern healthcare.

The surge in demand for minimally invasive procedures and a growing emphasis on patient convenience further amplify the market's trajectory. The convergence of these factors not only propels the market forward but also underscores the transformative potential of smart pills in revolutionizing medical diagnostics and treatment methodologies.

Furthermore, the smart pills market is poised for sustained growth due to an influx of new product launches and approvals. The dynamic landscape is characterized by an increasing focus on addressing unmet medical needs through innovative solutions, thereby driving the market's expansion. The forecast period from 2024 to 2030 is expected to witness a robust ecosystem of smart pill offerings, contributing significantly to the overall growth and development of this transformative segment within the healthcare industry.

Smart Pills Market Dynamics:

The burgeoning prevalence of diverse gastrointestinal diseases globally is poised to significantly boost the smart pills market. A compelling illustration is provided by recent data from the European Federation of Crohn's and Ulcerative Colitis Associations (EFCCA), revealing that a staggering 10 million individuals worldwide grapple with Inflammatory Bowel Disease (IBD). Furthermore, the National Institute for Health and Care Excellence underscores the gravity of the situation, reporting that Irritable Bowel Syndrome (IBS) typically emerges between ages 20 and 30 in the United Kingdom, with a prevalence of 10% to 20% in the general population annually. Alarmingly, it is believed that many with IBS symptoms forego medical consultation, indicating a potentially higher true prevalence.

Colorectal cancer, a formidable gastrointestinal challenge, saw 1,931,590 new global cases in 2020 according to GLOBOCAN 2021. This collective surge in gastrointestinal ailments globally underscores the escalating demand for smart pills, which play a pivotal role in both diagnosis and treatment.

The growing preference for minimally invasive procedures among patients propels the smart pills market further. Smart pills offer distinctive advantages such as advanced capsule endoscopy, precise drug delivery, and seamless remote patient monitoring. These attributes contribute to the increasing adoption of smart pills in the treatment paradigm for gastrointestinal diseases and cancer.

Market dynamics are further catalyzed by substantial investments in Research and Development (R&D) by industry players, coupled with strategic initiatives like partnerships and acquisitions. A noteworthy example is the collaboration between EtectRx and Pear Therapeutics in January 2021. This partnership aims to integrate wireless sensors embedded in medications with digital therapeutics, combining medication adherence data with innovative therapeutic approaches.

In conclusion, the confluence of rising gastrointestinal disease prevalence, the patient shift towards minimally invasive procedures, and strategic industry initiatives position the smart pills market for robust growth from 2024 to 2030. The continual advancements in technology and concerted efforts in research and partnerships underscore the transformative potential of smart pills in addressing the evolving landscape of gastrointestinal healthcare.

However, risks related to the smart pills, the high costs associated with the device, and others may restrict the growth of the overall smart pills market.

Smart Pills Market Segment Analysis:

Smart pills Market by Product (Capsules and Software and Accessories), Application (Capsule Endoscopy [Small Bowel Video Capsule Endoscopy and Colon Capsule Endoscopy], Patient Monitoring, and Drug Delivery), Disease (Crohn's Disease, Small Bowel Tumors, Inherited Polyposis Syndromes, GI Bleeding, and Others), End-Users (Hospitals & Clinics, Diagnostic Centers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

Within the application segment of the smart pills market, the small bowel video capsule endoscopy category is poised to capture a substantial revenue share in 2023, driven by its inherent advantages and diverse applications. Small bowel video capsule endoscopy is a non-invasive procedure employing a miniature wireless camera to capture images of the digestive tract, particularly the small intestine. This innovative approach involves the patient swallowing a capsule, akin to a large pill, housing a camera.

The miniature camera within the small bowel video capsule endoscopy system, encapsulated in a vitamin-sized pill, travels through the digestive tract, capturing thousands of images transmitted to a recorder worn on a belt around the patient's waist. Not only does this procedure offer a detailed view of the small intestine, but it also eliminates the need for invasive measures, aligning with the growing trend towards minimally invasive healthcare technologies.

Furthermore, ongoing advancements in small bowel video capsule endoscopes, particularly in batteries and onboard memory, contribute to their suitability for prolonged usage, enhancing diagnostic capabilities. The market benefits from the presence of technologically advanced devices designed for optimal visualization of the small intestine. For instance, CapsoCam Plus, a product by CapsoVision, stands out by providing a full 360º panoramic direct lateral view of the small bowel mucosa, thereby improving diagnostic accuracy.

The momentum in this segment is further fueled by a series of product launches, regulatory approvals, and strategic initiatives. A notable instance is Medtronic plc's PillCam Small Bowel 3 system, which received clearance from the United States Food and Drug Administration (FDA) in November 2021 for remote endoscopy procedures. The ingestible camera in this capsule facilitates comprehensive visualization of the small bowel, exemplifying the continuous innovation within the field.

In light of these factors, the small bowel video capsule endoscopy category is anticipated to experience substantial growth, contributing significantly to the overall expansion of the smart pills market throughout the forecast period. The convergence of technological advancements, non-invasiveness, and strategic industry moves positions this category as a key driver in shaping the future landscape of smart medical solutions.

North America is expected to dominate the overall Smart Pills Market:

In the year 2023, North America is anticipated to secure the leading share in the smart pills market, driven by several pivotal factors that underscore the region's prominence. The prevalence of chronic diseases, particularly gastrointestinal ailments and associated cancers, stands out as a key growth driver. This is substantiated by the International Foundation for Gastrointestinal Disorders (IFFGD) 2021 report, revealing that 25 to 45 million individuals in the United States were affected by irritable bowel syndrome during that year.

The region's receptiveness to technologically advanced solutions, aiming to streamline patient care, plays a crucial role. The widespread adoption of such solutions is facilitated by a large and discerning customer base, further complemented by the rapidly growing geriatric population. Regulatory approvals for innovative devices, coupled with heightened awareness regarding disease diagnosis through smart pill technology, further contribute to the region's prosperous outlook.

The International Foundation for Gastrointestinal Disorders (IFFGD) report highlights the escalating burden of Inflammatory Bowel Disease (IBD) in Canada, projecting an increase from 322,600 people affected in 2023 to 470,000 in 2035. This trend underscores the growing demand for smart pills for both diagnosis and treatment in response to the rising prevalence of gastrointestinal diseases.

Notably, the region benefits from the presence of key industry players, fostering a conducive environment for product development activities. Additionally, the United States Food and Drug Administration (FDA) has been instrumental in shaping the market trajectory by granting approvals for innovative technologies. An illustrative example is the FDA's clearance in December 2019 for etectRx’s ID-CAP System – a pill embedded with sensors that wirelessly communicates with an external system, revolutionizing remote health monitoring without physical contact.

In light of these factors, the smart pills market in North America is poised for substantial growth during the forecast period from 2024 to 2030. The confluence of increasing disease prevalence, regulatory support, technological advancements, and a robust healthcare ecosystem positions the region as a pivotal player in driving the evolution of smart medical solutions.

Smart Pills Market Key Players:

Some of the key market players operating in the smart pills market include Medtronic, Capso Vision Inc., Olympus America, Hoya (Pentax Medical), etectRx, Check-Cap, INTROMEDIC, HQ, Inc., Koninklijke Philips N.V., Novartis AG, BodyCAP, Medisafe, Otsuka America Pharmaceutical, Inc., JINSHAN Science & Technology, Proteus Digital Health, Inc., AnX Robotics, Medimetrics S.A. de C.V., BioCam, BDD Limited, RF Co., Ltd., and others.

Recent Developmental Activities in the Smart Pills Market:

In February 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, 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 June 2020, AnX Robotica Corp. was granted by the FDA De-Novo classification for its NaviCam Magnetically Controlled Capsule Endoscopy (MCCE) System. It is the first-of-its-kind system that 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 December 2020, CapsoVision Inc., 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 the company's long-term commitment to the protection of customer data.

Key Takeaways from the Smart Pills Market Report Study

Market size analysis for current smart pills market size (2023), and market forecast for 6 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global smart pills market.

Various opportunities available for the other competitors in the smart pills market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current smart pills market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for smart pills market growth in the coming future?

Target Audience who can be benefited from this Smart Pills Market Report Study

Smart pill product providers

Research organizations and consulting companies

Smart pills-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in smart pills

Various End-users who want to know more about the smart pills market and the latest technological developments in the smart pills market.

Frequently Asked Questions for the Smart Pills Market:

1. What are smart pills?

Smart pills, also known as digital pills or ingestible sensors, are medical capsules or tablets that contain embedded sensors, cameras, or other monitoring devices. These technological components allow the smart pills to collect and transmit data about physiological conditions, medication adherence, and other relevant information from inside the human body. The primary purpose of smart pills is to enhance medical diagnostics, patient monitoring, and drug delivery. They are designed to provide healthcare professionals with real-time information about a patient's health status and response to medication.

2. What is the market for global smart pills?

The global smart pills market is poised for significant growth, projected to achieve a remarkable Compound Annual Growth Rate (CAGR) of 11.34% during the forecast period from 2024 to 2030.

3. What are the drivers for the global smart pills market?

The demand for smart pills is primarily being boosted by the increasing prevalence of increasing prevalence of chronic diseases, high demand for minimally invasive procedures, an increase in focus on patient convenience, technological development including miniaturization of integrated circuits, increasing product launches and approvals, and others thereby contributing to the overall growth of the smart pills market during the forecast period from 2024-2030.

4. Who are the key players operating in the global smart pills market?

Some of the key market players operating in the smart pills market include Medtronic, Capso Vision Inc., Olympus America, Hoya (Pentax Medical), etectRx, Check-Cap, INTROMEDIC, HQ, Inc., Koninklijke Philips N.V., Novartis AG, BodyCAP, Medisafe, Otsuka America Pharmaceutical, Inc., JINSHAN Science & Technology, Proteus Digital Health, Inc., AnX Robotics, Medimetrics S.A. de C.V., BioCam, BDD Limited, RF Co., Ltd., and others.

5. Which region has the highest share in the smart pills market?

North America is expected to dominate the overall smart pills market during the forecast period from 2024-2030. Owing to factors such as the rising prevalence of chronic diseases and gastrointestinal diseases and related cancers, wide acceptance of technologically advanced solutions to make patient care hassle-free, a large pool of customers, a rapidly growing geriatric population, regulatory approval for new devices, and high awareness about the diagnosis of the disease using smart pill technology among others, the North America smart pills market is expected to growth in coming years.