Smart Pills Drug Delivery Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Smart Pills Drug Delivery Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Smart Pills Drug Delivery Market is poised to grow at a CAGR of 10.2% over the forecast period (2022-2027). Certain factors that are driving the Smart Pills Drug Delivery market growth include increasing preference for minimally invasive devices, increasing incidence of gastrointestinal disorders, and technological advancements.

The COVID-19 pandemic has boosted the demand for smart pills for the management of patients suffering from COVID-19 and other associated disorders. It has also fueled the research and development activities for the development of smart pills. For instance, as per an August 2020 published article titled, “Preprogrammed Pill Delivery for Elderly Care in the COVID-19 Pandemic”, sometimes there is a necessity to be self-isolated during the pandemic attack and in such a scenario, the patients would probably forget to take the right medicine at the right time. As per the study, in times of the COVID-19 pandemic, there was a need to develop a pill drug delivery system with a preprogrammed feature, which will be used by the elderly or infected people. It states that the proposed preprogrammed drug delivery system is designed with an alerting module using an alarm and camera unit, which is one such approach designed to help patients to take their medications at a regular interval of time. Hence, with the above-mentioned factors, it is observed that the market stidied was positively impacted.

Additionally, the increasing burden of neurological, cancer and other disorders is driving the demand for smart pills in healthcare settings. For instance, as per a September 2021 update by the World Health Organization, around 55 million people have dementia, with over 60% living in low and middle-income countries. The same source also reports that this number is expected to rise to 78 million in 2030 and 139 million in 2050. With the increasing cases of Alzheimer's and dementia, there are increased chances of missing doses of medication or wrong administration of it, hence, increasing the need for smart pills drug delivery. Thus, the increasing burden of diseases around the globe and the need for care drives the market studied.

In addition, as per a November 2021 update by the World Health Organization, more than 1 billion people are estimated to experience disability. The source reports that this number corresponds to about 15% of the world's population, with up to 190 million (3.8%) people aged 15 years and older having significant difficulties in functioning, often requiring health care services. Also, as per the same source, the number of people experiencing disability is increasing due to a rise in chronic health conditions and population aging. Thus, there is a high demand for smart pills in healthcare settings that contributes to the market growth.

Smart Pills Drug Delivery Market TrendsCapsule Endoscopy is Expected to Hold Significant Market Share in the Type Segment

With the advent of healthcare technology, smart pills are capable of eliminating the need for invasive procedures. The wireless communication of smart pills allows the understanding of real-time information. Various advances are being undertaken in smart pills, such as advances in batteries and onboard memory, which are making them significant for long-term usage. It is expected that smart pills will become an integral part of remote patient monitoring and telemedicine.

National Institute of Health has stated that the advancements in capsule endoscopy are being done rapidly, and shortly, with an interface application, doctors will be able to control the movement of the device, inside the body. Through this technique, they can easily inspect or diagnose the point of the area, in the body. Hence, with the continuous advancements that are being done in the area of endoscopy, and with the rising need for proper diagnosis of gastrointestinal disorders, it is believed that the market studied will have rapid growth, over the forecast period.

Owing to the global companies inclining toward the smart capsule, the segment is expected to witness healthy growth. For instance, Medtronic provides PillCam SB1, PillCam SB2, Olympus provides Endocapsule and Endocapsule 10, NaviCam Stomach is developed by Ankon whereas, CapsoCam is provided by CapsoVision in the global markets.

Hence, owing to the all above-mentioned factors, the segment is expected to grow in the major countries across the globe.

North America Dominates the Market and Expected to do Same in the Forecast Period

The market for smart pill drug delivery in United States is expected to grow significantly during the forecast period, owing to the factors, such as the wide acceptance of technologically advanced solutions to make patient care hassle-free, a large pool of customers, and a rapidly growing geriatric population. A growing number of medication errors due to human intervention in specialty drug delivery may result in steep upward growth, which requires the need to focus on providing value-based care to patients in United States.

According to United States Food and Drug Administration (FDA), 2020, it was found that every year more than 100,000 cases of suspected medication errors are reported in United States. Thus, the statistics indicate that there has been a rising need for smart pill products in the country to avoid errors in medication.

As per the 2022 Alzheimer’s Disease facts and figures report, more than 6 million Americans of all ages have Alzheimer’s and an estimated 6.5 million Americans aged 65 and older are living with Alzheimer's in 2022. The same source reports that out of the total US population, about 1 in 9 people (10.7%) age 65 and older has Alzheimer’s dementia and the percentage of people with Alzheimer’s dementia increases with age, 5.0% of people aged 65 to 74. Thus, the statistics indicate that the demand for smart pills is expected to rise in United States.

Smart Pills Drug Delivery Market Competitive Analysis

The global Smart Pills Drug Delivery market is highly competitive and consists of a few major players. Companies like CapsoVision, Check-Cap, etectRx Inc., HQ Inc., Jinshan Science and Technology, Koninklijke Philips NV (Medimetrics), Medtronic PLC, Olympus Medical Technology, OtsUnited Kingdoma Pharmaceutical Co. Ltd, Proteus Pharmaceuticals, and Intromedic, among others, hold the substantial market share in the Smart Pills Drug Delivery market.

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