Smart Pills Market

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Smart Pills Market

Smart Pills Market to Reach USD 14.3 billion by 2032, driven by the growth in investment in healthcare infrastructure across the globe: Global Insight Services

New York, April 2023: According to a new research study by Global Insight Services (GIS), the global Smart Pills market is expected to grow rapidly over the next 10 years to reach a value of more than USD 14.3 billion by 2032.

Small digital devices known as “smart pills” have a capsule-like shape and are supposed to conduct very complex tasks like sensing, imaging, and medicine administration. When swallowed, these capsules—which may contain a biosensor, an image sensor, a pH sensor, or a chemical sensor—travel along the gastrointestinal track to collect images that would be otherwise challenging to obtain. Additionally, smart pills come with a tiny wearable sensor patch that is linked to a provider portal and an app on a mobile device. These non-invasive tools have transformed how cancer and gastrointestinal problems are diagnosed and can take the place of more traditional diagnostic methods like endoscopy.

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Smart Pills Market: Key Trends and Drivers

The market for smart pills is being driven by demand for cutting-edge drug delivery systems that offer advantages such optimal utilisation of the active pharmaceutical components, decreased dosage frequency, minimum adverse/side effects, targeted drug administration, and the safer carrier. Over the course of the projected period, the combination of cutting-edge technology, medical devices, and pharmaceuticals is anticipated to significantly enhance the market. It is anticipated that a sizable portion of the market for enhanced drug delivery systems will consist of patients with chronic conditions who must adhere to a specified medicine dosage at the target site.

Smart Pills Market: Restraints and Challenges

The expensive cost of the ingestible sensors and strict government rules regarding the expanding use of these devices are the two reasons that are expected to slow the market’s expansion.

Smart Pills Market Report Findings

https://www.globalinsightservices.com/reports/smart-pills-market/

The capsule endoscopy segment is anticipated to dominate the market during the forecast period

Based on the application, it is segmented into capsule endoscopy, drug delivery, and patient monitoring. The capsule endoscopy segment is anticipated to dominate the market during the forecast period. The key factors such as an increase in the geriatric population coupled with a rise in chronic disorders such as cancer, diabetes, and others are boosting the growth of the market.

The esophagus segment is anticipated to dominate the market during the forecast period

Based on the target area, it is segmented into the esophagus, small intestine, large intestine, and stomach. The esophagus segment is anticipated to dominate the market during the forecast period. The key factors such as a surge in the prevalence of lifestyle-related disorders such as obesity, gastroesophageal reflux disease, gastric ulcers, and others majorly drive the growth of the smart pills market.

The esophageal diseases segment is anticipated to dominate the market during the forecast period

Based on the disease indication, it is segmented into esophageal diseases, small bowel diseases, colon diseases, and others. The esophageal diseases segment is anticipated to dominate the market during the forecast period. The key factors such as increased R&D investment in developing smart pills are boosting the growth of the market.

The hospital end user segment is anticipated to dominate the market during the forecast period

Based on the end user, it is segmented into hospitals, diagnostic centers, and research institutes. The hospital end user segment is anticipated to dominate the market during the forecast period. The rise in technological advances pertaining to smart pills like bioelectronics, the availability of microprocessors, micro-cameras, miniaturization, and others are expected to offer lucrative opportunities in the upcoming years.

The North American region is anticipated to dominate the market during the forecast period

Region-wise, it is studied across the North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Medical researchers ongoing progress in the area of ingestible electronics is what is fueling this growth. The U.S. FDA and other regional agencies have been developing standards for obtaining approvals for digital smart tablets. Over the anticipated period, such actions are anticipated to fuel regional growth.

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Competitive Landscape

The key players studied in the report are Olympus Corporation, Proteus Digital Health Inc., CapsoVision Inc., MEDTRONIC, FUJIFILM Holdings Corporation, RF Co. Ltd., Check-Cap, BDD Limited, JINSHAN Science & Technology, and MEDISAFE among others.

Smart Pills Market Report Coverage

The report offers a comprehensive quantitative as well as qualitative analysis of the current global Smart Pills market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
A thorough analysis of market trends and restraints is provided.
Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
The forecasts in this report are made by examining the recent trends along with future Smart Pills market potential from 2022 to 2032 in terms of revenue.
Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Smart Pills market are also analyzed.
Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global Smart Pills industry.