Smart pills are capsule-sized ingestible medical devices consisting of elements such as sensors, cameras, patches, and trackers that help in better diagnostics, patient monitoring, as well as targeted drug delivery. They are majorly available in the form of a vitamin capsule sized pill and possess small wearable sensor patch, an application on a mobile device, and a provider portal.
According to our new research study on "Smart Pills Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application, Disease Indication, and End User," the smart pills market is expected to grow from US$ 4,019.30 million in 2021 to US$ US$ 9,061.29 million by 2028; it is estimated to grow at a CAGR of 12.3% from 2021 to 2028. Factors driving the smart pills market's growth are the increase in strategic collaborations partnerships on smart pills, and rising demand for minimally invasive surgical procedures. However, the high cost of smart pills hampers the smart pills market growth.
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Based on application, the smart pills market is segmented into capsule endoscopy, drug delivery, and patient monitoring. In 2021, capsule endoscopy segment held the largest market share. However, drug delivery is estimated to grow at the fastest CAGR of 13.4% during the forecast period. Moreover, the capsule endoscopy segment is segmented into small bowel video capsule endoscopy, colon capsule endoscopy, controllable capsule endoscopy, storable capsule endoscopy, and other capsule endoscopy. In 2021, the small bowel video capsule endoscopy segment held the largest market share of the smart pills market by capsule endoscopy; however, colon capsule endoscopy is estimated to register the highest CAGR of 12.4% during the forecast period. The largest share of this segment is due to the higher preference for technological developments in the capsule endoscopes. Smart pills emerged as a revolutionary technological innovation, bridging digital technology and healthcare. The advent of these healthcare-cum-technological devices enabled addressing soaring demand for better monitoring and diagnostics.
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CapsoVision, Inc.; Medtronic.; Check-Cap; PENTAX Medical; Olympus Corporation; BodyCap.; Otsuka America Pharmaceutical, Inc.; IntroMedic; Jinshan Science Technology (Group) Co., Ltd.; and RF Co., Ltd. are a few leading companies operating in the smart pills market.
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