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Monitoring Smart Pill Market Size, Share Global Analysis Report, 2022 – 2028
Monitoring Smart Pill Market Size, Share, Growth Analysis Report By Target Area (Small Intestine, Esophagus, Large Intestine, and Stomach), By Application (Drug Delivery, Capsule Endoscopy, and Patient Monitoring), By End User (Hospitals, Clinics, and Diagnostic & Research Centers), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028
Industry Insights
[217+ Pages Report] According to the report published by Facts & Factors, the global monitoring smart pill market size was worth around USD 4.3 billion in 2021 and is predicted to grow to around USD 9.29 billion by 2028 with a compound annual growth rate (CAGR) of roughly 12.29% between 2022 and 2028. The report analyzes the global monitoring smart pill market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the monitoring smart pill market.
Market Overview
Smart pills are being considered real game changers in the field of diagnostic testing. The smart pills, as the name suggests, are single-use ingestible pills, generally capsulated, that can help in understanding the time ingested food takes to move through the digestive system. The entire process is non-invasive and less time-consuming than other diagnostic measures. It does not require the patient to get exposed to any form of radiation-based tests. The use of the monitoring smart pill is extremely simple as the only main criterion is to swallow the pill, as one would swallow any other medical dose. This advanced technique of diagnosing problems is generally used on patients who suffer from chronic digestive issues like constipation, and gastroparesis, which is the complete emptying of the stomach.
Key Insights
- As per the analysis shared by our research analyst, the global monitoring smart pill market is estimated to grow annually at a CAGR of around 12.29% over the forecast period (2022-2028).
- In terms of revenue, the monitoring smart pill market size was valued at around USD 4.3 billion in 2021 and is projected to reach USD 9.29 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on end-user segmentation, hospitals were predicted to show maximum market share in the year 2021
- Based on application segmentation, capsule endoscopy was the leading revenue-generating application in 2021.
- On the basis of region, North America was the leading revenue generator in 2021
Covid-19 Impact
The global market cap, even though a part of the healthcare segment, registered slow growth during the pandemic. The use of smart pills is a relatively newer concept with a large section of the people still unaware of the technology and medical personnel trying to zero down on how efficient the system is. During the pandemic, the interest in monitoring smart pills reduced since the entire focus was on understanding more about the virus.
Growth Drivers
- Rising demand for minimally invasive techniques to propel market growth
The global monitoring smart pill market is projected to grow owing to the rising demand for minimally invasive techniques to diagnose medical problems. This is further propelled by the growing number of the geriatric population who are more prone to suffer from gastrointestinal concerns but are not comfortable with undergoing surgical processes to diagnose and treat the condition. As per the National Library of Medicine, issues like constipation are directly dependent on the age of the patient. In people over 65 years of age, the prevalence rate is 16% in men and 26% in women. The number rises to 26% and 34% respectively, for the age group above 84 years.
The global market size is anticipated to benefit from the rising number of strategic actions undertaken by smart pill manufacturers to help create a larger consumer database. The actions involve collaborating with hospitals, clinics, and medical personnel on one side, while on the other end investing in intensive research activities to generate more information on the advantages and possible side effects of using the pill across genders, groups, and the prevalence of other medical conditions.
Restraints
- Scholars claiming against the quick adoption rate of the technology to restrict the market growth
A research paper submitted by scholars at the University of Illinois has requested the medical community to slow down the adoption rate of smart pills as more proof is needed if these medicines can impact patients' lives for the better. There are concerns regarding the privacy of data acquired by the digital pills along with concerns like assuming the pill is 100% effective in delivering what is claimed to be. The contradicting views amongst the scientific community may restrict the global market growth
Opportunities
- Advanced technology adoption to provide market expansion opportunities
The global monitoring smart pill market cap is expected to benefit from the rising trend of upgrading better and more advanced software in the technology employing the use of digital or smart pills. Manufacturers of the pill understand the importance of safety, both medically as well as data-compliance related, when patients use these pills. Low-quality products and software of related systems do not receive the necessary approval from regulatory bodies which makes sure that only high-grade products are on the market.
Challenges
- High cost of smart pills to challenge market growth
The average annual cost associated with the use of smart pill bottles including pharmacist intervention in the United States costs around USD 1200, which may be on the expensive side for the population in the low to medium-income group. The high cost of the pills in addition to fees for the treatment and maintenance of the system makes the technology unaffordable for a large part of the consumer database.
Segmentation Analysis
- The global monitoring smart pill market is segmented based on target area, application, end user, and region
Based on target area, the global market segments are small intestine, esophagus, large intestine, and stomach. The pill tracks the food movement through the digestive tract. Around 20 million American citizens are known to suffer from digestive issues.
Based on application, the global market segments into drug delivery, capsule endoscopy, and patient monitoring. Capsule endoscopy leads the segmental growth, the cost of which varies between USD 217 to USD 2,286
Based on end-user, the global market is divided into hospitals, clinics, and diagnostic & research centers, with hospitals generating the highest revenue. The global average cost of a healthcare unit spending on Information Technology (IT) infrastructure is 3% of the total budget.
Recent Developments:
- In January 2019, Proteus, a silicon valley company, announced that it has created a smart or digital pill designed for the needs of cancer patients with the aim to allow space for improved outcomes. The company has managed to create a pill that the patient ingests during chemotherapy, and the sensors of the pill will alert the physician or concerned parties with the information related to the vitals
- In January 2021, Pear Therapeutics and etectRx, Inc. entered a partnership intending to develop two product items in the central nervous system segment with the integration of prescription digital therapeutics and adherence sensors. The partnership is being hailed as one of its kind.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 4.3 Billion |
Projected Market Size in 2028 |
USD 9.29 Billion |
CAGR Growth Rate |
12.29% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Check-Cap, Pentax Medical, Bodycap, Otsuka America Pharmaceutical Inc., Intromedic, Given Imaging Inc., Jinshan Science & Technology (Group) Co. Ltd., and Others |
Key Segment |
By Target Area, Application, End User, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Regional Analysis
- North America to generate the highest revenue during the forecast period
The global monitoring smart pill market is projected to generate the highest revenue in North America driven by the robust health infrastructure and high awareness rate amongst the population about medical care and the recent technological developments allowing them to try new medical processes under the guidance of authorized medical personnel. Countries like the United States and Canada have world-class medical reimbursement policies in place covering the cost of medical treatment, which ultimately encourages patients to undergo medical treatment resistance related to monetary. A growing number of geriatric populations in the United States is another contributing factor to regional growth. As per the U.S Census Bureau, by July 2019, there were over 54.1 million people above 65 years of age. However, there is a significant prevalence of health maintenance amongst the population of all age groups propelling the regional market demand for technically advanced medical processes which aid better quality of life even when battling crucial chronic diseases.
Competitive Analysis
- Check-Cap
- Pentax Medical
- Bodycap
- Otsuka America Pharmaceutical Inc.
- Intromedic
- Given Imaging Inc.
- Jinshan Science & Technology (Group) Co. Ltd.
The global monitoring smart pill market is segmented as follows:
By Target Area
- Small Intestine
- Esophagus
- Large Intestine
- Stomach
By Application
- Drug Delivery
- Capsule Endoscopy
- Patient Monitoring
By End User
- Hospitals
- Clinics
- Diagnostic & Research Centers
By Regional Segment Analysis
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Content
Industry Major Market Players
- Check-Cap
- Pentax Medical
- Bodycap
- Otsuka America Pharmaceutical Inc.
- Intromedic
- Given Imaging Inc.
- Jinshan Science & Technology (Group) Co. Ltd.
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