Global Smart Pills Technology Market

Global Smart Pills Technology Market Size, Share, Growth Analysis, By Application(Capsule Endoscopy, Patient Monitoring), By Target Area(Esophagus, Stomach), By Disease(Crohn’s Disease, Celiac Disease), By End User(Hospital & Specialty Clinics, Diagnostic) - Industry Forecast 2024-2031

Report ID: SQSG35H2020 | Region: Global | Published Date: February, 2024
Pages: 264 | Tables: 121 | Figures: 76

Global Smart Pills Technology Market Dynamics

Smart Pills Technology Market Driver

  • The demand for smart pill technologies is anticipated to increase significantly in the coming years as a result of the rising prevalence of gastrointestinal diseases (such as motility disorders, colon cancer, obscure gastrointestinal bleeding, and Crohn's disease), sedentary lifestyle, and high patient compliance as a result of minimally invasive techniques.
  • Additionally, the smart pill technology market would be further boosted by the evolving syndromes and illnesses linked to lifestyle. The penetration of developed and developing nations will also be aided by rising disposable income to purchase the novel technologies that are emerging in the market for smart pills. This will significantly affect the smart pill technology market. The market will also be driven by the growing elderly population, who is more prone to IBD, Ulcerative colitis, and Crohn's disease.

Smart Pills Technology Market Restraint

  • The development of the market is being hampered despite the many advantages that the technology behind smart tablets offers. These hurdles include the lack of technological sophistication in capsule endoscopes and patient anxiety about ingesting a microchip. Furthermore, high cost of the ingestible sensors and strict government rules regulating the expanding usage of these devices are expected to limit market expansion.
  • The smart pills technology market may be constrained by high cost connected with them and insufficient reimbursement regulations in developing nations to provide complete coverage to patients. Additionally, strict government rules around their use and the technological limitations of various smart pill situations are impeding their uptake throughout the projection period.
$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Global Smart Pills Technology Market size was valued at USD 866.61 billion in 2019 and is poised to grow from USD 944.57 billion in 2023 to USD 7500 billion by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).

Global Smart Pills Technology Market is mildly fragmented and moderately competitive. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Major players include Medtronics, Capso Vision Inc., Olympus Corporation, Pentax Medical (Hoya) and etectRx. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Medtronic plc', 'Philips Healthcare', 'Olympus Corporation', 'Boston Scientific Corporation', 'CapsoVision, Inc.', 'GE Healthcare', 'Fujifilm Holdings Corporation', 'IntroMedic Co., Ltd.', 'Medisafe', 'Given Imaging Ltd.', 'Vitality, Inc.', 'MC10 Inc.', 'Johnson & Johnson', 'Siemens Healthineers', 'Novartis AG', 'Becton, Dickinson and Company', 'Proteus Biomedical, Inc.', 'Pentax Medical', 'Microchips Biotech, Inc.'

The demand for smart pill technologies is anticipated to increase significantly in the coming years as a result of the rising prevalence of gastrointestinal diseases (such as motility disorders, colon cancer, obscure gastrointestinal bleeding, and Crohn's disease), sedentary lifestyle, and high patient compliance as a result of minimally invasive techniques.

The Smart Pill Expert System (SPES) uses AI-IoT technologies to automate the administration of pills and has a good user interface. SPES's mission is to serve every person and institution that depends on medication by offering expertise in real-time diagnosis. Medical Non-Adherence (MNA) is a significant contributor to lengthy healing times, financial difficulties, and early mortality. This device is designed to be used in nursing homes, hospices, and home healthcare facilities. It can concurrently meet the demands of one user and several users. Family members, nurses, and medical professionals may follow and monitor users continually thanks to APT and online services. SPES has a failure rate of less than 5% due to little human interaction. The system's primary objective is to give the appropriate drug to the appropriate patient at the appropriate time. The SPE System's major benefit is its ability to accommodate numerous users concurrently and regulate and "monitor operations to prevent any faults from occurring. The SPES offers a physical dispensation that is simple to maintain together with a chatbot that uses artificial intelligence to predict users' health and can respond to their questions. A reliable, secure mechanism for user authentication and authorisation has been implemented into the proposed system. The health care chatbot's performance in administering medications and accuracy of answers is superior to that of its current counterparts.

North America dominated the Global Smart Pills Technology Market share in 2021. This can be attributed to factors such increase in colorectal cancer incidence, technical developments in the healthcare industry, and the regulatory clearance of new medicines. All of these elements are anticipated to present growth prospects for the regional players. Some of the key elements that are anticipated to propel North America to the forefront of the smart pill market growth include the expanding elderly population, complexity of numerous diseases, and presence of a strong healthcare infrastructure. The region's R&D initiatives are also anticipated to boost market expansion. Additionally, other factors driving market growth in this region include the rising demand for smart pill technologies, uptake of novel technologies, wide patient population, high disposable income, and innovative marketing and commercialization strategies for smart pill products.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

Click here right-arrow
logo-images

Related Reports

Global Smart Pills Technology Market

Report ID: UCMIG35H2139 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: Figures:

DNA Methylation Market
Buy Now GET FREE SAMPLE
Global Smart Pills Technology Market

Report ID: SQMIG35H2119 | Region: Global | Published Date: February, 2024 | Pages: 157 | Tables: 92 | Figures: 76

Global Whole Exome Sequencing Market
Buy Now GET FREE SAMPLE
Global Smart Pills Technology Market

Report ID: UCMIG35H2033 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: Figures:

Culture Media Market
Buy Now GET FREE SAMPLE
Global Smart Pills Technology Market

Report ID: UCMIG35H2141 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: Figures:

Cell And Gene Therapy Clinical Trials Market
Buy Now GET FREE SAMPLE

Feedback From Our Clients

Global Smart Pills Technology Market

Product ID: SQSG35H2020

$5,300
BUY NOW GET FREE SAMPLE