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Smart Pills Technology Market is Projected Surpass USD 3077.22 Million by 2028 by growing at a CAGR of 22% from 2022-2028; Rising Demand for Minimally Invasive Devices for Accurate Therapeutic Treatment Propels Market Growth
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Westford USA, Feb. 10, 2023 (GLOBE NEWSWIRE) — North America is the prominent region in the global smart pills technology market, thanks to favorable reimbursement policies and streamlined regulatory processes for capsule endoscopy. As per SkyQuest’s findings, there is a growing need for smart pills in the region, particularly in the United States, owing to the high incidence of medication errors. Each year, 7,000 and 9,000 people die due to such mistakes, making implementing smart pills a critical necessity. In addition, several factors drive the market’s growth, including an aging population, a rising number of chronic diseases such as cancer and diabetes, and a growing incidence of lifestyle-related disorders such as obesity, stomach ulcers, and GERD.
According to research conducted by SkyQuest, there is a growing need for smart pills due to the increasing number of dementia and Alzheimer’s patients worldwide. In 2021, an estimated 55 million people were living with dementia, with over 58% of those cases occurring in low- and middle-income countries. This number is projected to rise to 74 million by 2028 and an alarming 135 million by 2050.
Browse in-depth TOC on “Smart Pills Technology Market”
- Pages – 264
- Tables – 121
- Figures – 73
Smart pills are a cutting-edge diagnostic tool to investigate functional gastrointestinal disorders such as gastroparesis and constipation. These innovative tools include a wireless capsule, a receiver, and specialized computer software. The use of smart pills for drug delivery and patient monitoring is rapidly becoming a popular technology in the medical field.
Prominent Players in Smart Pills Technology Market
- Given Imaging, Inc.
- Bio-Images Research Limited
- Medimetrics S.A. de C.V.
- Chongqing Jinshan Science & Technology Group Co. Ltd.
- IntroMedic Inc.
- Novartis AG
- Proteus Digital Health Inc.
- Boston Scientific Corporation
- Philips Healthcare
- GE Healthcare
- Pixie Scientific
- Microchips
- Proteus Pharmaceuticals
- Otsuka Pharmaceutical Co. Ltd
- Vitality
- HQ Inc.
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Capsule Endoscopy Segment to Gain Higher Traction as a Result of High Success Rate of the Procedure
The capsule endoscopy technology segment is expected to see significant growth in the smart pills technology market over the next several years. Increased research activities drive this growth by various organizations, and positive results have been found in patients aged between 50 and 75. The latest research conducted by SkyQuest has revealed that capsule endoscopy provides better diagnostic results than CT colonography, which is expected to drive demand for this technology. The findings of this research are predicted to propel the growth of the capsule endoscopy segment over the forecast period, making it a key area of focus for market players.
The smart pills technology market in North America is poised for strong growth over the forecast period, driven by medical researchers’ advancements in the field of ingestible electronics. The region is at the forefront of major innovation in this field and has seen a significant investment and development activity increase. In addition, the growing support from regulators, such as the U.S. FDA, in the form of guidelines for securing approvals for digital smart pills is further fueling the market growth in this region.
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Hospital & Specialty Clinics Emerges as the Key End-User Segment owing to Increasing Patient Admissions
The end-user segment of hospitals and specialty clinics held a dominant share in the global smart pills technology market in 2022, accounting for nearly half of the total market share. A surge in colon cancer patients drives this segment’s high demand for smart pills technology. On the other hand, the research centers segment is projected to expand fastest, with a CAGR of 12.6% during the forecast period. The strong growth in this segment is due to increased investments in research and development aimed at developing advanced smart pills technology.
The regional market in the Asia Pacific is set for exponential progress in the coming years due to growing healthcare awareness. This region is expected to experience the fastest growth rate of 10.2% from 2023 to 2028, outpacing the global market. The technology of smart pills is still in its infancy in the Asian market. Still, the rise of corporate investments and favorable reimbursement policies, and increased funding for endoscopic research, are driving market expansion. As a result, companies operating in this region will be well-placed to take benefit of the rapidly growing demand for smart pills technology and capitalize on the lucrative market opportunities.
SkyQuest’s recent study sheds light on the latest developments and future prospects of the global smart pills technology market. The report provides a comprehensive market analysis by segmenting it based on various parameters such as target area, disease indication, application, and end user. The research also includes forecasting global, regional, and country-level markets from 2022 to 2028.
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Key Developments in Smart Pills Technology Market
- HealthBeacon plc, the innovative digital therapeutics company, has expanded its platform to better manage complicated and critical pill regimens by introducing its new HB Smart Pills Management System. This new offering follows the company’s recent addition of the HB Smart Scale and its partnership with the American Pharmacists Association Foundation. The HB Smart Pills system is designed to make managing pill regimens easier and more efficient for patients and healthcare providers.
- AccelmedPartners, a prominent private equity firm in the health tech industry, recently announced its leading role in a USD 40 million investment in MedMinder Systems Inc. MedMinder is a cutting-edge company that provides a comprehensive and integrated solution for elderly and polypharmacy patients. This solution is designed to improve medication adherence and connected care, and it has quickly become the leading provider in this field.
- BD (Becton, Dickinson, and Company) and The Ottawa Hospital (TOH) have joined in a landmark collaboration to enhance patient care. The two organizations will work together to standardize and improve the quality of services provided by TOH, using the latest advancements in artificial intelligence and smart connected devices. Integrating data and reporting will be a key component of this partnership. The hospital can collect and analyze patient data in real-time with cutting-edge technologies.
- Merck KGaA has taken a step forward in its quest to revolutionize drug delivery with its latest partnership. The German pharmaceutical giant has teamed up with Biocorp to create an advanced version of a Bluetooth-enabled clip-on device that will integrate seamlessly with one of its drug delivery systems. This collaboration is a testament to Biocorp’s expertise in this field, as they have already established successful partnerships with several leading pharmaceutical companies, such as Novo Nordisk and Sanofi.
Key Questions Answered in Smart Pills Technology Market Report
- Which region’s investment opportunities are expected to yield high returns for market participants?
- What is the market’s projected growth rate, and how much is the market valued?
- Who are the current market leaders, and what are their revenue figures?
- What are the upcoming global events and trends expected to impact the market?
Related Reports in SkyQuest’s Library:
Global Softgel Capsules Market
Global In-vitro Diagnostic Market
Global Hereditary Angioedema Treatment Market
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