Smart Pills Global Market Report 2023

NEW YORK, Feb. 16, 2023 /PRNewswire/ -- Major players in the smart pills market are Medtronic Plc., Olympus Medical Technology, CapsoVision, Inc., Novartis AG, Proteus Pharmaceuticals, Philips Healthcare, Microchips, Bio-Images Drug Delivery (BDD) Limited, Given Imaging, Inc., and Vitality.

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The global smart pills market will grow from $4.48 billion in 2022 to $4.98 billion in 2023 at a compound annual growth rate (CAGR) of 11.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The smart pills market is expected to grow to $7.61 billion in 2027 at a CAGR of 11.2%.

The smart pills market consists of sales of instruments that are used in applications such as capsule endoscopy, drug delivery, and patient monitoring.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Smart pills are used to deliver medication and are equipped with electronic sensors that emit signals to be captured by patches or smartphones when they are swallowed. These pills ensure drug regimen compliance and help track medication adherence of patients.

North America was the largest region in the smart pills market in 2022.Western Europe was the second-largest region in the smart pills market.

The regions covered in the smart pills market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The main applications of smart pills are capsule endoscopy, patient monitoring, and drug delivery, patient monitoring involves the repeated or continuous observations or measurements of the patient parameters.These pills are used to target the esophagus, stomach, small intestine, and large intestine to treat diseases such as esophageal diseases, colon diseases, small bowel diseases, and others.

Smart pills are used by various end-users such as hospitals, diagnostic centres, and research institutes.

The growing preference for non-invasive procedures is driving the smart pills market.The non-invasive procedures are diagnostic and treatment procedures that do not require an incision on the body or removal of tissues for the treatment or diagnosis.

Smart pill is a wireless, ingestible capsule that can be easily swallowed and has a wide range of applications in capsule endoscopy, drug delivery, and patient monitoring.For instance, smart pills have key applications in diagnostic imaging such as capsule endoscopy.

The capsule endoscopy is a diagnostic procedure in which a smart pill (capsule enclosed micro-camera) is swallowed and images of the esophagus, stomach, and small intestine can be taken as the device pass through your gastrointestinal (GI) tract.Smart pills have revolutionized the diagnosis of gastrointestinal disorders and could replace conventional diagnostic techniques such as endoscopy.

Therefore, non-invasive procedures are driving the smart pills market during the period.

The high cost of smart pills associated with technological advancement will act as a restraint to the market growth.The utilization of advanced technologies including software up-gradation and innovative systems, and the integration of microchips contribute to the high manufacturing costs of the smart pills.

Smart pills are a combination of drug and device technology.A smart pill is an innovative method of drug delivery, which involves the use of sensors and cameras embedded into tiny edible devices.

Such medical devices ensure better diagnostics, monitoring, and treatment of life-threatening medical conditions by allowing doctors to monitor their patients' body functions in real-time.However, the high cost of smart pills led to the limited utilization of products in underdeveloped countries.

Thus, the high cost is considered as one of the factors that restrain the growth of the small pills market.

Extensive research and development are being carried out on the use of miniature chips such as Addressable Transmitters Operated as Magnetic Spins (ATOMS) which can be used as smart pills.ATOMS are silicon chip devices that use the principle of magnetic resonance imaging (MRI) to determine the location of atoms in a patient's body using magnetic fields.

ATOMS can be used in ingestible smart pills to diagnose and treat diseases from within the body.The devices can be used to monitor a patient's gastrointestinal tract, blood, or brain.

They also could measure factors that indicate the health of a patient such as pH, temperature, pressure, and sugar concentrations, and relay that information to doctors.The devices could even be instructed to release drugs.

For instance, scientists at Caltech (California Institute of Technology) have developed a miniature medical chip that can be used as a smart pill.

The countries covered in the smart pills market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The smart pills market research report is one of a series of new reports that provides smart pills market statistics, including smart pills industry global market size, regional shares, competitors with a smart pills market share, detailed smart pills market segments, market trends and opportunities, and any further data you may need to thrive in the smart pills industry. This smart pills market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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