Smart Pills Market Research Report - Global Forecast to 2032 | MRFR

Smart Pills Market Research Report Information By Application (Patient Monitoring and Others), By Target Area (Esophagus, Small Intestine and Others), By Disease Indication (Disease Indication and Others), By End User (Hospitals and Others), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) โ€“ Market Forecast Till 2032

ID: MRFR/MED/5128-HCR | 85 Pages | Author: Rahul Gotadki | March 2024         

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Global Smart Pills Market Overview


Smart Pills Market Size was valued at USD 0.6 billion in 2022. The smart pills market industry is projected to grow from USD 0.64 Billion in 2023 to USD 2.01 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.9% during the forecast period (2023 - 2032). Growing patient convenience demands, a high desire for minimally invasive procedures, and technological advancements like integrated circuit downsizing will contribute to market expansion.


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


The rise of the market will be driven by increasing expectations for patient comfort, a strong preference for minimally invasive treatments, and technical improvements such as shrinking of integrated circuits. The demand for smart pills in the market is primarily motivated by the need for advanced drug delivery systems that provide many benefits, including efficient use of active pharmaceutical ingredients, reduced frequency of dosing, minimal adverse effects, targeted administration of drugs, and a safer carrier. It is expected that the integration of advanced technology, medical devices, and pharmaceuticals would greatly contribute to the growth of the market in the projected timeframe.


The demand for advanced treatment options is expected to be driven by the global rise in the occurrence of chronic diseases such as colorectal and breast cancer, as well as the increasing prevalence of lifestyle-related disorders including gastrointestinal reflux diseases (GERD) and gastric ulcers. The anticipated rise of the smart pills market during the projected period can be attributed to the increasing trend of patients favoring least invasive treatment treatments.


The rising popularity of smart pills in the treatment of patients with gastrointestinal disorders or cancer can be attributed to several advantages they offer, such as enhanced capsule endoscopy, targeted medication administration, and convenient remote patient monitoring. Furthermore, there is a growing trend among market participants to allocate more resources into research and development endeavors, with the aim of developing compact pharmaceutical capsules that can effectively diagnose and treat emerging medical conditions.


In April 2023, a team of researchers from the California Institute of Technology (Caltech) successfully engineered a novel technology, which they have referred to as a GPS system for smart pills. These pills have been designed to possess dimensions tiny enough to navigate through the intricate pathways of the human body, with the primary objective of aiding in the identification and diagnosis of various medical conditions. Smart pills have the capability to gather health-related information, capture photos, and administer medications while traversing the gastrointestinal (GI) system. The task of achieving precise wireless localisation for smart pills and other tiny devices within the human body is considered to be highly tough, as noted by researchers. The implementation of a cost-effective solution has the potential to create novel opportunities in the realm of diagnosing and treating prevalent medical ailments.


Smart Pills Market Trends



  • Increasing demand for advanced drug delivery systems and the growing geriatric population boost the market growth


The market for smart pills is driven by demand for cutting-edge drug delivery systems that offer advantages such as optimal utilization of active pharmaceutical components, decreased dosage frequency, minimum adverse/side effects, targeted drug administration, and a safer carrier. The combination of cutting-edge technology, medical devices, and pharmaceuticals is anticipated to enhance the market significantly during the projected period. A sizable portion of the market for enhanced drug delivery systems is anticipated to consist of patients with chronic conditions who must adhere to a specified medicine dosage at the target site. Capsule endoscopy is one of several cutting-edge procedures that have emerged due to the high demand for less invasive surgical procedures. Capsule endoscopy is anticipated to displace conventional endoscopic techniques due to benefits including simplicity of administration and thorough viewing of the gastrointestinal tract.


Patients with paralysis, individuals who are immobile, and seniors are potential smart pill users. The demand for cutting-edge medical equipment to make patients' lives more convenient is anticipated to increase as the elderly population grows. The U.S. Census Bureau estimates that the population over-65-year-old will rise by approximately 236 million globally during the next ten years. This shows that the market has significant scope for expansion during the anticipated period.


Smart Pills Market Segment Insights


Smart Pills Application Insights


Based on application, the smart pills market segmentation includes patient monitoring and others. In 2022, the patient monitoring segment controlled the market and had the biggest revenue share. This large market share may be attributed to the popularity of non-invasive diagnostic methods and the sharp rise in gastrointestinal illnesses worldwide. On the other hand, remote patient monitoring assists doctors and patients by increasing communication opportunities, enhancing the patient-provider connection and raising patient satisfaction and loyalty. It gives patients the reassuring impression that their provider is constantly keeping an eye on them.


Smart Pills Target Area Insights


Based on the target area, the smart pills market segmentation includes the esophagus, small intestine and others. In 2022, the market for the small intestine segment had the biggest share and was expected to maintain its dominance throughout the forecast period. This is explained by the sharp rise in conditions affecting the small intestine, including Crohn's disease, celiac disease, and small bowel cancers. The number of patients with short bowel syndrome has also increased, which will help the market grow even more. An inoperable small intestine brings on an uncommon malabsorption illness called short bowel syndrome. Diarrhea is the main sign, and it can lead to malnutrition, dehydration, and weight loss. Bloating, heartburn, fatigue, lactose intolerance, and bad-smelling stool are among additional symptoms that may occur. Kidney stones and anemia are examples of complications.


Figure 1: Smart Pills Market by Target Area, 2022 & 2030 (USD Million)Smart Pills Market by Target Area


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Smart Pills End User Insights


Based on End Users, the smart pills industry has been segmented into hospitals and others. The hospital's segment market had the largest market share and is anticipated to grow at the fastest CAGR rate during the forecast period. Hospitals now routinely use cutting-edge procedures like capsule endoscopy due to the high demand for minimally invasive surgical procedures. Capsule endoscopy is anticipated to displace conventional endoscopic techniques in hospitals due to benefits like the simplicity of administration and detailed monitoring of the gastrointestinal tract, which will favorably affect the growth of the smart pill market.


In October 2022, Merck KGaA has decided to prolong its collaborative partnership with Biocorp. The German pharmaceutical company has entered into a partnership with Biocorp to collaborate on the development of a customized Bluetooth-enabled clip-on device for one of its medication delivery systems. Biocorp has established a network of prominent pharmaceutical industry collaborators, including as Novo Nordisk and Sanofi, mostly due to the efficacy of its clip-on device. The pen injectors are equipped with an accompanying device that gathers data on the dosage and timing of each injection. This data is then transmitted in real-time to a companion program. The gadget has garnered the interest of firms specializing in prefilled insulin injectors.


 


Smart Pills Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. North America Smart Pills market accounted for USD 0.3 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period due to improvements in healthcare technology, a rise in colorectal cancer cases, and the regulatory clearance of new medications. By the end of 2017, the American Cancer Society predicts that there will be 39,910 new instances of rectal cancer and 95,520 new cases of colon cancer, respectively. Those who compete in the U.S. market should expect growth potential due to this.


Due to factors including the widespread use of cutting-edge technology solutions to make patient care hassle-free, a sizable client base, and a fast-expanding elderly population, North America has dominated the market under study. Human involvement in the dispensing of specialty medications contributes to an increase in prescription errors. Therefore, the market for smart medicines is anticipated to increase as the United States focuses on providing patients with value-based treatment. For instance, according to a National Library of Medicine study from July 2022, 7,000 to 9,000 people will perish annually in the United States alone due to medication errors. As a result, according to the figures, the demand for smart pill products to prevent prescription errors has increased nationwide. More than 6 million Americans of all ages already have Alzheimer's disease. An estimated 6.5 million Americans aged 65 and older will have the disease in 2022, according to the 2022 Alzheimer's Disease facts and numbers study. According to the same source, around 1 in 9 Americans (or 10.7%) who are 65 or older have Alzheimer's dementia. 5.0% of adults between the ages of 65 and 74 have Alzheimer's dementia, which increases with age. As a result, the numbers show that there will likely be an increase in demand for smart pills in the U.S.


Further, the major countries studied in the market report are The U.S., Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: SMART PILLS MARKET SHARE BY REGION 2022 (%)SMART PILLS MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


 Europe's smart pills market accounts for the second-largest market share due to several variables, including technical developments and the area's expanding pharma and biopharma business, which can be blamed for the vast latent growth. Further, the Germany smart pills market held the largest market share, and the U.K. smart pills market was the fastest-growing market in the European Region.


The Asia-Pacific Smart Pills Market is expected to grow at the fastest CAGR from 2022 to 2030. Mandatory health insurance, technology improvements, and a rise in gastrointestinal illnesses and stomach cancer are some of the main drivers propelling the market for smart pills. The prevalence of stomach cancer in Japan is third among Asian nations, according to the Cancer Research Fund International. As a result, Asia Pacific will have sufficient growth opportunities due to a high prevalence of the target diseases and expanding government assistance. Moreover, the China smart pills market held the largest market share, and the Indian smart pills market was the fastest-growing in Asia-Pacific.


Smart Pills Key Market Players & Competitive Insights


Leading market players spend much money on R&D to diversify their product lines, propelling the market for smart pills even higher. Market participants engage in strategic initiatives to improve their worldwide presence and key smart pill industry changes such as new product releases, market developments, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the smart pill industry must offer reasonably priced goods if they want to expand and survive in this fiercely competitive market.


One of the primary business strategies makers of smart pill industry use to satisfy consumers and expand the market sector is local production to reduce operating expenses. In the smart pills market, major players such as Olympus Corporation, Proteus Digital Health Inc., CapsoVision Inc., MEDTRONIC, and others are working on expanding the market demand by investing in research and development activities.


Olympus Corporation produces devices for optics and reprography. On October 12, 1919, Olympus was founded, initially specializing in thermometers and microscopes. A market for endoscopes estimated to be worth about US$2.5 billion is one that Olympus controls roughly 70% of. Equipment for endoscopy, ultrasonography, electrocautery, endotherapy, cleaning, and disinfection are all produced by Olympus. Olympus in Tokyo co-created and produced the first flexible endoscope ever made. On September 28, 2012, Olympus and Sony declared they would form a joint venture to create new surgical endoscopes with 4K resolution (or greater) and 3D functionality.


Digital Medicines are a brand-new subset of medications being developed by Proteus Digital Health. Drugs that communicate when they have been taken, wearable sensors that record the physiological response, patient self-care applications, physician decision-support software, and data analytics to meet the needs of physicians and healthcare systems are all included in the category of "Digital Medicines." The purpose of digital medicines is to empower patients and their families, give doctors and healthcare organizations greater tools to manage risk and guarantee that results are consistently obtained. Otsuka America Pharmaceutical, Inc. purchased the assets of Proteus Digital Health, Inc. on August 25, 2020.


Key Companies in the smart pills market include




  • Olympus Corporation




  • Proteus Digital Health Inc.




  • CapsoVision Inc.




  • MEDTRONIC




  • FUJIFILM Holdings Corporation




  • R.F. Co. Ltd.




  • Check-Cap




  • BDD Limited




  • JINSHAN Science & Technology




  • MEDISAFE, among others




Smart Pills DevelopmentsJanuary 2019:Intending to assist oncologists in monitoring treatment efficacy and adherence in cancer patients, Proteus Digital Health introduced its first digital cancer chemotherapy pill to the market.


October 2018:To continue developing and commercializing its ingestible sensor pill platform, Proteus Digital Health increased its partnership with Otsuka Pharmaceutical.Smart Pills Market Segmentation


Smart Pills Application Outlook




  • Patient Monitoring




  • Others




Smart Pills Target Area Outlook




  • Esophagus




  • Small Intestine




  • Others




Smart Pills Disease Indication Outlook



Smart Pills End User Outlook




  • Hospitals




  • Others




Smart Pills Regional Outlook




  • North America






  • US




  • Canada






  • Europe






  • Germany




  • France




  • UK




  • Italy




  • Spain




  • Rest of Europe






  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America





Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 0.6 billion
Market Size 2023 USD 0.64 billion
Market Size 2032 USD 2.01 billion
Compound Annual Growth Rate (CAGR) 15.9% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2019 โ€“ 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product Type, Operating Platforms, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Olympus Corporation, Proteus Digital Health Inc., CapsoVision Inc., MEDTRONIC, FUJIFILM Holdings Corporation, R.F. Co. Ltd., Check-Cap, BDD Limited, JINSHAN Science & Technology, and MEDISAFE
Key Market Opportunities Growing demand for advanced drug delivery systems
Key Market Dynamics Increase prevalence of small intestine and esophagus disorders Increasing investments in innovative healthcare solutions




Frequently Asked Questions (FAQ) :

The global smart pills market was valued at USD 0.6 Billion in 2022.

The global market is projected to grow at a CAGR of 15.9% from 2023-2032.

North America had the largest share of the global market

The key players in the market are Olympus Corporation, Proteus Digital Health Inc., CapsoVision Inc., and MEDTRONIC.

The patient monitoring category dominated the market in 2022.

The hospital's segment had the largest share of the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major playersโ€™ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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