The smart pill technologies market is set to experience exceptional growth, with a projected compound annual growth rate (CAGR) of 21% from 2022 to 2032. From a market value of USD 627.1 million in 2020, this sector is expected to reach an impressive USD 6,176 million by 2032. The rapid expansion of the market is driven by technological advancements and a growing demand for innovative healthcare solutions that offer improved patient experiences and outcomes.
One of the major drivers of this growth is the increasing prevalence of gastrointestinal diseases, which has created a strong demand for advanced diagnostic and therapeutic tools. Additionally, the rise of sedentary lifestyles has contributed to a higher incidence of gastrointestinal issues, further fueling the adoption of smart pill technologies. These pills provide a non-invasive method for monitoring and diagnosing gastrointestinal conditions, which is increasing their appeal among both patients and healthcare providers.
Smart pill technologies are also gaining traction due to their high patient compliance rates. With their minimally invasive nature, these pills offer a convenient and effective alternative to traditional diagnostic methods such as endoscopies and colonoscopies. This ease of use is helping to improve patient adherence to treatment regimens, particularly for individuals with chronic conditions that require continuous monitoring or medication.
Key Takeaways:
- The smart pill technologies market is projected to grow at a robust 21% CAGR from 2022 to 2032, reaching a market value of US$ 6,176 million by 2032.
- The increasing prevalence of gastrointestinal diseases and sedentary lifestyles is driving demand for smart pill solutions.
- The non-invasive nature of smart pills is leading to high patient compliance, further boosting market growth.
- Technological innovations in smart pill devices are contributing to the growing adoption of these solutions in modern healthcare.
A Comprehensive Full Report – https://www.futuremarketinsights.com/reports/smart-pill-technologies-market
Key Drivers of Market Growth
- Public Awareness Campaigns: Increased awareness regarding viral diseases such as influenza, Zika virus, STDs, AIDS, and Ebola is driving demand for virology diagnostics and treatments. Educational initiatives have heightened public understanding of these illnesses, leading to greater testing and treatment uptake.
- Rising Incidence of Viral Infections: The growing prevalence of viral infections globally necessitates effective diagnostic tools and antiviral therapies, further propelling market growth.
- Advancements in Diagnostic Technologies: Innovations in virology diagnostics, including rapid testing methods and improved laboratory techniques, enhance the ability to detect and monitor viral infections.
- Government Initiatives and Funding: Increased government support for virology research and public health initiatives contributes to the development of new treatments and vaccines.
- Aging Population: An older population is more susceptible to viral infections, which increases the demand for effective diagnostic and therapeutic solutions.
Who are the Key Players in the Smart Pill Technologies Market?
Key players in the global smart pill technologies market include CapsoVision, Inc., Given Imaging, Inc., Medimetrics S.A. de C.V., Olympus Corporation, and Bio-Images Research Limited, IntroMedic Inc., Chongqing Jinshan Science & Technology Group Co. Ltd., Proteus Digital Health Inc., Novartis AG, and Philips Healthcare.
Recent Developments
- The U.S. Food and Drug Administration authorized Abilify MyCite, aripiprazole tablets with an ingestible sensor from Otsuka Pharmaceuticals and Proteus Digital Health, in November 2017 for the treatment of schizophrenia and other bipolar disorders.
- Proteus Digital Health introduced its first digital cancer chemotherapy tablet to the smart pill technologies market with the goal of assisting clinicians in tracking treatment success and adherence in cancer patients.
- CapsoCloud, a management system that allowed clinicians to retrieve data from the CapsoCam Plus smart pill without the need to analyze capsules post-ingestion, was launched in the United States by CapsoVision Inc.
Key companies profiled
CapsoVision, Inc.; Given Imaging, Inc.; Medimetrics S.A. de C.V.; Olympus Corporation; and Bio-Images Research Limited; IntroMedic Inc.; Chongqing Jinshan Science & Technology Group Co. Ltd.; Proteus Digital Health Inc.; Novartis AG; and Philips Healthcare.
Key Segments
By Application:
- Patient Monitoring
- Drug Delivery
- Capsule Endoscopy
By Target Area:
- Large Intestine
- Small Intestine
- Stomach
- Esophagus
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
