Smart Pills Market to Reach US$ 9,061.29 Million by 2028

According to our new research study on "Smart Pills Market Forecast To 2028 - Global Analysis by Application, Disease Indication, End User, and Geography," the smart pills market size is expected to reach US$ 9,061.29 million by 2028 from US$ 4,019.30 million in 2021; it is estimated to grow at a CAGR of 12.3% from 2022 to 2028.

The report highlights trends prevailing in the market and the factors driving and hindering the smart pills market growth. The growth of the global smart pills market is attributed to the rising demand for minimally invasive surgical procedures and the increase in strategic collaborations & partnerships on smart pills. However, the high cost of smart pills is the major factor hindering smart pills market growth.

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Key Players : CapsoVision, Inc.; Medtronic; Check-Cap; PENTAX Medical; Olympus Corporation; BodyCap; Otsuka America Pharmaceutical, Inc.; IntroMedic Co., Ltd; Jinshan Science & Technology.; and RF Co., Ltd are among the leading companies operating in the global smart pills market.

Based on the application, the smart pills market is segmented into capsule endoscopy, drug delivery, and patient monitoring. Based on disease indication, the smart pills market is segmented into gastrointestinal diseases, neurological disorders, cancer, inherited disorders, and other disease indications. Based on end user, the smart pills market is segmented into hospitals and clinics, research institutes, and home healthcare. Based on geography, the smart pills market is segmented into North America (the US, Canada, and Mexico), Europe (France, Germany, the UK, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).

The capsule endoscopy segment held the largest market share in 2021. However, the drug delivery segment is estimated to register the highest CAGR during the forecast period. Capsule endoscopy is a treatment that involves taking photographs of the digestive tract with a small wireless camera. A capsule endoscopy camera is contained within a vitamin-sized capsule that is swallowed. The camera collects thousands of photographs through the digestive tract and transmits them to a recorder that the patient wears on a belt around the waist. Capsule endoscopy is frequently used to allow doctors to examine the small intestine, which is difficult to access with standard endoscopy. The most common reason for capsule endoscopy is to look for a cause of small intestine hemorrhage. Polyps, inflammatory bowel illness (Crohn's disease), ulcers, and small intestinal cancers can be detected with it. Capsule endoscopy is a safe procedure and carries very few risks. CRE Fixed and Wire guided Balloon Dilators offered by Boston Scientific provide consistent performance for Balloon Endoscopy with optimal control, efficiency, and technology. Therefore, due to above-mentioned factors, capsule endoscopy is likely to experience growth in the smart pills market during the forecast period.

The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. Due to the COVID-19 pandemic, the healthcare industry witnessed a drop in growth. The COVID-19 pandemic has caused unintended consequences of severe delays in diagnosing and treating various diseases. As per the Commonwealth Fund, it was projected that there was nearly 60% initial decrease in overall outpatient visits by May 2020 due to COVID-19. This was expected to have negatively affected the demand for smart pills as they are usually provided to patients in hospital settings. The number of COVID-19 cases in the US has been increasing exponentially. This has decreased the number of routine patient visits to hospitals and clinics every week. Thus, the COVID-19 pandemic had a negative impact on the smart pills market.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Food and Beverages, Consumers and Goods, Chemicals and Materials.

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