Smart Pill Technology : Prominent Players, Types, Regions, Applications Research Report, Recent Developments , Challenges and segmentations Forecast by 2031

The Global Smart Pill Technology Market Size is estimated to be USD 4.22 billion in 2023 and is expected to increase to USD 9.21 billion by 2031, with a compound annual growth rate (CAGR) of 10.55% during the forecast period of 2024-2031.

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Latest Drivers Restraint and Opportunities Market Snapshot:

The following are the primary obstacles to the smart pill technology market 's expansion:
• Strict governmental rules
• The high price tag for clever drugs
• Patient confidentiality concerns

Key factors influencing the smart pill technology market are:
• Increasing elderly population
• Technological Advancements
• increasing colon cancer rates

Future expansion opportunities for the smart pill technology market include:
• Growing demand for noninvasive monitoring and diagnostic technologies
• Investment research and development
• Rising interest in cutting-edge medication delivery systems

Market Analysis:

An ingestible medical device that comprises sensors, cameras, patches, and trackers is known as an intelligent capsule. They are intended to enhance patient monitoring, diagnostics, and targeted medication delivery. It is anticipated that the smart pill market's growth will be significantly influenced by the provision of appropriate reimbursement coverage in designated countries during the forecast period. Another optimistic indicator for the future of the smart pill sector is the demand for a more rapid method of medication development.

List of Prominent Players in the Smart Pill Technology Market:
• IntroMedic (South Korea)
• Shenzen Jifu Medical Technology Co., Ltd (China)
• Otsuka America Pharmaceutical, Inc. (US)
• etectrx (US)
• BodyCap (France)
• CapsoVision,Inc. (US)
• Medtronic plc (US)
• Chongqing Jinshan Science Technology (Group) Co., Ltd
• RF Co., Ltd (Japan)
• ANX Robotica Corp. (US)
• Olympus Corporation (Japan)
• Check-Cap Ltd. (Israel)

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Recent Developments:

• In January 2024, etectRx, Inc. (etectRx) disclosed that the number of ingestions of its ID-Cap System digital capsule had surpassed 10,000. This is a significant development for the organization, which has established a reputation for offering precise data to monitor patients' compliance with their oral medications and has demonstrated robust outcomes.

• In November 2023, Check-Cap Ltd. disclosed that ISS, a noteworthy independent proxy advisory firm, has recommended that the imminent Annual General Meeting of Shareholders be attended.

• In January 2024, AnX Robotica is delighted to announce that NaviCam ProScanTM has been granted an FDA clearance. It is a pioneer in the development of state-of-the-art technologies for gastrointestinal visualization. ProScan has become the first artificial intelligence-assisted reading tool that has been specifically designed to aid evaluators of small intestine capsule endoscopy images taken of adults with suspicion of small intestinal bleeding, following its successful completion of the FDA's rigorous De Novo Submission Process.

Smart Pill Technology Market Dynamics:

Market Drivers: Technological Advancements

The intelligent pill industry is anticipated to continue expanding as a result of the progress made in capsule endoscope technology. It is expected that future technological advancements in the most advanced smart capsule available, including bioelectronics, miniaturization, microprocessor availability, and micro-cameras, will generate lucrative opportunities. The trend toward less intrusive diagnostic procedures is consistent with the advancements in patient-centred care and individualized medicine. This promotes the utilization of smart pharmaceuticals, as it provides patients with increased autonomy and empowerment in their healthcare. Smart capsule technology enables patients to monitor the efficacy of their therapies and their health issues.

Challenges: High Price Tag for Clever Drugs

The intelligent pill industry is anticipated to encounter obstacles due to the escalating complexity of these products, which is expected to result in a significant increase in their prices. In order to construct and optimize the technology that enables smart medicines, it is imperative to allocate substantial resources to research and development. The process encompasses a variety of techniques, including wireless connectivity, sensor designs, miniature cameras, and data analysis algorithms. These research endeavors elevate the prices of intelligent pills. The smart pill industry may encounter an issue with the introduction of additional capsule endoscopes that are technologically ineffective.

North America is Expected to Grow with the Highest CAGR During the Forecast Period
The theology market will probably experience a substantial revenue share and a rapid CAGR soon. This is due to the approval of new products by regulators, an increase in colorectal cancer rates, and the advancement of healthcare technology. Regulatory approval of new products and an increase in colorectal cancer cases are two factors that are anticipated to drive the growth of the smart pill market in the region during the forecast period.

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Segmentation of Smart Pill Technology Market-

By Application-
• Targeted Drug Delivery
• Capsule Endoscopy
• Vital Sign Monitoring

By Target Area-
• Small Intestine
• Esophagus
• Large Intestine
• Stomach

By Disease Indication
• Small Bowel Diseases
• Barrett'S Esophagus
• Colon Cancer
• Others

By End User-
• Diagnostic Centres
• Hospitals and Clinics
• Research Centres

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By Region-

North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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