Press release
Ingestible Smart Pills Market is Estimated to Reach a Value of US$ 2,499.6 Million by 2034
Ingestible Smart Pills Market
This market growth is driven by several factors, including the increasing incidence of colon cancer, which boosts the demand for non-invasive diagnostic and monitoring devices. Technological advancements in capsule endoscopy enable doctors to perform comprehensive examinations of the digestive system without the need for invasive surgical procedures.
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Key Market Growth Drivers
Aging Population: The growing number of elderly individuals is driving demand for non-invasive health monitoring solutions like ingestible smart pills, promoting industry growth.
Chronic Illness Management: The rising incidence of chronic diseases necessitates effective monitoring, with smart pills offering real-time health data for improved disease management.
Technological Advancements: Continuous advancements in healthcare technology and sensor miniaturization are making smart pills more advanced and affordable.
Consumer Awareness: Increased acceptance and awareness of digital health solutions are boosting consumer interest in smart pills, particularly for preventive healthcare.
Industry Collaboration: Collaborations between pharmaceutical and technology companies, supported by favorable regulatory frameworks, are accelerating the adoption of smart pills.
Efficiency in Treatment: Innovations in smart pill technology are enhancing efficiency in diagnosing and treating gastrointestinal illnesses, reducing treatment times and improving outcomes.
Country-wise Insights
In North America, the ingestible smart pill market is expected to grow at an annual rate of 5.4% by 2034. In the United States, wireless ingestible capsules are projected to represent 84.2% of the market by 2024.
In East Asia, the ingestible smart capsules market is anticipated to expand at a 6.0% CAGR through 2034, with China expected to dominate the region, holding a 52.2% market share by 2024.
Category-wise Insights
Smart pills are projected to account for 84.8% of the total demand in 2024 due to their advanced components. The workstation category is expected to take up 15.2% of the market, enhancing the industry's resource diversity and stability.
For applications, imaging is likely to command 83.0% of the demand for ingestible smart tablets in 2024, while monitoring applications are expected to hold a 17.0% market share.
Competitive Landscape
Market players are expanding their product offerings to include a broader range of electronic clinical outcome evaluations, catering to diverse patient preferences and healthcare needs. They are investing in research and development to create durable, effective, and appealing digital medical solutions.
Developers of ingestible smart tablets are enhancing their distribution networks locally and internationally. They are forming alliances with tech platforms to boost their online presence, collaborating with medical chains for better accessibility, and partnering with pharmacy service providers to meet the growing demand for cost-effective and durable academic research services in healthcare.
In December 2022, a research team from the University of California San Diego developed a battery-free ingestible biosensor. This smart capsule, designed to monitor the intestinal environment, is self-powered and tracks metabolites over time.
In November 2017, the FDA approved Abilify MyCite, a drug with a digital ingestion tracking system. It is used for treating schizophrenia, acute episodes of bipolar I disorder, and as an add-on treatment for depression in adults, featuring an ingestible sensor embedded in the capsule.
Read More: https://www.factmr.com/report/ingestible-smart-pills-market
Segmentation of Ingestible Smart Pills market
By Component:
Smart Pills
Workstation
By Application:
Imaging
Monitoring
By End-User:
Hospitals
Clinics
Research Institutes
Home Healthcare
By Region:
North America
Europe
East Asia
East Asia
South Asia & Oceania
Middle East & Africa
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