Press release
Smart Pills Market worth US$1.30 billion by 2030
The smart pills market is projected to reach USD 1.30 billion by 2030 from USD 0.69 billion in 2024, at a CAGR of 11.2% during the forecast period.
The global Smart Pills Market [https://www.marketsandmarkets.com/Market-Reports/smart-pill-technology-market-840.html?utm_source=prnewswire.com&utm_medium=paidpr&utm_campaign=smartpillsmarket],valued at US$0.61 billion in 2023, is forecasted to grow at a robust CAGR of 11.2%, reaching US$0.69 billion in 2024 and an impressive US$1.30 billion by 2030. The key factors driving the market growth include technological advancements and innovative healthcare developments. The pills are equipped with sensors, microprocessors, and wireless communication features and have revolutionized patient care through miniaturization, longer battery life, and improved data processing of pills for disease diagnosis. Furthermore, the pills meet critical healthcare needs by providing a non-invasive, convenient solution for tracking vital signs, ensuring medication adherence, and diagnosing gastrointestinal disorders. These pills enhance patient outcomes and reduce healthcare costs, signifying a significant advancement in modern medicine.
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By application, smart pills market is bifurcated into capsule endoscopy, patient monitoring, and targeted drug delivery. In 2023, patient monitoring segment accounted for the second largest share of smart pills market. This is attributed to launch of innovative sensor technologies and the rising need for precise & accurate measurement of inner body temperatures. Increasing demand for streamlined integration is expected to enhance the adoption of smart pills due to expanded connectivity and compatibility with digital health systems.
By Based on target area, smart pills market is segmented into small intestine, large intestine, esophagus, and stomach. Large intestine holds the second largest share during forecast period in 2023. As per the American Society of Clinical Oncology (ASCO), estimated 153,020 adults in the US will be diagnosed with colorectal cancer in 2023. These numbers involve 106,970 new cases of colon cancer and 46,050 new cases of rectal cancer. The growing number of cases of colorectal cancer have contributed to the increasing adoption of smart pills in the large intestine, as smart pills can reach areas of the colon that may be difficult to visualize with traditional methods.
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By geography, the smart pills market is segmented into five major regions: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. During forecast period, the Asia-pacific smart pills market is expected to grow at the highest CAGR. Factors which are driving this growth include increased in the presence of established vendors in the regional market and growing adoption of capsule endoscopy in countries such as China and India. The growing incidence of stomach cancer in Japan has created a rising demand for advanced diagnostic technologies such as capsule endoscopy. This non-invasive and patient-friendly method employs small, swallowable capsules equipped with cameras to capture specified images of the gastrointestinal tract.
The key players operating in the smart pills market include Medtronic (US), Olympus Corporation (Japan), CapsoVision,Inc. (US), IntroMedic (South Korea), ANX Robotics (US), Shenzhen Jifu Medical Technology Co., Ltd. (China), JINSHAN Science & Technology (Group) (China), etectrx (US), Check-Cap (Israel), BodyCap (France), and Shangxian Minimal Invasive Inc (China).
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