Yahoo Finance At 12.29% CAGR, Global Monitoring Smart Pills Market Size to Hit $9.29 Billion by 2028 - Industry Trends, Share & Analysis by Facts & Factors
According to Facts and Factors, the Global Monitoring Smart Pill Market size was valued at around USD 4.3 billion in 2021 and is estimated to grow over USD 9.29 billion by 2028, at a CAGR of approximately 12.29% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are Check-Cap, Pentax Medical, Bodycap, Otsuka America Pharmaceutical Inc., Intromedic, Given Imaging Inc., Jinshan Science & Technology (Group) Co. Ltd., and Others.
NEW YORK, United States, Sept. 27, 2022 (GLOBE NEWSWIRE) -- According toFacts and Factors has published a new research report titled “Monitoring Smart Pill Market Size, Share, Growth Analysis Report By Target Area (Small Intestine, Esophagus, Large Intestine, and Stomach), By Application (Drug Delivery, Capsule Endoscopy, and Patient Monitoring), By End User (Hospitals, Clinics, and Diagnostic & Research Centers), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Monitoring Smart Pill Market size & share in terms of revenue was worth of USD 4.3 billion in 2021 and it is expected to surpass around USD 9.29 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 12.29% during the forecast period 2022 to 2028.”
Monitoring Smart Pill Market Overview:
Monitoring smart pills also referred to as digital pills are devices shaped to be ingested like normal medicinal capsules but they perform extremely advanced tasks like drug delivery, imaging, and sensing. These devices are installed for either image sensors, biosensors, pH, or chemical detectors, and once swallowed they pass through the predetermined route and capture images of information relaying it to the concerned medical personnel. They send data that would otherwise be difficult to abstain from but is crucial to patients' health. Smart pills allow accurate data collection. There are two main components to be used. One is the pill itself, and the second is a recorder generally worn on a lanyard and a belt clip, which the physician later used for data collection.
During the process, the patient had to swallow the pill at the medical office, which is discarded from the body with a bowel movement approximately in 8 to 72 hours. The pill is responsible for recording data like pH level, temperature, transit time, and other essential factors. The non-invasive method of medical data collection is currently being termed a game changer in the field of medical diagnosis, drug delivery, and overall medical care.
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Facts and Factors research methodology
Report Scope
Report Attribute | Details |
Market Size in 2021 | USD 4.3 Billion |
Projected Market Size in 2028 | USD 9.29 Billion |
CAGR Growth Rate | 12.29% CAGR |
Base Year | 2021 |
Forecast Years | 2022-2028 |
Key Market Players | Check-Cap, Pentax Medical, Bodycap, Otsuka America Pharmaceutical Inc., Intromedic, Given Imaging Inc., Jinshan Science & Technology (Group) Co. Ltd., and Others |
Key Segment | By Target Area, Application, End User, and Region |
Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Market Dynamics:
Growth Drivers
Rising demand for minimally invasive techniques to propel market growth
The global monitoring smart pill market is projected to grow owing to the various technological advancements in the medical field and higher acceptance levels from the consumer’s end toward newer techniques as a result of better awareness about the changing scenarios in the healthcare segment. The manufacturers of smart pills have undertaken exhaustive measures to educate both the consumer end and provider group about all the associated benefits while also answering questions about possible reverse health impacts, resulting in a higher number of people having confidence in the digital pill devices. The growing investments by product providers not just for the pill itself but associated software and back-end service helping a smooth flow of processes may also contribute to the global market growth. The world is also witnessing a high rise in the number of chronic illnesses and the healthcare infrastructure is becoming overwhelmed by the increasing number of patients. Smart pills allow medical personnel and patients to have more control over their vitals without having to physically visit hospitals or clinics, giving them more independence.
Restraints
Scholars claiming against the quick adoption rate of the technology to restrict the market growth
Scholars' claims against the quick adoption rate of the technology may restrict the global market growth while advanced technology adoption is anticipated to provide expansion opportunities. The high cost of smart pills is projected to challenge the global market growth.
Browse the full “Monitoring Smart Pill Market Size, Share, Growth Analysis Report By Target Area (Small Intestine, Esophagus, Large Intestine, and Stomach), By Application (Drug Delivery, Capsule Endoscopy, and Patient Monitoring), By End User (Hospitals, Clinics, and Diagnostic & Research Centers), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/monitoring-smart-pill-market
Monitoring Smart Pill Market: COVID-19 Impact Analysis
Covid-19 impacted the global monitoring smart pill market growth since the awareness rate about the product was low in developing economies and in 2020 and 2021, the medical sector focused its resources on containing the virus and treating infected patients.
Newer product launches and product awareness drives that could have contributed to the global market growth took a backseat resulting in a slower growth rate during the pandemic.
Monitoring Smart Pill Market: Segmentation Analysis
The global monitoring smart pill market is segmented based on target area, end user, application, and region.
Based on target area, the global market segments are small intestine, esophagus, large intestine, and stomach. The pill tracks the food movement through the digestive tract. Around 20 million American citizens are known to suffer from digestive issues.
Based on end user, the global market is divided into hospitals, clinics, and diagnostic & research centers, with hospitals generating the highest revenue. The global average cost of a healthcare unit spending on Information Technology (IT) infrastructure is 3% of the total budget.
Based on application, the global market segments into drug delivery, capsule endoscopy, and patient monitoring. Capsule endoscopy leads the segmental growth, the cost of which varies between USD 217 to USD 2,286.
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Competitive Landscape
The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards. Some of the main competitors dominating the global Monitoring Smart Pill market include -
Check-Cap
Pentax Medical
Bodycap
Otsuka America Pharmaceutical Inc.
Intromedic
Given Imaging Inc.
Jinshan Science & Technology (Group) Co. Ltd.
Key Insights from Primary Research:
As per the analysis shared by our research analyst, the Monitoring Smart Pill market is estimated to grow annually at a CAGR of around 12.29% over the forecast period (2022-2028).
In Terms Of Revenue, The Monitoring Smart Pill market size was valued at around USD 4.3 billion in 2021 and is projected to reach USD 9.29 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
Based on end-user segmentation, hospitals were predicted to show maximum market share in the year 2021
Based on application segmentation, capsule endoscopy was the leading revenue-generating application in 2021.
On the basis of region, North America was the leading revenue generator in 2021.
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Key questions answered in this report:
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Regional Analysis:
North America is projected to lead the global monitoring smart pill market owing to the rising number of smart pill providers who have undertaken massive marketing and advertising campaigns to educate consumer groups about the benefits of the advanced technology and how it helps patients to have more control over their well-being. The regional market may also be driven by the increasing initiatives by the government to upgrade medical infrastructure and adopt better technologies that can help patients with a higher quality of life.
Asia-Pacific may also register significant growth owing to the rising number of patients resulting in extreme pressure on the healthcare segment and the rising trend of moving toward technological growth in the healthcare architecture of the economy. India and China are known to be top spenders in the healthcare information technology sector in the Asia-Pacific region.
Recent Developments
In February 2019, the University of Oslo and Pilloxa collaborated to create ASTORIA, which will validate the adherence of smart medication systems in real-life clinical scenarios
In October 2019, Spencer Health Solutions and Philips expanded their partnership to bring a digital hub in the European market after having already established a foothold in the USA and Canada.
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The global Monitoring Smart Pill market is segmented as follows:
By Target Area
Small Intestine
Esophagus
Large Intestine
Stomach
By Application
Drug Delivery
Capsule Endoscopy
Patient Monitoring
By End User
Hospitals
Clinics
Diagnostic & Research Centers
By Region
North America
Europe
Asia Pacific
The Middle East & Africa
Latin America
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Key Offerings:
Market Size & Forecast by Revenue | 2022−2028
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Target Area, Application, End User, and Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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