Global Monitoring Smart Pill Market Share Is Likely To Reach At A CAGR Value Of Around 12.29% By 2028

13-Sep-2022 | Facts and Factors

According to Facts and Factors, the global monitoring smart pill market size was worth around USD 4.3 billion in 2021 and is predicted to grow to around USD 9.29 billion by 2028 with a compound annual growth rate (CAGR) of roughly 12.29% between 2022 and 2028. 

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.

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

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.

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

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.

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.

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.

Report Scope

The global monitoring smart pill market is led by players like Check-Cap, Pentax Medical, Bodycap, Otsuka America Pharmaceutical, Inc., Intromedic, Given Imaging, Inc., and Jinshan Science & Technology (Group) Co. Ltd.

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.

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
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

About Us:

Facts & Factors is a leading market research organization offering industry expertise and scrupulous consulting services to clients for their business development. The reports and services offered by Facts and Factors are used by prestigious academic institutions, start-ups, and companies globally to measure and understand the changing international and regional business backgrounds. Our client’s/customer’s conviction on our solutions and services has pushed us in delivering always the best. Our advanced research solutions have helped them in appropriate decision-making and guidance for strategies to expand their business.

Contact Us:
Facts & Factors
A 2108, Sargam,
Nanded City,
Sinhagad Road,
Pune 411041, India
USA: +1 (347) 690-0211
Email: [email protected]
Web: https://www.fnfresearch.com