The ingestible smart pills market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The ingestible smart pills are capsule-like medical devices that include features such as sensors, cameras, patches, and trackers that aid in better diagnosis, patient monitoring, and targeted drug delivery. It is widely available in the form of a vitamin capsule pill and a wearable sensor, mobile app, and provider portal. The key players in the market focus on increasing the product portfolio. It is estimated to generate potential market growth opportunities during the forecast period.
According to the American Cancer Society, in 2019, there will be an estimated 1,762,450 new cancer cases and 606,880 cancer deaths in the US. The increase in the number of geriatric population which is more prone to chronic disorders including cancer along with the rapid development of health care facilities are major factors that are creating demand for such innovative devices. Innovations and technological advances in the sector are also estimated to support the growth of the market across the globe. The rise of technological advances related to smart pills such as bioelectronics, the availability of microprocessors, small cameras, miniaturization, among others is predicted to provide beneficial opportunities in the coming year. In addition, the willingness of health conscious patients to spend more money on health facilities in developing countries, is expected to boost the growth of the global ingestible smart pills market during the forecasted period.
The key players in the global ingestible smart pills market are making significant efforts to raise awareness among patients about the availability and benefits of ingestible smart pills. The increasing focus of key players to raise awareness regarding presence of such products further promotes its market growth. In addition, a significant shift in patients from hospitals to home care and the growing need for smart pills feature accelerates the growth of the ingestible smart pills market during the forecasted period. Additionally, the leading players in the global market for smart pills focus on the approval and launch of new products to expand their product portfolio. For instance, in December 2019, etectRx, Inc. received US FDA approval for its patented ingestible event, the ID-Cap System.
In July 2020, HOYA Corp. and Hitachi, Ltd. announced a five-year contract for Endoscopic Ultrasound Systems in which Hitachi will continue to provide ultrasound diagnostic programs and ultrasound-related components used in Endoscopic Ultrasound Systems. Such contracts among key players is further contributing to the market growth.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Component
- By Application
- By End-Users
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape-CapsoVision Inc., Check-Cap Ltd., Given Imaging Ltd., IntroMedic Co. Ltd., Proteus Digital Health Inc., among others.
A full report Ingestible Smart Pills Market of is available at: https://orionmarketreports.com/ingestible-smart-pills-market/92654/
Global Ingestible Smart Pills Market Report by Segment
By Component
- Smart Pills
- Workstation
By Application
- Imaging
- Monitoring
By End-Users
- Hospital
- Clinics
- Research Institute
- Home Healthcare
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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