The global ingestible smart pills market is anticipated to grow at a CAGR of 6.2% during the forecast period. The increasing cases of gastroparesis in the developed nations, including the US and UK are giving strength to the market growth. However, the high requirement of R&D investment for the designing of miniaturized microelectronics is restraining the growth of the market. Additionally, stringent government regulations are another hurdle in the development of the market.
Ingestible smart pills are used for capsule endoscopy, patient monitoring, and controlled drug delivery application in the medical sector. Ingestible smart pills can help in tracking the pH and temperature of a patient’s gastrointestinal tract and also provide images of the targeted organs. These are also known as intelligent pills. The rising cases of chronic diseases and medical adherence are driving the growth of the global ingestible smart pills market. For instance, according to the Royal Melbourne Institute of Technology, one out of every five people suffer from a gastrointestinal disorder globally in their lifetime and 30% of them remain undiagnosed. The accuracy requirement in invasive diagnosis tests is creating huge opportunities for innovation in ingestible smart pills. This report will further analyze all the primary as well as secondary factors that are directly or indirectly impacting the growth of the market.
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The outbreak of COVID-19 had greatly impacted the global ingestible smart pills market. According to the research of the Swedish Medical Center, COVID-19 had reduced around 83% of the total endoscopy volumes globally. Out of this 82% reduction was recorded in upper endoscopy and 85% was recorded in lower endoscopy. As endoscopy is the major end-use of ingestible smart pills, thus it experienced a major downfall during the pandemic. However, the Oceania region had recorded normal endoscopy procedures during the COVID-19 pandemic.
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The North American Region Holds a Significant Share in the Global Ingestible Smart Pills Market
North America held the largest market share in the global market owing to the growing need for smart pills and monitoring devices. The high prevalence of lifestyle-related diseases in the US has further boosted the growth of the ingestible smart pills market in North America. The Centers for Disease Control and Prevention estimated that 37.3 million people were living with diabetes in the US in 2020.
The rapidly developing economies of Asia-Pacific are projected to witness the highest growth rate during the forecast period. The growth in the Asia-Pacific region is backed by the rising awareness about the diagnosis and treatment options for chronic diseases coupled with the rising prevalence of lifestyle-related diseases such as diabetes. Along with it, efforts by government agencies on research and funding programs are also helping in the growth of the Asia-Pacific ingestible smart pills market.
by Component (Smart Pills (Patient Monitoring and Capsule Endoscopy (Small Bowel Endoscopy, Esophagus Endoscopy, and Colon Endoscopy)) and Workstation), Application (Imaging and Monitoring), and
By End-User (Hospital, Clinics, Research Institutes, and Homecare)
Market Players Outlook
The major companies serving the global ingestible smart pills market include GE Healthcare, Siemens AG, Novartis International AG, Boston Scientific Corp., Medimetrics, IntroMedic Co., Ltd., Philips Healthcare, and Medtronic plc, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, Olympus Corp. had launched PowerSpiral in March 2019 in Europe and the Asia-Pacific region. PowerSpiral have motorized rotating attachments through which the small intestine can also be endoscope.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global ingestible smart pills market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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