WASHINGTON, March 28, 2022 (GLOBE NEWSWIRE) -- According to a new market research report " Smart Pill Technology Market Size, Share & Trends Analysis Report by Technology (Capsule Endoscopy, Patient Monitoring, Drug Delivery), by Disease (Crohn’s Disease, Celiac Disease, Inherited Polyposis Syndromes, Small Bowel Tumors), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)", published by Vantage Market Research, the global post COVID-19 market size of the Smart Pill Technology Market is expected to grow from USD 685.10 Million in 2021 to USD 1,995.01 Million by 2028 at a CAGR of 19.50% during the forecast period.
Synopsis:
Smart Pill Technology Market is a revolutionary technological innovation that bridges the gap between healthcare and digital technology. Smart pills or nootropics are basically medical devices and small embedded electronics like sensors, cameras and trackers. This electronic device can be swallowed easily and provides a complete assessment of the gastrointestinal tract (GIT). The advent of these healthcare-cum-tech devices has met the soaring demand for better diagnosis and monitoring. It surpasses traditional gastrointestinal monitoring endoscopy with more convenient Smart Pill Technology Market and is now the standard non-invasive diagnostic technique for movement disorders. Additionally, it can help doctors monitor patients in real-time with remote control options.
The global Smart Pill Technology Market is expected to grow in the future owing to increasing prevalence of gastrointestinal disorders such as dyskinesia, colon cancer, occult gastrointestinal bleeding, and Crohn's disease, sedentary lifestyle, and high patient compliance. There is a huge increase in minimally invasive technologies. Emergence of new technologies such as catheterless pH monitoring, ingestible sensors, and wireless capsule-based GI monitoring will contribute to accelerate the target market growth. Capsule endoscopy provides a complete gastrointestinal examination, including a complete view of the stomach, including the esophagus, small and large intestines. Such drug capsules play a crucial role in distinguishing healthy cells from unhealthy cells, such as for targeted smart drug delivery or targeted therapy.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Smart Pill Technology market is predicted to grow at a CAGR of roughly 19.50% during the forecast period.
- The Smart Pill Technology market was estimated to be worth roughly USD 685.10 Million in 2021 and is expected to reach USD 1,995.01 Million by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Smart Pill Technology market.
List of Prominent Players in the Smart Pill Technology Market
- Capso Vision Inc. (U.S.)
- Given Imaging Inc. (Israel)
- Medi metrics S.A. de C.V. (Mexico)
- Olympus Corporation (Japan)
- and Bio-Images Research Limited (U.K.)
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Market Dynamics:
Drivers:
Factors such as patient preference for minimally invasive procedures, favorable reimbursement schemes, technological advancements in endoscopic procedures, and rising prevalence of colon cancer are propelling growth of the target market. Additionally, the benefits of Smart Pill Technology Market, such as technological advancements in endoscopy procedures, targeted drug delivery, and easy remote patient monitoring are other factors proliferating adoption of the technology.
Challenges:
The COVID-19 pandemic has triggered unintended consequences of severe delays in the diagnosis and treatment of various diseases. According to Commonwealth Fund estimates, overall outpatient visits initially fell by nearly 60% in May 2020 due to COVID-19. This is expected to negatively impact the demand for smart pills, as they are often delivered to patients in hospital settings. The outbreak of COVID-19 is likely to have an impact on the target market growth as social distancing measures by governments across the globe have resulted in significant reductions in hospitals and healthcare services. Additionally, the COVID-19 pandemic has not only impacted the global economy, but has had a dramatic impact on the functioning of general hospital care for non-COVID-19 patients in hospitals around the world.
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Regional Trends:
North America currently dominates the Smart Pill Technology Market owing to factors such as increasing colorectal cancer prevalence, technological advancements in healthcare, and regulatory approvals for new products. All these factors are expected to provide growth opportunities for key players operating in the region.
The number of Canadians living with IBD was approximately 270,000 and is predicted to rise to 403,000 by 2030. IBD affects all age groups, with adolescents and young adults at the highest risk of diagnosis. Endoscopy is used extensively in the management, diagnosis, and treatment of inflammatory bowel disease. As smart pills are more convenient to use as compared to traditional endoscopy, their use is expected to increase.
According to the 2018 Journal of Canadian Association of Gastroenterology, Canada was one of the highest prevalence and incidence rates of IBD (inflammatory bowel disease) across the globe. The number of Canadians with IBD is approximately 270,000 and is projected to increase to 403,000 by 2030. IBD affects all age groups including adolescents and young adults at the maximum risk of diagnosis. Endoscopy is widely used in the management, diagnosis and treatment of inflammatory bowel disease. The use of smart pills is expected to increase due to their convenience compared to traditional endoscopes.
Recent Developments:
In January 2021, etect Rx announced that it had entered a partnership with Pear Therapeutics. The partnership will help to develop two products that combine etect Rx's medication adherence sensors with Pear's digital therapeutics.
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Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Smart Pill Technology Market?
- How will the Smart Pill Technology Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Smart Pill Technology Market?
- What is the Smart Pill Technology market drivers and restrictions?
- What will be the CAGR and size of the Smart Pill Technology Market throughout the forecast period?
The report on the Smart Pill Technology Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
This market titled “Smart Pill Technology Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 685.10 Million |
| Projected Market Size in 2028 | USD 1,995.01 Million |
| CAGR Growth Rate | CAGR of 19.50% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Technology
° Capsule Endoscopy ° Patient Monitoring ° Drug Delivery • Disease ° Crohn’s Disease ° Celiac Disease ° Inherited Polyposis Syndromes ° Small Bowel Tumors ° Occult GI Bleeding ° Others |
| Region & Counties Covered | • North America
° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil ° Argentina ° Rest Of Latin America • Middle East & Africa ° GCC Countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • Capso Vision Inc. (U.S.)
• Given Imaging Inc. (Israel) • Medimetrics S.A. de C.V. (Mexico) • Olympus Corporation (Japan) • and Bio-Images Research Limited (U.K.) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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