Smart Pills Market Size Worth $9.06Bn, Globally, by 2028 at 12.3% CAGR – Exclusive Report by The Insight Partners

The Insight Partners published latest research study on Smart Pills Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application (Capsule Endoscopy, Drug Delivery, and Patient Monitoring), Disease Indication (Gastrointestinal Diseases, Neurological Disorders, Cancer, Inherited Disorders, and Other Disease Indications), and End User (Hospitals and Clinics, Research Institutes, and Home Healthcare)”, the global smart pills market size is projected to reach $9.06 billion by 2028 from $4.01 billion in 2021; it is estimated to grow at a CAGR of 12.3% during 2021–2028.

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Smart Pills Market: Competition Landscape and Key Developments

CapsoVision, Inc.; Medtronic; Check-Cap; PENTAX Medical; Olympus Corporation; BodyCap; Otsuka America Pharmaceutical, Inc.; IntroMedic and Jinshan Science & Technology (Group) Co., Ltd.; and RF Co., Ltd. are a few key companies operating in the smart pills market. Companies operating in the smart pills market adopt product innovation strategies to meet the evolving customer demands worldwide, permitting them to maintain their brand name in the global market. Also, the companies in the market create partnerships, collaborations, and contracts with hospitals, dental specialists, and clinics to further drive the smart pills market revenue.

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In February 2022, Check-Cap Ltd. announced that the Company  received approval from the U.S. Food and Drug Administration (FDA) for its amended Investigational Device Exemption (IDE) application, enabling the initiation of the U.S. pivotal study. In addition, in November 2021, Medtronic plc announced that the U.S. Food and Drug Administration (FDA)  granted 510(k) clearance for its PillCam Small Bowel 3 system for remote endoscopy procedures. The PillCam SB3 @HOME program combines Medtronic’s PillCam technology with Amazon logistics, a combination intended to ensure both timely and accurate results for patients from the comfort of their homes. Also, in September 2020, CapsoVision announced that the U.S Food & Drug Administration (FDA) would apply enforcement discretion which allows at-home administration of the CapsoCam Plus small bowel capsule endoscope during the COVID-19 pandemic for patients who are determined eligible for at-home administration.

Smart pills are capsule-sized ingestible medical devices consisting of elements such as sensors, cameras, patches, and trackers that help in better diagnostics, patient monitoring, and targeted drug delivery. They are majorly available in the form of a vitamin capsule-sized pill and possess a small wearable sensor patch, an application on a mobile device, and a provider portal.

The strategic collaboration is a vital factor for the overall growth of the smart pills market. The players are involved in mergers, acquisitions, joint ventures, and partnerships. These activities help expand the influence of the players in the market, eventually strengthening the growth structure. Furthermore, the investment levels in the smart pills market are expanding at a rapid pace. The rising popularity of smart pills among a large chunk of the global populace attracts many investors. Various companies and investment firms are investing heavily in mergers, acquisitions, and startups. These factors help increase the growth rate of the smart pills market.

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Moreover, collaborations agreements between research institutions and companies, licensing agreements & partnerships amongst companies, and augmented R&D investment on smart pills are other factors boosting the market growth. In addition, for instance, in January 2021, etectRx, Inc. entered into a partnership agreement with Pear Therapeutics, Inc. to develop two product candidates in the CNS space integrating adherence sensors and PDTs (Prescription Digital Therapeutics). The partnership is the first of its kind in exploring the usage of digital pill solutions with PDTs. Furthermore, the elderly population is highly vulnerable to gastrointestinal disorders. Various smart pills are now being analyzed for potential application in therapeutics and diagnosing several acute and chronic diseases. Patients with chronic diseases who need to follow a specified dose of medication at the target site are anticipated to form a large customer base for advanced drug delivery products.

The increasing demand for minimally invasive surgical procedures led to innovative techniques such as capsule endoscopy. Capsule endoscopy is replacing traditional endoscopy methods with advantages such as ease of administration and detailed observation of the gastrointestinal tract. The capsule endoscopy plays a vital role in the early diagnosis and proper treatment of these disorders, in addition to hybrid imaging technologies and new component innovations. Additionally, as per the University of Texas Health Science Center, the deployment of various colorectal cancer screening procedures such as capsule endoscopy improves adherence to screening. The university conducted a study comprising haphazardly assigned patients aged between 50 and 75 years and inferred that capsule endoscopy gives better diagnostic results when compared with CT colonography. Such findings are boosting the smart pills market growth.

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