Smart Pills Market Growth, Analysis, and Overview by 2031
The smart pills market size is projected to reach US$ 13.22 billion by 2031 from US$ 5.01 billion in 2023. The market is expected to register a CAGR of 12.90% during 2023–2031. Remote patient monitoring through smart pills will likely remain a key trend in the market.
Smart Pills Market Analysis
The market for smart pills will grow even more with increased R&D expenditures. Businesses are developing products, and technological advancements like bioelectronics, microprocessor availability, micro-cameras, and miniaturization are expected to expand the market. The market for smart pills is anticipated to overgrow in the Asia-Pacific region due to the rise in chronic illnesses. Businesses in the worldwide market for smart pills have been using both organic and inorganic strategies, which has helped the market expand. These strategies have aided in both the market's expansion and the players' commercial growth, including product launches, partnerships, and acquisitions. For example, Otsuka America Pharmaceutical, Inc. declared in August 2020 that it had acquired Proteus Digital Health, Inc.'s (Proteus) assets, including the intellectual property and assets related to its wearable and edible sensor technology.
Smart Pills Market Overview
Strategic partnerships are essential to the overall expansion of the smart pill market. The participants engage in partnerships, joint ventures, acquisitions, and mergers. In addition, the amount of money invested in the smart pill market is expanding quickly. Several investors are drawn to smart pills due to their growing appeal among people worldwide. Many businesses and investment firms invest significantly in startups, mergers, and acquisitions. These elements may contribute to the market for smart pills expanding more quickly. Other market growth factors include partnerships and collaborations between companies and research institutions, increased R&D investment in smart pills, and licensing agreements. For example, etectRx, Inc. and Pear Therapeutics, Inc. entered into a partnership agreement in January 2021 to develop two product candidates in the CNS space that integrate PDTs (Prescription Digital Therapeutics) and adherence sensors. This collaboration is the first to investigate the use of digital pill solutions with PDTs. Proteus Digital Health, a manufacturer of smart pills, was purchased by Otsuka for USD 15 million in August 2020.
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Smart Pills Market: Strategic Insights
Market Size Value in US$ 4,019.30 Million in 2021 Market Size Value by US$ 9,061.29 million by 2028 Growth rate CAGR of 12.3% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Smart Pills Market: Strategic Insights
![smart-pills-market](https://www.theinsightpartners.com/assets/rdimages/smart-pills-market-img1.png)
Market Size Value in | US$ 4,019.30 Million in 2021 |
Market Size Value by | US$ 9,061.29 million by 2028 |
Growth rate | CAGR of 12.3% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2021 |
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Smart Pills Market Drivers and Opportunities
Rising Demand for Minimally Invasive Surgical Procedures Favors the Market Growth
The elderly population is particularly susceptible to gastrointestinal conditions. Numerous smart pills are currently being examined for possible use in treating a variety of acute and chronic illnesses. A sizable market for advanced drug delivery products is projected to consist of patients with chronic diseases who take their medications at the target site according to a prescribed dose. The rising need for less invasive surgical procedures has given rise to cutting-edge methods like capsule endoscopy. Because of its many benefits, such as its ease of administration and ability to provide detailed observation of the gastrointestinal tract, capsule endoscopy is predicted to replace traditional endoscopy methods eventually.
Along with new component innovations and hybrid imaging technologies, the capsule endoscopy is essential for the early diagnosis and appropriate treatment of these disorders. According to the University of Texas Health Science Center, using different colorectal cancer screening methods, like capsule endoscopy, increases screening adherence. The university found capsule endoscopy provides more accurate diagnostic results than CT colonography, based on a study involving randomly assigned patients ages 50 to 75. These findings are expected to accelerate the segment's growth throughout the projection period.
Individuals who require home healthcare services to the fullest extent possible encounter difficulties in obtaining and utilizing smart pills. As a result, manufacturers and developers have improved the devices' usability and accessibility, making it easier to interpret data. Most sectors provide compatible software that allows data to be collected over extended periods, providing helpful information about patients' health and recommendations for improving their quality of life. The demand for smart pills is increasing due to their ability to connect to smartphones via Bluetooth and present data in an easy-to-understand and statistical format.
Increasing Demand for Drug Delivery System Creates Significant Opportunities in the Market
There has been an increase in demand for drug delivery systems that offer essential advantages like low side effects or adverse effects, targeted drug delivery, best use of API, and fewer doses required. This has also led to the development of smart pills by integrating cutting-edge medications, technological advancements, and medical equipment into drug delivery systems. The patient base for smart pills is probably going to be composed of people with chronic illnesses who require a specific dosage of medication. The following are just a few of the promotional activities that the companies have provided: product launches, investments, and acquisitions.
Otsuka (Proteus) introduced smart chemo pills in 2019 to enhance the prognosis of cancer patients.
In 2019, Pillo Health and Stanley Black & Decker introduced a robot companion to dispense pills. An integrated voice assistant for communication with caregivers and patients has been designed to assist patients with chronic conditions maintain their medication schedule and overall health.
Technologies for smart pills offer groundbreaking breakthroughs for applications in life science research. Thus, during the forecast period, the market for smart pills is expected to grow faster due to the rising demand for drug delivery systems in emerging economies.
Smart Pills Market Report Segmentation Analysis
Key segments that contributed to the derivation of the smart pills market analysis are application, disease indication, and end user.
- Based on application, the smart pills market is segmented into drug delivery, capsule endoscopy, and patient monitoring. The capsule endoscopy segment held the most significant market share in 2023.
- By disease indication, the market is categorized into inherited disorders, gastrointestinal diseases, neurological disorders, cancer, and other disease indications. The gastrointestinal diseases segment held the largest share of the market in 2023.
- By end user, the market is segmented into hospitals and clinics, home healthcare and research institutes. The hospitals and clinics segment held the significant share of the market in 2023.
Smart Pills Market Share Analysis by Geography
The geographic scope of the smart pills market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The North America smart pills market is segmented into the US, Canada, and Mexico. The increase in the demand for minimally invasive devices in the US, and the rise in gastrointestinal disorders in the U.S., characterize the growth of North America. In addition, rapid technological advancements in drug delivery will likely boost the North American smart pills market during the forecast period. The growth of this market is mainly driven by the growing prevalence of gastrointestinal diseases, favorable reimbursement scenarios, FDA approvals for smart pills, developments by the market players, and the presence of significant market players in the US will accelerate the growth of this market in this country. Furthermore, the growing prevalence of neurological diseases is likely to demand smart pills for the real-time diagnosis and treatment of the disease. As per the Alzheimer’s Association, in 2020, an estimated 5.8 million Americans aged 65 or more are living with Alzheimer’s dementia, and the number is expected to reach 13.8 million by 2050. Thus, the growing prevalence of neurological diseases will likely favor the market's growth during the forecast period.
Smart Pills Market Report Scope
Smart Pills Market News and Recent Developments
The smart pills market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the smart pills market are listed below:
- Check-Cap Ltd. announced that the Company had 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. (Source: Check-Cap Ltd, Press Release, February 2022)
- Dignio AS, Norway’s leading provider of digital remote care to Home Care services and Care Homes, announced today that it has integrated AceAge Inc. Karie – smart pill dispenser, into its Dignio Connected Care solution. (Source: Dignio AS, Press Release, February 2022)
Smart Pills Market Report Coverage and Deliverables
The “Smart Pills Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Smart pills market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Smart pills market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Smart pills market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the smart pills market
- Detailed company profiles
![Report Coverage](https://www.theinsightpartners.com/assets/rdimages/report_coverage.png)
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
![Segment Covered](https://www.theinsightpartners.com/assets/rdimages/segment_covered.png)
Segment Covered
Application, Disease Indication, and End User
![Regional Scope](https://www.theinsightpartners.com/assets/rdimages/regional_scope.png)
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
![Country Scope](https://www.theinsightpartners.com/assets/rdimages/country_scope.png)
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
CapsoVision, Inc., Check-Cap, Olympus, BodyCap, Otsuka America Pharmaceutical, Inc., PENTAX Medical, IntroMedic, Jinshan Science & Technology (Group) Co., Ltd., Given Imaging, Inc., RF Co., Ltd.
Remote patient monitoring through smart pills will likely remain a key trend in the market.
Key factors driving the market are rising demand for minimally invasive surgical procedures and an upsurge in strategic collaborations & partnerships on smart pills
North America dominated the smart pills market in 2023
The market is expected to register a CAGR of 12.90% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.