Smart Pills Market is expected to grow at a CAGR of 12.84% from 2024 to 2032
Technological improvements in capsule endoscopes are anticipated to pressure the boom of the global smart pills market. An example is the advent of the new OMOM® HD Capsule with AI-assisted technology by the Healthcare 21 Group in 2020. This technology is designed to offer healthcare professionals exceptional accuracy and pace in deciphering capsule examinations, enabling them to achieve this in much less time and with greater ease.Moreover, the surge in colon cancer instances is expected to help the boom of the worldwide smart pills market. According to the World Health Organization, colon cancer ranks as the second main reason of cancer-related deaths globally, with over 1.9 million new cases and 930,000 deaths pronounced. Significant regional variations exist, with higher occurrence rates in Europe and Australia/New Zealand and extended mortality rates in Eastern Europe. Projections suggest an extensive upward thrust in colorectal cancer instances to 3.2 million yearly by 2040, a 63% growth, along with 1.6 million deaths, a 73% growth.
Besides, several smart pills are scrutinized for potential healing and diagnostic programs in numerous acute and continual illnesses, driving growth in the global smart pills market. In 2023, scientists from MIT, Boston University, and other establishments unveiled a smart tablet akin to a blueberry, promising to revolutionize the analysis and treatment of bowel illnesses. This innovative technology, ingestible and able to autonomously figure out and right away report critical organic molecules, represents an enormous leap forward. So, the Smart Pills Market was valued at US$ 4.50 Billion in 2023.
Potential customers of smart pills consist of patients with paralysis, motionless individuals, and seniors, propelling growth within the international market. As the aged population expands, there is a growing demand for advanced medical devices to enhance patient convenience. The United Nations predicts a sizeable growth in the worldwide elderly population, from 761 million in 2021 to 1.6 billion by 2050. This underscores the sizable ability for market enlargement in the foreseeable future.
China has the potential to have a considerable impact on the global smart pills market
Based on country, the global smart pills market is organized into North America (United States, Canada), Europe (France, Germany, Italy, Spain, United Kingdom, Belgium, the Netherlands, and Turkey), Asia Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, and New Zealand), Latin America (Brazil, Mexico, and Argentina), Middle East & Africa (South Africa, Saudi Arabia, and the United Arab Emirates). China might play a tremendous role in the global smart pills market, pushed by its massive older population and the increasing prevalence of colon cancer, which fuels the call for innovative healthcare solutions. According to the Global Burden of Disease (GBD) colorectal cancer collaborators, East Asia, particularly China, faces tremendous influences, with mainland China reporting the highest all-age incidence of 607,900 cases. Rapid urbanization, technological advancements, and authorities initiatives, in addition, facilitate the adoption of smart pills. China's increasing market potential and healthcare investments make it a sizeable contributor to the global smart pills market boom.Key Players
The smart pills market companies are Check-Cap Ltd., General Electric Company, Fujifilm, Koninklijke Philips N.V., Medtronic plc, Olympus Corporation, Novartis AG, and Otsuka Holdings Co., Ltd.Application - Global Smart PillsMarket breakup in 3 viewpoints:
1. Capsule Endoscopy2. Patient Monitoring
3. Drug Delivery
Target Area - Global Smart Pills Market breakup in 4 viewpoints:
1. Esophagus2. Small Intestine
3. Large Intestine
4. Stomach
End-Users - Global Smart Pills Market breakup in 4 viewpoints:
1. Diagnostic Centers2. Hospitals
3. Research Institutes
4. Others
Country - Global Smart Pills Market breakup of 25 Countries Covered in the Report:
1. North America1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 UAE
5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. Check-Cap Ltd.2. General Electric Company
3. Fujifilm
4. Koninklijke Philips N.V.
5. Medtronic plc
6. Olympus Corporation
7. Novartis AG
8. Otsuka Holdings Co., Ltd.
Table of Contents
Companies Mentioned
- Check-Cap Ltd.
- General Electric Company
- Fujifilm
- Koninklijke Philips N.V.
- Medtronic plc
- Olympus Corporation
- Novartis AG
- Otsuka Holdings Co., Ltd.
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 220 |
| Published | March 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 4.5 Billion |
| Forecasted Market Value ( USD | $ 13.35 Billion |
| Compound Annual Growth Rate | 12.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
