DUBLIN–(BUSINESS WIRE)–The “Global Smart Pills Technology Market Size, Share, and Growth Analysis by Application, Target Area, Disease, End-user, and Region – Industry Forecast 2023-2030” report has been added to ResearchAndMarkets.com’s offering.
The global smart pills technology market size was valued at USD 866.61 billion in 2021 and is poised to grow from USD 944.57 billion in 2022 to USD 7500 billion by 2030, growing at a CAGR of 8.8% in the forecast period (2023-2030).
The global Smart Pills Technology market is a growing segment in the transportation industry. The global smart pills technology market is expected to grow significantly over the forecast period due to increasing demand for non-invasive diagnostic tools and personalized medicine.
Smart pills are ingestible devices that are equipped with sensors and cameras, which allow doctors to monitor and diagnose various health conditions. The rising prevalence of chronic diseases, such as diabetes and cancer, is driving the demand for smart pills as they offer real-time monitoring and diagnosis of these conditions.
Additionally, advancements in wireless communication technologies and the miniaturization of electronic components are also driving the growth of the smart pills technology market.
Segments covered in this report
Smart Pills Technology Market is segmented based on the Application, target area, disease, end user, and region. According to application, the Smart Pills Technology Market is sub segmented into Capsule Endoscopy, Patient Monitoring and Drug Delivery. Based on target area, the Smart Pills Technology Market is segmented into Esophagus, Stomach, Small Intestine and Large Intestine.
On the basis of disease, Smart Pills Technology Market is sub segmented into Crohn’s Disease, Celiac Disease, Inherited Polyposis Syndromes, Small Bowel Tumors, Occult GI Bleeding and others. According to end user the Smart Pills Technology Market is sub segmented into Hospital & Specialty Clinics, Diagnostic and Research Centers. Based on Region, Smart Pills Technology Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
In the upcoming years, the demand for smart pill technologies is expected to witness a substantial surge due to various factors such as the growing incidence of gastrointestinal disorders (including motility disorders, colon cancer, Crohn’s disease, and obscure gastrointestinal bleeding), sedentary lifestyle, and patient compliance facilitated by minimally invasive procedures.
Restrain
Although smart tablets offer many benefits, the progress of the market is being impeded by several obstacles. These challenges comprise the inadequate technological advancement in capsule endoscopes, patient apprehension about swallowing a microchip, expensive prices of ingestible sensors, and stringent government regulations governing the increased adoption of these devices. As a result, the expansion of the market is expected to be restricted.
Trend
Utilizing AI-IoT technologies, the Smart Pill Expert System (SPES) automates pill administration and boasts a user-friendly interface. Its goal is to provide real-time diagnosis expertise to all individuals and institutions reliant on medication. Medical Non-Adherence (MNA) is a significant contributor to prolonged healing periods, financial difficulties, and premature mortality, and this device aims to address this by catering to nursing homes, hospices, and home healthcare facilities, as well as multiple users simultaneously.
With the help of APT and online services, family members, nurses, and medical professionals can continuously monitor users. The system’s failure rate is less than 5% due to minimal human interaction.
Its primary objective is to ensure the correct drug is administered to the correct patient at the correct time, while also monitoring operations to prevent faults. The SPES offers a straightforward physical dispensation and an AI-powered chatbot that predicts users’ health and answers their inquiries, making it a versatile and valuable system.
Companies Mentioned
- Medtronic plc
- Philips Healthcare
- Olympus Corporation
- Boston Scientific Corporation
- CapsoVision, Inc.
- GE Healthcare
- Fujifilm Holdings Corporation
- IntroMedic Co., Ltd.
- Medisafe
- Given Imaging Ltd.
- Vitality, Inc.
- MC10 Inc.
- Johnson & Johnson
- Siemens Healthineers
- Novartis AG
- Becton, Dickinson and Company
- Proteus Biomedical, Inc.
- Pentax Medical
- Microchips Biotech, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/r34kv4
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