Smart Pills Market Outlook to 2028: Emerging Trends and Will Generate New Growth Opportunities Status
Posted by Shahbaz on October 13th, 2022
According to our latest study, "Smart Pills Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application, Disease Indication, and End User," the market is expected to grow from US$ 4,019.30 million in 2021 to US$ 9,061.29 million by 2028; it is estimated to grow at a CAGR of 12.3% from 2021 to 2028. The report highlights the key factors driving the market and prominent players with their developments. The growth of the smart pills market is primarily due to the increase in strategic collaborations & partnerships on smart pills and rising demand for minimally invasive surgical procedures. However, the high cost of smart pills hampers the smart pills market's growth.
The COVID-19 pandemic led to an increase in smart pill tests and innovations due to industry players' constant endeavor towards developing products that could help in combating the disease. For instance, in November 2021, the UK approved a potentially game-changing SARS-CoV-2 antiviral pill to fight the Covid-19 pandemic. The drug molnupiravir was recommended by Britain’s MHRA (Medicines and Healthcare products Regulatory Agency) for use in people with mild to moderate COVID-19.
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Based on application, the smart pills market is segmented into capsule endoscopy, drug delivery, and patient monitoring. In 2021, capsule endoscopy segment held the largest market share. However, drug delivery is estimated to grow at the fastest CAGR of 13.4% during the forecast period. Moreover, the capsule endoscopy segment is segmented into small bowel video capsule endoscopy, colon capsule endoscopy, controllable capsule endoscopy, storable capsule endoscopy, and other capsule endoscopy. In 2021, the small bowel video capsule endoscopy segment held the largest market share of the smart pills market by capsule endoscopy; however, colon capsule endoscopy is estimated to register the highest CAGR of 12.4% during the forecast period. The largest share of this segment is due to the higher preference for technological developments in the capsule endoscopes. Smart pills emerged as a revolutionary technological innovation, bridging digital technology and healthcare. The advent of these healthcare-cum-technological devices enabled addressing soaring demand for better monitoring and diagnostics.
CapsoVision, Inc.; Medtronic.; Check-Cap; PENTAX Medical; Olympus Corporation; BodyCap.; Otsuka America Pharmaceutical, Inc.; IntroMedic; Jinshan Science & Technology (Group) Co., Ltd.; and RF Co., Ltd. are a few leading companies operating in the smart pills market.
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About the AuthorShahbaz
Joined: September 26th, 2022
Articles Posted: 71
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