Global Smart Pills Market Forecast Report 2021-2028 – Remote Patient Monitoring Through Smart Pills & Increasing Demand for Drug Delivery System – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Smart Pills Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Application, Disease Indication and End User” report has been added to ResearchAndMarkets.com’s offering.

Rising Demand for Minimally Invasive Surgical Procedures to Drive Global Smart Pills Market.

The global Smart Pills market size is projected to reach US$ 9,061.29 million by 2028 from US$ 4,019.30 million in 2021. The global Smart Pills market size is estimated to grow at a CAGR of 12.3% during 2021-2028.

The report highlights trends prevailing in the market and the factors driving it. The Smart Pills market growth is attributed 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 can hamper the smart pills market growth.

The geriatric 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 follow a specified dose of medication at the target site are forming 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 expected to replace traditional endoscopy methods due to its advantages, including 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, along with hybrid imaging technologies and new component innovations. Moreover, for instance, 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 estimated to boost the segment growth over the forecast period.

Furthermore, patients with a maximal requirement for home healthcare services face challenges concerning access and use of smart pills, which resulted in developers and producers increasing the accessibility & usability of these devices, thereby facilitating the interpretation of data more simply.

Further, the majority of the industries offer compatible software for collecting data over a longer duration and conveying valuable information about patient health, coupled with suggestions for enhancing their life quality. The provision of being connected to smartphones through Bluetooth and providing data in user-friendly & statistical format is likely to elevate the demand for smart pills soon. In addition, strategic collaborations are vital for the overall growth of the smart pills market, as these collaborations help increase the influence of the players in the market.

The players are involved in mergers, acquisitions, joint ventures, and partnerships. Furthermore, the investment levels in the smart pills market are rapidly growing. The rising popularity of smart pills among the global populace attracts several 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.

Additionally, 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.

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.

Key Market Dynamics

Market Drivers

• Rising Demand for Minimally Invasive Surgical Procedures
• Increase in Strategic Collaborations & Partnerships On Smart Pills

Market Restraints

• High Cost of Smart Pill

Market Opportunities

• Increasing Demand for Drug Delivery System

Future Trends

• Remote Patient Monitoring Through Smart Pills

Company Profiles

• Capsovision, Inc.
• Given Imaging, Inc.
• Check-Cap
• Pentax Medical
• Olympus
• Bodycap
• Otsuka America Pharmaceutical, Inc.
• Intromedic
• Jinshan Science & Technology (Group) Co. Ltd.
• Rf Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/1lx12u

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

[email protected]

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900