Market Size of Smart Pills Drug Delivery Industry
Study Period | 2019 - 2029 |
Market Size (2024) | USD 4.37 Billion |
Market Size (2029) | USD 7.24 Billion |
CAGR (2024 - 2029) | 10.61 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Smart Pills Drug Delivery Market Analysis
The Smart Pills Drug Delivery Market size is estimated at USD 4.37 billion in 2024, and is expected to reach USD 7.24 billion by 2029, growing at a CAGR of 10.61% during the forecast period (2024-2029).
The COVID-19 pandemic has boosted the demand for smart pills for managing patients suffering from COVID-19 and other associated disorders. It has also fueled the research and development activities for developing smart drugs. For instance, as per an article published by the International Journal on Emerging Technologies, in August 2020, in times of the COVID-19 pandemic, there was a need to develop a pill drug delivery system with a preprogrammed feature that will be used by the elderly or infected people. The proposed preprogrammed pill dispenser (PPD) is one such approach that is designed to help them to take their medicines at regular intervals of time. It states that the proposed preprogrammed drug delivery system is designed with an alerting module using an alarm and camera unit, which is one such approach intended to help patients take their medications at regular intervals as the in-home medical care cost in a developing country is much higher, which leads the individual to think of a cost-effective solution. Hence, with the abovementioned factors, it is observed that the market studied was positively impacted.
Specific factors driving the smart pills drug delivery market growth include increasing preference for minimally invasive devices, increasing incidence of gastrointestinal disorders, and technological advancements. Additionally, the increasing burden of neurological, cancer and other diseases drives the demand for intelligent pills in healthcare settings. For instance, according to the World Health Organization September 2021 update, around 55 million people have dementia, with over 60% living in low and middle-income countries. The same source also reports that this number is expected to rise to 78 million in 2030 and 139 million in 2050. With the increasing cases of Alzheimer's and dementia, there are increased chances of missing doses of medication or wrong administration of it, increasing the need for smart pills and drug delivery. Thus, the increasing burden of diseases around the globe and the need for care drives the market studied.
According to an article published by GIE Media, Inc., in December 2021, the need to perform highly skilled actions using specialized tools with limited visibility and motion range has introduced higher levels of expertise for surgical teams. Support equipment includes endoscopic cameras, visualization scanners, contrast injectors, etc. According to an article published on JAMA Network in January 2020, most surgeons currently opt for advanced minimally invasive surgical procedures such as laparo-endo single-incision surgery (LESS) due to their advantages over traditional open surgical techniques. These advantages include fewer scars and tissue injury, quicker recovery periods, shorter hospital stays, reduced blood loss and trauma, lower risk of infection, and reduced overall healthcare costs. In addition, minimally invasive surgeries are increasingly being covered by health insurance providers in selected countries. These factors have led to an increased preference for minimally invasive surgeries among patients leading to the growth of the smart pills drug delivery market.
Therefore, the abovementioned factors are attributed collectively to the studied market growth over the forecast period. However, stringent regulations for approving smart pills and potential health risks are expected to hinder market growth over the forecast period.
Smart Pills Drug Delivery Industry Segmentation
As per the scope of the report, smart pills are capsules prescribed to patients and are equipped with electronic sensors, which send a wireless message to devices, like patches, tablets, or smartphones, outside the body when they are ingested. The Smart Pills Drug Delivery Market is segmented by Type (Capsule Endoscopy, Patient Monitoring, and Drug and Delivery Systems) and Geography (North America, Europe, Asia-Pacific, Middle East, Africa, and South Amerie market report also covers the estimated market sizes and ten different countries across significant regions globally. The report offers the value (in USD million) for the above segments.
Type | |
Capsule Endoscopy | |
Patient Monitoring | |
Drug and Delivery Systems |
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Smart Pills Drug Delivery Market Size Summary
The Smart Pills Drug Delivery Market is poised for significant growth, driven by the increasing demand for minimally invasive medical solutions and advancements in technology. The market is experiencing a surge in interest due to the rising incidence of gastrointestinal and neurological disorders, such as Alzheimer's and dementia, which necessitate precise medication administration. The COVID-19 pandemic has further accelerated the development and adoption of smart pills, as they offer a cost-effective solution for managing patient care remotely. The market is characterized by the integration of advanced features like preprogrammed drug delivery systems, which are particularly beneficial for elderly patients and those with chronic conditions. These innovations are expected to enhance patient compliance and reduce the burden on healthcare systems, thereby fueling market expansion.
North America leads the global smart pills drug delivery market, attributed to the region's acceptance of advanced healthcare technologies and a growing elderly population. The increasing prevalence of medication errors highlights the need for smart pill solutions to ensure accurate drug delivery and improve patient outcomes. The market is consolidated, with several key players, including Medtronic, Olympus Medical Technology, and CapsoVision, driving innovation and competition. These companies are actively investing in research and development to enhance product offerings and expand their market presence. Despite the promising growth prospects, the market faces challenges such as stringent regulatory requirements and potential health risks, which could impact its trajectory over the forecast period.
Smart Pills Drug Delivery Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Preference for Minimally Invasive Devices
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1.2.2 Increasing Incidence of Chronic Disorders
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1.2.3 Technological Advancements
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1.3 Market Restraints
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1.3.1 Stringent Regulations for the Approval of Smart Pills
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1.3.2 Potential Health Risk
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION ( Market size by Value in USD)
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2.1 Type
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2.1.1 Capsule Endoscopy
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2.1.2 Patient Monitoring
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2.1.3 Drug and Delivery Systems
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 United Kingdom
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2.2.2.3 France
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2.2.2.4 Italy
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2.2.2.5 Spain
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2.2.2.6 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 China
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2.2.3.2 Japan
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2.2.3.3 India
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2.2.3.4 Australia
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2.2.3.5 South korea
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2.2.3.6 Rest of Asia-Pacific
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2.2.4 Middle East and Africa
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2.2.4.1 GCC
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2.2.4.2 South Africa
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2.2.4.3 Rest of Middle East and Africa
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2.2.5 South America
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2.2.5.1 Brazil
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2.2.5.2 Argentina
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2.2.5.3 Rest of South America
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Smart Pills Drug Delivery Market Size FAQs
How big is the Smart Pills Drug Delivery Market?
The Smart Pills Drug Delivery Market size is expected to reach USD 4.37 billion in 2024 and grow at a CAGR of 10.61% to reach USD 7.24 billion by 2029.
What is the current Smart Pills Drug Delivery Market size?
In 2024, the Smart Pills Drug Delivery Market size is expected to reach USD 4.37 billion.