Smart Pills Market Set to Soar Past USD 12.39 billion by 2030
The global Smart Pills market size is expected to reach USD 12.39 billion by 2030 and exhibit a CAGR of 12.8% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing prevalence of chronic diseases, the need for non-invasive diagnostic and monitoring tools, advancements in microfabrication and wireless communication technologies, the rising aging population, and the demand for real-time health tracking and remote patient monitoring are fueling the market's growth.
Westford, USA, Jan. 30, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Smart Pills market, the increasing use of ingestible sensors for real-time patient monitoring, the development of multi-functional smart pills capable of diagnostic and therapeutic functions, the integration of smartphone apps and wearable devices for data collection and analysis, the expansion of applications beyond traditional drug delivery to include health tracking and disease management, are the trends that aid in the market's growth.
Browse in-depth TOC on "Smart Pills Market"
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Tables - 92
Figures - 76
Smart pills are ingestible electronic devices that can monitor physiological data, deliver drugs, or perform other functions inside the body. They are typically small, capsule-shaped devices that are swallowed and travel through the digestive system. Smart pills can contain a variety of sensors, including cameras, microphones, temperature sensors, and pH sensors.
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Prominent Players in Smart Pills Market
Proteus Digital Health
EtectRx
Lumeon
CapsoVision
Given Imaging
Orasis Pharmaceuticals
Intellijoint Surgical
Evoke Pharma
Rani Therapeutics
Medtronic
PillCam
Abilify MyCite
Pear Therapeutics
Akili Interactive
Huma
Click Therapeutics
Ginger
Happify Health
Talkspace
Headspace
Calm
Meditopia
Wireless Capsule Endoscopy Demand to Grow Substantially in the Forecast Period
Wireless Capsule Endoscopy dominate the global online market as it is minimally invasive and non-intrusive, making it more acceptable to patients compared to traditional endoscopy methods. This non-invasive approach leads to higher patient compliance and acceptance.
Monitoring Applications is the Leading Application Segment
In terms of application, the Monitoring applications is the leading segment as they are crucial for the management of chronic diseases, such as gastrointestinal disorders, diabetes, cardiovascular diseases, and neurological conditions. Continuous tracking of vital parameters and disease progression is essential for effective management.
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North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region has a high level of healthcare expenditure, enabling investment in cutting-edge medical technologies and encouraging healthcare facilities to adopt smart pills for diagnostics and monitoring.
A recent report thoroughly analyzes the major players operating within the Smart Pills market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Smart Pills.
Key Developments in the Smart Pills Market
Proteus Digital Health announced that it had received FDA approval for its ingestible sensor system, which can be used to track medication adherence and provide real-time data to healthcare providers.
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Key Questions Answered in Smart Pills Market Report
What specific growth drivers are projected to impact the market during the forecast period?
Can you list the top companies in the market and explain how they have achieved their positions of influence?
In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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