Asia-Pacific Smart Pills Market, By Application (Capsule Endoscopy, Drug Delivery, Patient Monitoring), Target Area (Esophagus, Small Intestine, Stomach, Large Intestine), Disease Indication (Esophageal Diseases, Small Bowl Diseases, Colon Diseases, Others), End User (Hospitals, Diagnostic Center, Research Institute) – Industry Trends and Forecast to 2030.
Asia-Pacific Smart Pills Market Analysis and Size
The incorporation of innovative drugs, medical devices, and advanced technologies is anticipated to play a major role in increasing the market during the forecast period. Many smart pills are being analysed for their potential use in diagnosis and therapeutics of numerous chronic and acute diseases. Major market players for smart pills are primarily focused on expanding their product portfolio by providing advanced versions of existing devices.
Data Bridge Market Research analyses a growth rate in the smart pills market in the forecast period 2023-2030. The expected CAGR of smart pills market is tend to be around 18% in the mentioned forecast period. The market is valued at USD 800 million in 2022, and it would grow upto USD 3007.09 million by 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Asia-Pacific Smart Pills Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Application (Capsule Endoscopy, Drug Delivery, Patient Monitoring), Target Area (Esophagus, Small Intestine, Stomach, Large Intestine), Disease Indication (Esophageal Diseases, Small Bowl Diseases, Colon Diseases, Others), End User (Hospitals, Diagnostic Center, Research Institute)
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Countries Covered
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China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC)
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Market Players Covered
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Boston Scientific Corporation (U.S.), General Electric (U.S.), Medtronic (Ireland), Microchip Technology Inc (U.S.), Novartis AG (Switzerland), Koninklijke Philips N.V (Netherlands), Stryker (U.S.), FUJIFILM Holdings Corporation (Japan), INTROMEDIC (South Korea), PENTAX Medical (India), CapsoVision (U.S.), Medimetriks Pharmaceuticals, Inc. (U.S.)
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Market Opportunities
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Market Definition
Smart pills can be a capsule-sized medical device with cameras, sensors, patches and trackers that help in targeted drug delivery, efficient diagnostic, and patient monitoring. It helps to evaluate the patient's health condition once the patient swallows the pill, which helps in deciding to prescribe medications. In addition, smart pills have been modernised in the field of gastrointestinal diagnosis. The incorporation of innovative drugs, medical devices, and advanced technologies is anticipated to play an important role in further boosting the market during the forecast period.
Asia-Pacific Smart Pills Market Dynamics
Drivers
- Increasing Role in Research and Product Development
Many smart pills are being studied extensively for their potential use in diagnosis and therapeutics of numerous chronic and acute diseases. Market players in developing markets primarily focus on developing innovative products, such as video endoscopy capsules, to take advantage of early market opportunities. The demand for advanced drug delivery systems with several benefits such as optimal use of the active pharmaceutical ingredients, minimized dosage frequency, reduced adverse/side effects, targeted drug delivery, and the safer carrier is pushing the market for smart pills. Market players such as Jinshan Science and Technology (OMOM capsule endoscopy) from China and IntroMedic (MiroCam) from South Korea are examples of such companies are also used in research which in turn boosts the market growth.
- Rising Usage of Smart Pills in Elderly Population
Probable customers of smart pills includes patients with paralysis, immovable patients, and the elderly population. Increased growth in the elderly population is anticipated to boost the demand for advanced medical devices designed to increase the convenience of patients. According to the U.S. Census Bureau, in the next 10 years, there will be a huge increase of approximately 236 million people above 65 globally. This suggests a huge growth opportunity for the market during the forecast period. This factor improves the market growth.
Opportunities
- Utilization in Treating Chronic Patients
People who are suffering from chronic diseases need a particular dose of medication which are likely to target the patient base for smart pills. The companies have provided numerous promotional activities, such as investments, product launches, and acquisitions. For instance, Otsuka (Proteus) launched smart chemotherapy pills in 2019, to improve cancer patients’ outcomes. Also, in 2019, Stanley Black & Decker and Pillo Health launched a pill-dispensing robot companion. Therefore, it boosts the market growth.
- Increasing Demand of Inpatient Pharmacies
The inpatient pharmacies is expected to dominate in the smart pills market due to the rising need to reduce errors, improve efficiency & speed. Hospitals provide pre-operative and post-operative procedures and have enormous pharmacies to support these processes. It has been said that smart pills is becoming more feasible for patients, especially severe chronic patients and save resources for hospitals in the long run. Thus, inpatients sources create much opportunities in the market growth.
Restraints/Challenges
- Strict Regulatory Procedures
The stringent regulatory approvals from diverse organizations hamper the market growth. Numerous state boards of pharmacies have several requirements for the wide usage of smart pills in healthcare practices. Manufacturers of smart pills have to stick to various regulations thus, this hampers the market growth.
This smart pills market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the smart pills market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Asia-Pacific Smart Pills Market Scope
The smart pills market is segmented on the basis of application, target area, disease indication, and end users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Application
- Capsule Endoscopy
- Drug Delivery
- Patient Monitoring
Target Area
- Esophagus
- Small Intestine
- Stomach
- Large Intestine
Disease Indication
- Esophageal Diseases
- Small Bowl Diseases
- Colon Diseases
- Others
End User
- Hospitals
- Diagnostic Center
- Research Institute
Smart Pills Market Regional Analysis/Insights
The Asia-pacific smart pills market is analyzed and market size insights and trends are provided by application, target area, disease indication, and end users as referenced above.
The major countries covered in the Asia-pacific smart pills market report are China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC).
Japan is increasing the market growth for smart pills which includes mandatory healthcare insurance, technological advancements, and a rise in the incidence of stomach cancer and gastrointestinal disorders. As per the World Cancer Research Fund International, Japan ranks third among Asian countries in the incidence of stomach cancer. Therefore, a high incidence of target diseases, along with increasing government support, will create much growth in the market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of Asia-Pacific brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Asia-Pacific Smart Pills Market Share Analysis
The smart pills market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Asia-Pacific presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to smart pills market.
Key players operating in the smart pills market include:
- Boston Scientific Corporation (U.S.)
- General Electric (U.S.)
- Medtronic (Ireland)
- Microchip Technology Inc (U.S.)
- Novartis AG (Switzerland)
- Koninklijke Philips N.V (Netherlands)
- Stryker (U.S.)
- FUJIFILM Holdings Corporation (Japan)
- INTROMEDIC (South Korea)
- PENTAX Medical (India)
- CapsoVision (U.S.)
- Medimetriks Pharmaceuticals, Inc. (U.S.)
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