Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 3.9 Billion in 2021.
Smart pills refer to the ingestible medical devices that comprise of sensors, cameras, trackers, patches, etc. They are utilized to record various physiological metrics and processes in the body. Smart pills aid in providing improved and accurate therapy, diagnostics, monitoring, etc., while eliminating the need for invasive procedures.
At present, several manufacturers are introducing innovative product variants with advanced batteries and onboard memory. Smart pills also assist in remote patient monitoring and telemedicine. Additionally, they offer wireless transmission of information in real-time and precise measurement of the effects of the medication.
The escalating prevalence of cancer and malignant gastrointestinal (GI) disorders is shifting the consumer preferences from conventional diagnostic techniques, such as endoscopy, which is primarily driving the smart pills market.
In line with this, the increasing adoption of smart pills for providing multidimensional pictures of the body's internal parts non-invasively, over endoscopy devices which come with high risks of infection transmission and esophageal tearing, is further catalyzing the market growth.
Moreover, the expanding pediatric population, who are relatively more vulnerable to targeted diseases, is acting as another significant growth-inducing factor.
Besides this, the rising demand for minimally invasive surgeries (MIS) to diagnose and treat chronic diseases is also augmenting the global market. Furthermore, the elevating utilization of smart pills in the defense sector to monitor the core body temperatures of soldiers in real-time is positively influencing the product demand.
This, in turn, is anticipated to fuel the smart pills market over the forecasted period. Looking forward, IMARC Group expects the global smart pills market to reach US$ 6.3 Billion by 2027, exhibiting at a CAGR of 7.8% during 2022-2027.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
