Smart Pills Market Size, Share, Growth Analysis, By Application(Capsule Endoscopy, Targeted Drug Delivery, Vital Sign Monitoring), By Target Area(Esophagus, Small Intestine, Large Intestine, Stomach), By End-Users(Hospitals, Diagnostic Centers, Others), By Region - Industry Forecast 2024-2031

Global Smart Pills Market size was valued at USD 4.7 Billion in 2022 and is poised to grow from USD 5.32 Billion in 2023 to USD 13.95 Billion by 2031, at a CAGR of 12.8% during the forecast period (2024-2031). 

The increasing prevalence of chronic diseases and the need for better medication control are driving the growth of the smart pills market. The number of people suffering from chronic diseases such as heart disease, diabetes and respiratory problems is rapidly increasing worldwide. Patients with chronic disease should follow long-term regimens and strict adherence to treatment regimens. Patients will end up with poor medical outcomes, higher healthcare costs, complications for patients, etc. Medicine incorporates digital technology and uses smart medicines use to maintain medication tracking. Smart pills incorporate sensors, microchips, wireless communication capabilities and help patients with healthcare professionals and real-time data to understand information such as duration, dosage, other relevant parameters. The importance of medication compliance is increasing. 

Other important growth factors of the smart pill technology market include attractive payment scenarios, patient demand for less invasive procedures, technological advancements in endoscopy techniques and the benefits of smart pill technology, such as improvements in endoscopic procedures driving the commercialization of smart drug technologies. 

Patients and healthcare professionals are increasingly seeking more effective treatments, fueling the demand for new approaches such as smart medicine. Additionally, the combination of artificial intelligence and smart pill technology improves data analytics performance, facilitating early diagnosis, precise treatment and prevention strategies.