Smart Pills Technology Market Size, Share, Growth Analysis, By Application(Capsule Endoscopy, Patient Monitoring, Drug Delivery), By Target Area(Esophagus, Stomach, Small Intestine, Large Intestine), By Disease(Crohn’s Disease, Celiac Disease, Inherited Polyposis Syndromes, Small Bowel Tumors), By End User(Hospital & Specialty Clinics, Diagnostic, Research Centers), By Region - Industry Forecast 2024-2031

Smart Pills Technology Market size was valued at USD 866.61 billion in 2019 and is poised to grow from USD 944.57 billion in 2023 to USD 7500 billion by 2031, growing at a CAGR of 8.8% in the forecast period (2024-2031).

Smart Pills Technology Market is mildly fragmented and moderately competitive. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. Major players include Medtronics, Capso Vision Inc., Olympus Corporation, Pentax Medical (Hoya) and etectRx. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Medtronic plc', 'Philips Healthcare', 'Olympus Corporation', 'Boston Scientific Corporation', 'CapsoVision, Inc.', 'GE Healthcare', 'Fujifilm Holdings Corporation', 'IntroMedic Co., Ltd.', 'Medisafe', 'Given Imaging Ltd.', 'Vitality, Inc.', 'MC10 Inc.', 'Johnson & Johnson', 'Siemens Healthineers', 'Novartis AG', 'Becton, Dickinson and Company', 'Proteus Biomedical, Inc.', 'Pentax Medical', 'Microchips Biotech, Inc.'

The demand for smart pill technologies is anticipated to increase significantly in the coming years as a result of the rising prevalence of gastrointestinal diseases (such as motility disorders, colon cancer, obscure gastrointestinal bleeding, and Crohn's disease), sedentary lifestyle, and high patient compliance as a result of minimally invasive techniques.

The Smart Pill Expert System (SPES) uses AI-IoT technologies to automate the administration of pills and has a good user interface. SPES's mission is to serve every person and institution that depends on medication by offering expertise in real-time diagnosis. Medical Non-Adherence (MNA) is a significant contributor to lengthy healing times, financial difficulties, and early mortality. This device is designed to be used in nursing homes, hospices, and home healthcare facilities. It can concurrently meet the demands of one user and several users. Family members, nurses, and medical professionals may follow and monitor users continually thanks to APT and online services. SPES has a failure rate of less than 5% due to little human interaction. The system's primary objective is to give the appropriate drug to the appropriate patient at the appropriate time. The SPE System's major benefit is its ability to accommodate numerous users concurrently and regulate and "monitor operations to prevent any faults from occurring. The SPES offers a physical dispensation that is simple to maintain together with a chatbot that uses artificial intelligence to predict users' health and can respond to their questions. A reliable, secure mechanism for user authentication and authorisation has been implemented into the proposed system. The health care chatbot's performance in administering medications and accuracy of answers is superior to that of its current counterparts.

North America dominated the Smart Pills Technology Market share in 2021. This can be attributed to factors such increase in colorectal cancer incidence, technical developments in the healthcare industry, and the regulatory clearance of new medicines. All of these elements are anticipated to present growth prospects for the regional players. Some of the key elements that are anticipated to propel North America to the forefront of the smart pill market growth include the expanding elderly population, complexity of numerous diseases, and presence of a strong healthcare infrastructure. The region's R&D initiatives are also anticipated to boost market expansion. Additionally, other factors driving market growth in this region include the rising demand for smart pill technologies, uptake of novel technologies, wide patient population, high disposable income, and innovative marketing and commercialization strategies for smart pill products.