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Global Monitoring Smart Pills Market Size to grow USD 1.9 Bn in 2028

The Global Monitoring Smart Pills Market Size was valued at USD 685.1 Mn in 2021. The market is projected to grow USD 1.9 Bn in 2028, at a CAGR of 19.5%.

Global Monitoring Smart Pills Market Size to grow USD 1.9 Bn in 2028

A smart pill is a medical device with an in-built of small electronic component, such as sensors, cameras, or trackers. Smart pill research has generated interest due to the increased desire for minimally invasive technologies that are both handy and deliver precise therapeutic treatment options.


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The rise in chronic diseases such as diabetes, cancer, and others, as well as an increase in the occurrence of lifestyle-related disorders like gastroesophageal reflux disease (GERD), obesity, stomach ulcers, and others, will drive the expansion of the Smart Pills Market in the coming years. Increased R&D spending in the development of innovative medical devices such as smart pills are also expected to promote market growth. Smart pills have emerged as a game-changing technical advancement, bridging the digital-healthcare divide. The introduction of these healthcare-related technological equipment has made it possible to meet the growing demand for better monitoring and diagnostics. The appropriate reimbursement coverage in nominated nations is likely to promote the growth of the smart pill market in the forecast future. Furthermore, technical advancements in capsule endoscopes are expected to accelerate the growth of the smart pill market. Furthermore, an increase in the incidence of colon cancer is expected to stifle the smart pill market's growth. On the other side, the increasing complexity of smart tablets, which is expected to drive up costs, is expected to stymie the smart pill's growth.

Global Monitoring Smart Pills Market Size

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The target market is growing due to factors such as patient preference for less invasive procedures, favorable reimbursement schemes, technological improvements in endoscopic procedures, and the increased prevalence of colon cancer. Smart Pill Technology Market advantages such as technical developments in endoscopy procedures, focused drug delivery, and convenient remote patient monitoring are also factors driving acceptance of the technology.


The capsule endoscopy segment is expected to dominate the market share of global monitoring smart pills market owing to the growth in the choice for non-invasive diagnostic treatments, as well as a considerable rise in gastrointestinal illnesses around the world. The small intestine segment is expected to dominate the market share of global monitoring smart pills market owing to the significant rise in small intestinal disorders such as celiac disease, Crohn’s disease, and small bowel tumors. The esophageal diseases are expected to dominate the market share of global monitoring smart pills market owing to the increasing chronic diseases among the patients. The hospitals segment is expected to dominate the market share of global monitoring smart pills market owing to the increasing chronic diseases among the patients.


North America region is expected to dominate the market share of global monitoring smart pills market owing to the growing cases of colorectal cancer, fast regulatory approval of new products, and technological advancements in the healthcare sector. However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global monitoring smart pills market due to the rising cases of gastrointestinal disorders, mandatory provisions of healthcare insurance, and stomach cancer are primary factors influencing the market growth.

Global Monitoring Smart Pills Market Size

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KEY INDUSTRY DEVELOPMENTS:


January 2021- etectRx has entered into a partnership with Pear Therapeutics. The partnership will focus in the development of two products that will combine etectRx’s medication adherence sensors with Pear’s digital therapeutics.


August 2020- Otsuka acquired Proteus Digital Health for the valuation of USD 15 million.


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https://extrapolate.com/Healthcare-Medical-Devices-Biotechnology/smart-pills/25658

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