Smart Pills Market To Reach $4.09 Billion By 2030

Smart Pills Industry Overview

The global smart pills market size was valued at USD 1.67 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.4% from 2023 to 2030.

High demand for minimally invasive procedures, increased focus on patient convenience, and technological development, including miniaturization of integrated circuits, are factors that are expected to drive market growth. According to the National Center for Biotechnology Information (NCBI), over the course of 18 years, from 2000 to 2018, the U.S. witnessed a significant 50% increase in the number of minimally invasive procedures performed. In 2018 alone, the country recorded a remarkable total of over 15 million minimally invasive procedures. Among these procedures, laparoscopic cholecystectomy (gallbladder removal), appendectomy, and hernia repair are the most common ones. These minimally invasive techniques have gained popularity due to their numerous advantages over traditional open surgery.

Gather more insights about the market drivers, restrains and growth of the Smart Pills Market

Demand for advanced drug delivery systems with benefits such as optimal use of the active pharmaceutical ingredients, reduced dosage frequency, minimal adverse/side effects, targeted drug delivery, and safer carrier is driving the market for smart pills. The integration of innovative drugs, medical devices, and advanced technologies is expected to play an important role in further boosting the market over the forecast period. Patients with chronic diseases who need to follow a specific dose of medication at the target site are expected to form a large customer base for advanced drug delivery products.

For instance, in April 2023, the Da Vinci Xi Robotic Surgical System was launched by Apollo to offer cutting-edge technology and advancements in surgical procedures. The Da Vinci Xi system facilitates minimally invasive surgeries, where only small incisions are made. This results in less trauma to the patient reduced pain, and quicker recovery times compared to traditional open surgeries. The system's advanced technology helps in achieving better surgical outcomes. Its 3D high-definition vision system offers a clearer view of the surgical site, and the instruments' articulating capabilities allow for more precise tissue manipulation and suturing.

High demand for minimally invasive surgical procedures has given rise to innovative techniques such as capsule endoscopy. With advantages such as ease of administration and detailed observation of the gastrointestinal tract, capsule endoscopy is expected to replace traditional endoscopy methods.

According to NCBI, the U.S. is expected to experience a significant demographic shift over the coming decades. The number of individuals aged 50 and older is projected to surge by 61.11%, rising from 137.25 million in 2020 to 221.13 million by 2050. With this aging population, there is a concerning increase in the prevalence of chronic diseases. The number of people aged 50 years and older with at least one chronic condition is estimated to rise by 99.5%, reaching 142.66 million by 2050, compared to 71.522 million in 2020. Moreover, the burden of multimorbidity is also expected to grow substantially. Individuals with multimorbidity, meaning they have two or more chronic diseases, are projected to increase by 91.16% from 7.8304 million in 2020 to 14.968 million in 2050.

Potential customers of smart pills include patients with paralysis, immobile patients, and the geriatric population. Growth in the geriatric population is expected to fuel the demand for advanced medical devices designed to increase the convenience of patients. According to the report from United Nations, over the past century, the world's population has experienced significant growth, expanding more than threefold. As of mid-November 2022, the global human population stands at approximately 8.0 billion, a considerable increase from the estimated 2.5 billion in 1950. In just over a decade, from 2010 to 2022, we witnessed an addition of 1 billion individuals, and since 1998, the population has grown by 2 billion.

Moreover, experts project that the world's population will continue to increase, with nearly 2 billion more people expected to be added over the next 30 years. This trajectory is predicted to raise the current population of 8 billion to 9.7 billion by 2050, and there is a possibility of reaching a peak of nearly 10.4 billion around the mid-2080s. Such population growth poses challenges and opportunities for sustainability, resource management, and global development in the future.

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Smart Pills Market Segmentation

Grand View Research has segmented the global smart pills market report based on application, and region:

Smart Pills Application Outlook (Revenue, USD Million, 2018 - 2030)