The size of the North America Smart Pills Technologies Market was valued at USD 1166.14 Million in 2023. It is projected to reach USD 2578.63 Million by 2028, growing at a CAGR of 17.2% from 2023 to 2028.
The growing prevalence of gastrointestinal disorders among the population of North American countries primarily drives the growth of the smart pill technologies market in this region. Annually, approximately 62 million Americans are diagnosed with digestive disorders. Factors such as unhealthy dietary patterns, increased acid reflux, and alcohol consumption contribute to the rising incidence of gastrointestinal disorders. Conditions such as ulcers, hemorrhoids, chronic diarrhea and gastroesophageal reflux disease are common within this category. Healthcare providers employ smart pill technology for disease detection in the digestive tract. Smart pills, which consist of digestible medical devices equipped with sensors, cameras, patches, and trackers, enhance diagnostic capabilities. They aid in identifying gastrointestinal issues, confirming medication adherence and facilitating drug delivery. Furthermore, smart pill technology enables patient monitoring and allows for personalized adjustments to drug dosages based on patient reactions and side effects.
The growing demand for non-invasive diagnostic procedures across North America further fuels the market's growth rate in North America. Many individuals prefer these procedures due to their painless nature, minimal discomfort and lower risk of complications. The older population particularly sensitive to surgical interventions with longer recovery times is inclined towards adopting smart pill technology. This advanced technology enables them to gain insights into gut issues and detect wounds within the gastrointestinal tract.
The growing number of advancements in the development of smart pill technology contributes to the North American market growth. Manufacturers and researchers prioritize enhancing the speed and accuracy of diagnosis to support precise treatment processes for patients. Smart pills leverage advanced technologies such as the Internet of Things (IoT) to provide improved visibility of internal issues within the body. Manufacturers utilize advanced sensors and high-quality cameras to obtain clear and detailed images for detecting even minor changes in the patient's gastrointestinal system. Moreover, increased investments in research and development and strong support from healthcare organizations further drive the regional market growth.
The high costs associated with smart pills and related technologies are one of the major factors hampering the market growth. Factors such as a shortage of skilled professionals, limited awareness about the technology, and extended video recording hours further impede the market growth in the North American region. Concerns related to patient privacy and the high cost of the diagnostic procedure, technical limitations and challenges associated with smart pill technology further impede market expansion in the North American region
This research report on the North American Smart Pills Technologies Market has been segmented and sub-segmented into the following categories:
North America captured the largest share of the global market in 2022 and the domination of the North American region in the worldwide market during the forecast period owing to the rising healthcare expenditure and widespread availability of smart pill technology across various hospitals. The U.S. market had the major share of the North American market in 2022 and the lead of the U.S. is estimated to continue through the forecast period. The growing investments in healthcare infrastructure, increasing patient population and the presence of key market players propel the growth of the U.S. market. The strong presence of pharmaceutical companies and advancements in digital technology and awareness campaigns and targeted advertisements promoting smart pill technology further drive the U.S. market growth. Canada is estimated to hold a substantial share of the North American market during the forecast period. Factors such as the growing number of clinical trial centers, the rising incidence of colon cancer cases in Canada, increasing regulatory approvals, mergers and acquisitions and favorable reimbursement policies contribute to the growth of the Canadian market.
Promising Companies dominating the North America Smart Pills Technologies Market Profiled in the Report are CapsoVision, Inc., Given Imaging, Inc., Medimetrics S.A. de C.V., Olympus Corporation, Bio-Images Research Limited, Novartis, Given Imaging Ltd, Philips Healthcare, Smartpill, Inc., Medtronic, Inc., Pentax Medical Company, Siemens Healthcare, Stryker Corporation, GE Healthcare, Boston Scientific Corporation, IntroMedic Inc., Chongqing Jinshan Science & Technology Group Co. Ltd., Proteus Digital Health Inc.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]