Ingestible capsule technology (ICT), which is also known as smart pill technology, is making waves across the global medical sector for various reasons. This technology incorporates small capsules, which are miniaturized micro-electronic systems in a single chip. These capsules are orally administered in order to complete various bio-medical and diagnostic applications. These revolutionary pills are making waves across the healthcare market, which is great news for the industry as well. Technological advancements and increasing applications of these capsules is driving the global smart pill technology market at a healthy compound annual growth rate. According to the experts, the industry is expected to maintain its healthy growth, creating better investment prospects and business opportunities.
Segmentation in Smart Pill Market
Smart pill technology (SPT) is basically divided into three basic types, which include capsule endoscopy technology or camera pills, wireless patient monitoring and smart pill based drug delivery systems. All these segments are further divided based on their components, types, applications and geographic demand patterns. Camera pills are used for the diagnosis of GI disorders. Improved reimbursement costs and rapid regulatory approvals are driving the growth in terms of demands and production of these pills. Both bio-MSM (small pills) for drug delivery and wireless patient monitoring are currently in their budding stage. Various factors contributing to the growth of these segments include site-specific drug delivery with limited side effects, wireless health monitoring and availability.
Market Trends and Forecasting Reports from 2013 to 2018
According to the new market research reports, global smart pill technology market is expected to grow at an impressive CAGR of over 17% within next three to four years. Going by these figures, the industry for smart pills and capsule endoscopy technology market is expected to become worth $965 Million by the end of year 2017. Rapid growth and rising demand for the SPT is the greatest driver for the global industry. Rising amount of screenings and diagnostic proceedings for gastrointestinal disorders, awareness about healthcare within emerging markets and improved reimbursement coverage across both developed and developing economies, etc. are creating great business prospects and investment opportunities for the leading players in global healthcare and IT industry.
Early detection of life threatening diseases like cancer, gastrointestinal disorders and other medical conditions without using any invasive medical diagnostic tests is the potential advantage of smart pill technology. These products enable easy diagnosis, effective imaging, rapid results, easy management of and monitoring of patients’ health and recovery graph and raised accuracy rate are several other contributing factors for the industry.