You’ve heard of smart cars, smartphones and smart grids. What about smart pills?
They are not, unfortunately, pills that boost people’s smarts. They comprise a small diagnostic tool for healthcare professionals. Also called Ingestible Capsule Technology (ICT), a smart pill is a miniaturized micro-electronic systems in a single chip enclosed in a small capsule that a patient can swallow. The tiny device then uses its diagnostic and bio-medical applications to collect information and transmit it to physicians and other specialists.
And it will soon be worth big money, according to new research.
According to a new market research report, "Smart Pill Technology Market (2012-2017)" published by MarketsandMarkets, the smart pill technology market is expected to grow at a compound annual growth rate (CAGR) of 17 percent, reaching $965 million by the year 2017. The rapid growth the market is attributed in part to the rising number of screening treatments for gastrointestinal (GI) disorders as well as improved reimbursement coverage across both developing and developed nations.
Research has broken the smart pill market into sub-categories, including capsule endoscopy (observing and collecting data from the patient’s digestive system), smart pills for drug delivery and patient monitoring smart pills, which deliver data about a patient’s condition to physicians or researchers.
The report identifies the potential market drivers and restraints to anticipate future technology trends, opportunities and overcoming the challenges. The market is segmented and revenue is forecasted on the basis of major regions such as North America, Europe, Asia-Pacific and Middle-east and Africa.
Edited by Braden Becker