A new report from market research firm MarketsandMarkets forecasts that the global smart pill technology market is expected to grow at a compounded annual growth rate of 17 percent and will be worth $965 million by 2017.
The report seeks to highlight the promise of the revolutionary technology of medical electronic technologies using Bio-MEMS (Biological Micro-Electro Mechanical Systems).
Smart pill technology, also termed ingestible capsule technology, comprises miniaturized micro-electronic systems on a single chip wrapped inside a small capsule. Patients ingest the capsule for a variety of diagnostic and other applications.
For instance, Israeli startup Israel Check-Cap has developed an ingestible, miniature X-ray pill that patients undergoing colon cancer screening swallow. Once taken orally, the capsule goes through and transmits diagnostic imaging digitally to a wristwatch-type device, which is then seen and reviewed by a clinician. GE has invested in this company.
Check-Cap is a form of capsule endoscopy, which has gained traction in the smart pill technology market. The next innovations on this market are for drug delivery and patient monitoring.
So far, the rapid growth of this market is being fueled by “the rising number of screening treatments for gastrointestinal (GI) disorders as well as the improved reimbursement coverage across the developing and developed nations,” the report said.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
One company that hopes to take advantage of this is Buffalo, New York-based SmartPill Corp, which makes ingestible capsules for the diagnosis of GI disorders. Earlier this year, the company won reimbursement codes for its technology, and on Oct. 4 another capsule technology company, Given Imaging, bought the assets related to SmartPill GI Monitoring System for $6 million.
In the future, emerging countries in the Asia-Pacific, the Middle East and Africa will drive the growth in part because of their growing GDP, and increasing demand for minimally invasive medical technologies, the report found.
