The smart pill technology market has been forecast to increase at a compound annual growth rate (CAGR) of 17% over the next five years, to be worth a market value of $965 million by 2017.
Smart pill technology is used to diagnose gastrointestinal (GI) disorders such as constipation and gastroparesis. The technology functions by providing the practitioner with information pertaining to the GI tract such as pH, temperature and pressure. The technology comprises of a wireless capsule, a receiver worn by the patient and the computer software which analyses and sorts the information collated.
The rapid growth within the smart pill technology market is being fuelled by the rising number of screening treatments for gastrointestinal disorders as well as the improved reimbursement coverage across the developing and developed nations.
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.
The best growth opportunities for the smart pill technology market lie within Asia-Pacific and Europe, whereas mature North American and West European markets are predicted to register modest growth.
In mature markets such as the US and Western Europe, growth looks set to be driven by a shift towards non- invasive devices by physicians and patients. Presence of high density population and growing healthcare awareness drives the smart pills market in Asia-Pacific and Middle-East region.
Key players dominating the smart pill technology market include, Given Imaging Limited (Israel), Medtronic, Inc (US), Olympus Corporation (Japan), Philips Research (Nethelands), Smart Pill, Inc (US), Medimetrics (US), and Novartis Pharma (Switzerland).
For more information on the smart pill technology market, see the latest research: Smart Pill Technology Market
Follow us on Twitter @CandMResearch
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.