Wellesley, Mass., May 29, 2017 (GLOBE NEWSWIRE) -- A new global market study by BCC Research indicates a growth trajectory above 20%-per-year in the ‘Smart Pill’ segment of the medical and pharmaceutical industry through 2021. These devices support patient monitoring, diagnostics and medicine delivery for a broad spectrum of companies.
Technologies and new uses worldwide could drive U.S. sales to reach USD $1.2 billion in annual sales by 2021 – more than twice 2016 sales levels. The industry is poised for CAGR above 20% — as much as 23% annual growth in Asia — during the next five years, according to BCC Research's Smart Pills: Applications and Global Markets.
In one example, the choice of ‘capsule endoscopy’ rather than a surgical option is creating new markets and options for doctors. Smart devices that can be swallowed are able to report on pH levels, temperature, pressure and other conditions from inside the throat, stomach and gastrointestinal tract.
Research Highlights
- U.S. sales of smart pill devices were 55% of the global total, or $468 million in 2016, and growing adoption in Europe and Asia also will drive the industry.
- Pharmaceutical companies, seeing growing generics competition are finding that devices that control drug release or report on patient condition can add new value to patients and doctors.
- These devices apply new options for more than 40 diseases of the intestines, stomach, bowel and other organs where monitoring is a challenge.
"Regulatory approval is a crucial factor but the conveniences and additional information coming from smart pill applications is already showing compelling arguments,” says Robert Hunter, BCC Research editor. "These are the body’s secrets that can now be treated with better, personalized data. This has implications for cancer care, nutrition, obesity treatments for both disease and chronic care conditions, improving things between patient and doctor – using information to replace anecdotes.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.