Smart pills are increasingly influencing our health. They are noninvasive and have redefined diagnosis, disease monitoring, and treatment adherence. By 2021, US sales of smart pills may double, reaching $1.2 billion. The global market for smart pills is poised to exceed a 20% compound annual growth rate (CAGR) during the next five years, according to BCC Research’s recent study, Smart Pills: Applications and Global Markets. High-growth application areas include capsule endoscopy, patient monitoring, and delivery of therapeutic agents. The adoption of advanced ingestible medical sensor technologies is a key growth driver.
Market Highlights from BCC Research
Ensuring safety of the blood supply, the demand for plasma-derived therapeutics, and an aging population are factors driving growth in the global blood industry. The annual growth of plasma-derived therapies, used mostly to treat rare disorders, may exceed 10%. Hemophilia, hepatitis, cancer, and kidney failure are among the many conditions that are managed by blood transfusion or by therapy with plasma or plasma-derived products. An aging population suggests that there will be many more patients who need such products in the future. At a compound annual growth rate (CAGR) of 4.9%, BCC Research predicts the value of the global blood industry to increase from $33.5 billion in 2016 to $42.6 billion in 2021.
BCC Research recently analyzed the global market for bionic devices, assessing the latest sensor and material technologies that are being used in advanced bionic ears, eyes, hearts, limbs, and exoskeletons. These bionic components are driving market growth and changing the lives of millions of people.