Ingestible Technology Marketing
The next logical step in the evolution of the health and wellness market, ingestible technology is poised to occupy a huge place in the healthcare marketplace over the next three to four years. The Basics of Ingestible Tech Otherwise known as “smart pills,” ingestible technology refers to electronic devices that are swallowed by patients to accomplish or aid in a broad spectrum of treatment or diagnostic healthcare processes. In general, this technology is dominated by a range of medical sensors, each one specifically designed to detect, record, and report a particular heath/wellness characteristic or condition. But what are ingestible sensors, exactly? And how to they work? Briefly described, an ingestible sensor looks similar if not identical to a traditional pharmaceutical capsule. Although small in size, these high-tech pills include a range of tech components such as microprocessors, controllers, power supplies, and monitoring instruments. Of course, because these smart pills are designed to pass through the human body, they must be made of materials that are wholly biocompatible and completely safe to swallow. Although huge sections of the general population remain unaware of ingestible tech and its enormous potential, scientists and physicians are already accomplishing amazing things in this rapidly emerging sector. Subhra Pradhan, a PhD in chemical biology with a focus on the molecular genetics of pathogenic bacteria, presented just a few examples in a 2019 article for the independent research organization PreScouter. These examples include a pill by Proteus Digital Health that can actually record the moment that a patient takes it. Connecting to a digital network, this pill contains a sensor that becomes activated by electrolytes within the body upon consumption. This allows concerned friends and family members to rest easy because they will know, beyond a shadow of a doubt, when an elderly loved one has taken his or her medication on a daily basis. Each of these Proteus Digital Health pills contains a sensor that is only one square millimeter in length but can communicate exact dosage information to healthcare providers and other interested parties in real time. This sensor is coated in copper and magnesium – two digestible metals that occur naturally in the typical human diet, but can work wonders when it comes to tracking regular medication compliance. Other remarkable ingestible tech products detailed by Dr. Pradhan and PreScouter include a disposable pill that can actually replace the universally dreaded colonoscopy procedure. The Israeli company Given Imaging has produced a pill that contains a small battery-powered camera that takes high-speed photos of the intestinal tract as it passes through it. This colonoscopy pill instantaneously sends the images that it records to a second device that a patient wears around his or her waist, which in turn sends these images to the computer or tablet of the patient’s doctor. Named the PillCam COLON, the pill has been fully approved through the United States Food and Drug Administration. Although it is currently recommended only for patients who experience pronounced difficulties while undergoing standard colonoscopies because of various anatomical problems, the potential for technologies such as the PillCam COLON are both varied and virtually unlimited. The Ascendency of the Ingestible Tech Market Ingestible tech is regarded by a preponderance of healthcare professionals and market analysts as the next step in the evolution of healthcare technology after wearable sensors that can monitor everything from heart rate to blood sugar. However, ingestible tech has more than a few hurdles to overcome in terms of general public perception. In short, many people are simply unsettled by the very notion of putting tiny computer components, cameras, and other equipment into their bodies. As ingestible tech continues to evolve, there is little doubt that it will raise a wide range of legal, scientific, and ethical questions. In addition to general and specific health concerns, this form of tech opens the door to issues of patient privacy and effective data sharing as it communicates information drawn from within the human body to medical providers and organizations on that span the globe. However, the far-reaching benefits of ingestible tech cannot be denied. In one of the first comprehensive market analyses of ingestible tech, Grand View Research valued the total value of the global ingestible sensor market at $491 million in 2016. As the market continues to evolve, companies are devising a variety of ways to introduce healthcare technology to a wary public and take the necessary “baby steps” toward a widespread acceptance of ingestible tech. As an example, the medical startup facilitator MaRS has discussed a smart pill bottle from Adhere Tech that lights up and buzzes much like a cell phone in order to remind people to take their medication at the proper time. This smart bottle can even send text and/or voice messages that communicate prescribed dosages and keep track of metrics such as the number of remaining pills in the bottle and the number of times that its lid has been opened and closed. Products like the Adhere Tech smart bottle may bridge the gap to a future in which ingestible tech is commonplace. In short, as patients get more and more comfortable with incorporating technology into their daily health and wellness routines, their willingness to literally swallow this technology will increase by leaps and bounds. The vast majority of healthcare professionals and market analysts agree that the market for ingestible sensors is going to experience explosive growth over the next few years. Mordor Intelligence expects the ingestible sensor market to register a compound annual growth rate (CAGR) of 18.7 percent by 2024, while Research and Markets expects a CAGR of 20.06 percent by 2023. Predicting a CAGR of 22.22 percent as the ingestible sensor market matures, Market Research Future presents an even sunnier picture of this emerging medical technology. According to this research, the total value of the global ingestible sensor market will ultimately exceed $87.10 billion. Tips for Marketing Ingestible Tech In light of these remarkable statistical projections, pharmaceutical and healthcare organizations should certainly pay close attention to