Ingestible Sensors Market Trends, Growth Rate, Consumption By Regional Data And Forecast 2022-2031
The market for ingestible sensors is expected to register a CAGR of 18.7% over the forecast period (2022 – 2031). The ingestible sensor is a critical healthcare technology which positively influences various clinical areas such as nutrition, health, and fitness. Technological advancements and the increasing prevalence of chronic disorders are some of the primary factors driving the market. Need for medical adherence and developed healthcare awareness among people are also likely to encourage market growth.
– Extensive product usage in many medical applications including modified drug delivery is another dominant factor contributing toward the market growth. These devices are non-invasive and have a user-friendly design that helps in real-time diagnosis and health monitoring. Growing cases of complications caused due to multiple chronic diseases, as a result of carelessness toward the prescription by patients, have also boosted the product demand.
– The ingestible sensor technology has been gaining significant traction as the next important development in medical diagnosis and therapy. Moreover, growing applications of these devices in several businesses including sports, physical fitness, military, industrial, etc., is expected to boost the global market in the forecast period.
– However, there are specific challenges that have been restraining the growth in the market, including complex technology design and determining the most suitable patient population to benefit from this minimally invasive medical device.
Key Market Trends
Healthcare/Medical Sector to hold a Significant Market Share.
The medical and healthcare industry is believed to have the largest market size in 2018 due to the presence of capsule endoscopes for nearly two decades in the market. In the medical sector, ingestible sensors are used in capsule endoscopy, patient monitoring, and controlled drug delivery applications. They notify physicians about drug interactions and the usage of particular drugs by patients, thereby improving medication adherence.
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These additional advantages have further fueled their demand in the medical vertical. Capsule endoscopy has established itself as an effective and precise way of endoscopic imaging. As such, the reimbursements for capsule endoscopy procedures are also available in the developed markets. Furthermore, the increasing prevalence of gastrointestinal disorders is also expected to fuel the expansion of capsule endoscopy and is leading to the growth of the diagnosis segment of the market.
North America to Account for a Major Market Share
The advent of new technology is driving the growth of the ingestible sensor market across all global segments. North America is expected to dominate the market with the largest market share, owing to the adoption of extensive medical applications and the availability of sophisticated infrastructure.
The United States is the most prominent country in the region, with regard to technological advancements and increasing adoption of Internet of Things (IoT) in healthcare as it enables the monitoring, controlling, and tracking of daily routine including medicine intake using the internet. IoT in healthcare is witnessed to be a new wave of digital medication.
Innovations in the field of science and technology that resulted in the development of tiny camera pills, which are widely used in these products, are likely to boost the region’s growth. The rise in chronic and gastrointestinal diseases is also said to be a key factor driving the region’s expansion.
Competitive Landscape
The ingestible sensors market is competitive and consists of a few major players. In terms of market share, few of these major players currently dominate the market. New entrants in this market are offering similar product prototypes at lower prices, which may cause hindrance to well-established companies. Collaborations and M&A are the key strategies followed by most of the companies to gain maximum market share.
