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Ingestible Sensor Market 2018 Analysis, Opportunities and Growth, Forecast to 2023
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Ingestible sensor is a critical healthcare technology which positively impacts various clinical areas such as health, nutrition, and fitness. They are interactive devices which are used for medical analysis of the human body. These sensors come in a user-friendly design and have non-invasive applications, which attract patients. Ingestible sensors are pills or wearable patches which monitor and diagnose the health of a patient and display the report on a smartphone connected via the Internet. These pills or patches include video chips, lens, systems or software chips, and data antennas which enable real-time health monitoring. Furthermore, ingestible sensors include capsule endoscopy including controlled drug delivery by gathering images and monitoring individual luminal fluids.
Market Research Future anticipates the maturity of the global Ingestible Sensor Market with a CAGR of 22.22% valued at USD 87.10 billion owing to the advent of medication adherence. It is presumed that the extensive use of medical applications coupled with technology is fueling the growth of the ingestible sensor market over the forecast period. Concerns related to overcrowded waiting rooms in hospitals and unaffordable health insurance is leading to the extensive utilization of medical technology. It gives rise to real-time health monitoring and diagnosis. Modernization of healthcare infrastructure is efficiently transforming the medical system, giving rise to enhanced patient care even in remote locations, with improved public health, and ease of workflow. However, high cost of smart pill technology has led to the limited utilization of medical sensors in underdeveloped countries is expected to hamper the growth of the ingestible sensors market over the assessment period.
The global ingestible sensor market is expected to reach USD 87.10 billion growing at 22.22% CAGR over the forecast period 2018–2023.
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The prominent players in the ingestible sensor market are RF Co. Ltd. (Japan), Proteus Digital Health (US), CapsoVision Inc. (US), Medtronic (US), Olympus Corporation (Japan), IntroMedic Co. Ltd. (South Korea), MC10 (US), Otsuka Holdings (Japan), AdhereTech (US) and Microchips Biotech Inc. (US).
These prominent players deliver a wide range of specialized components and solutions for the medical industry.
The ingestible sensor market is segmented on the basis of component, vertical, application, and region. These segments are further sub-segmented into the following:
By component, the ingestible sensor market is segmented into sensor, wearable patch/ data recorder, and software. By sensor the market is further segmented into temperature sensors, pressure sensors, pH sensors, and image sensors.
By vertical, this market is segmented into medical and sports & fitness.
By region, North America, Europe, Asia-Pacific, and the rest of the world are the global segments.
The regional analysis of ingestible sensor market is considered for North America, Europe, Asia-Pacific, and the rest of the world.
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. The US, Canada, and Mexico are a few prominent countries 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. Leading providers and system integrators of ingestible sensors in the US are Med-XS Solutions Inc., Proteus Digital Health, CapsoVision Inc., Medtronic, and others. The key players are enhancing advanced technological architecture and providing real-time diagnosis. Asia-Pacific is expected to be the fastest growing region in the market, due to the vast consumer base in China, Japan, and India. Europe is expected to show positive growth during the forecast period owing to encouragement from the government.
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