New York, US, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Ingestible Sensor Market information by Component, Sensor, Vertical and Region – forecast to 2027” the market is expected to reach USD 14,365.12 Million growing at 21.36% CAGR over the forecast period 2019–2026.
Ingestible Sensor Market Scope:
Rising Incorporation of Internet of Medical Things (IoMT) Drives Market Growth
The global ingestible sensor market is growing at a rapid pace. Ingestibles have become perpetually essential in healthcare and a mainstream commodity in today’s tech landscape. Overwhelming innovations in medical technology drive the market growth hugely. Also, the evolving sensor technology and increasing adoption of IoT in medical applications have escalated the market on the global platform.
Rising prevalence of various chronic diseases like COPD and demand for intensive care for patients in critical conditions boost the market size. With the emergence of various powerful and secure therapeutic gadgets, the market would witness a substantial rise in the next few years. Market Research Future (MRFR) asserts that the ingestible sensor market is projected to grow with a phenomenal CAGR during the forecast period (2020-2027).
Dominant Key Players on Ingestible Sensor Market Covered Are:
Proteus Digital Health (US)
RF Co. Ltd. (Japan)
CapsoVision Inc. (US)
Olympus Corporation (Japan)
IntroMedic Co. Ltd. (South Korea)
Otsuka Holdings (Japan)
Microchips Biotech Inc. (US),
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Rising Popularity of Wearable Medical Devices and Smart Medications are Major Driving Forces
Additional factors propelling the market growth include the proliferation of intelligent pills embedded with these sensors and the demand for self-diagnose and monitor diseases with accuracy. Besides, increased demand for medical devices used in disease management to gain favorable outcomes through notifications alerts and real-time patient data communication substantiate market shares.
These advantages, alongside the sensor-enabled pills, foster the growth of the ingestible sensor market to a great deal. Furthermore, the increasing geriatric populace and rapidly changing lifestyles propel the growth of the medical sensors market. Manufacturers and suppliers of these solutions are bringing about significant innovations, studying and measuring medical technology.
Rising uses of wireless technologies and increasing uses of ingestible sensors in advanced monitoring and safety systems impact the market growth positively. Moreover, the proliferation of wireless IoT sensing devices and IoMT are other major trends influencing market growth. High-performance nanometer precision is achieved for applications such as super-resolution microscopy, genome sequencing, laser material processing, wafer metrology, and digital pathology.
Lack of Expertise and Sensing Limitations are Key Headwinds
Despite demonstrating a prominent growth prospectus, the market still witnesses major setbacks, such as limitations in sensing capabilities and low-cost counterfeit sensors floating in the market. Nevertheless, increasing the use of ingestible sensors for nanotechnology applications would support the market growth throughout the review period.
While ingestibles are in their initial stages, the technology demonstrates immense potential. Especially in monitoring digestive processes and diagnose gastrointestinal diseases, ingestible sensors benefit considerably. Ingestibles could also replace procedures like endoscopic inspections and stool sample analyses, providing one-time observations.
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Segmentation of Market Covered in the Research:
The market is segmented into component, vertical, and region. The component segment is sub-segmented into sensors, wearable patch/ data recorders, and software. The sub-segment sensor is further bifurcated into temperature sensors, pressure sensors, pH sensors, and image sensors.
The vertical segment is sub-segmented into medical and sports & fitness. The region segment is sub-segmented into North America, Europe, Asia-Pacific, and the-rest-of-the-world.
North America leads the global ingestible sensor market throughout the assessment period. The largest market share attributes to the vast adoption of ingestible sensors in extensive medical applications and the presence of leading providers and system integrators, such as Med-XS Solutions Inc., Proteus Digital Health, CapsoVision Inc., Medtronic, and others.
The US, Canada, and Mexico are prominent markets for ingestible sensors, holding considerable shares in the regional market. Besides, technological advancements and increasing adoption of intelligent pills to monitor and track the administration of daily medicines substantiate the market size. The key players are enhancing advanced technological architecture and providing a real-time diagnosis.
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The COVID-19 outbreak has boosted the ingestible sensor industry. The market would continue witnessing a constant uptick in the years to come. To respond to the crises irrupted due to lockdown mandates, industry players digitized their operations and supply chain & product management.
Market players are seen fostering R&D investments to advance sensor technologies. Also, the proliferation of wireless technologies, IoT sensors, and 5G-enabled IoT solutions would further push market growth. These digital transformations across the industry contributed to the market upend.
The ingestible sensor market is assessed to witness significant product launches and several strategic approaches, such as mergers & acquisitions, collaborations, expansions, and product/technology launches. Market players make significant investments to drive research and development activities and expansion plans.
For instance, on Mar.19, 2021, Researchers at Imec (Belgium), a nanoelectronics and digital technologies center, announced the development of a millimeter-scale transceiver that boosts ingestible sensors. Scientists have developed a wireless receiver ‘transceiver’ and transmitter small enough to fit inside a millimeter-scale capsule.
The study was presented at the International Solid-State Circuits Conference in San Francisco, US. These ingestibles could be used in a broad range of today’s state-of-the-art systems to monitor health conditions from inside the human body.
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