NEW YORK, April 5, 2016 /PRNewswire/ -- "Medication adherence driving the ingestible sensor market"
The ingestible sensor market is expected to grow from USD 198.2 million in 2015 to USD 678.2 million by 2022, at a CAGR of 20.2% between 2016 and 2022. The ingestible sensors market is driven by factors such as medication adherence, aging population, and increasing frequency of lifestyle diseases, growing healthcare expenditure, and favorable reimbursement scenario.
"Temperature sensors to dominate the market during the forecast period"
Temperature is the most important parameter for every biomedical process. In comparison to other ingestible sensors such as pressure, pH, and image sensors, temperature sensors have a greater scope and it holds the largest market size during the forecast period. The growing frequency of chronic diseases and the industrial focus on real-time body monitoring are the key drivers for the growth of temperature sensors in ingestible sensors. There are several ingestible sensor systems being developed such as smart pills, pill cameras, and others which incorporate temperature measurement as an important parameter. Similarly, ultra-low-power wireless ingestible temperature sensors, in integration with other sensors, are used in the sports and fitness vertical to help athletes during the training hours, in fire-fighting, military, mining, and other industries to track and log the core body temperature data of the workers.
"APAC offers high-growth avenues during the forecast period"
The ingestible sensor market in APAC is expected to grow at a prominent double digit CAGR during the forecast period. The presence of a favourable reimbursement scenario in Japan for capsule endoscopy procedures, which is a major factor driving the growth of the ingestible sensors market in the country. For instance, in July 2013, the Central Social Insurance Medical Council (Chuikyo) in Japan approved Given Imaging's (Israel) PillCam COLON for reimbursement. Olympus, a leading endoscopy player, is focusing on building the Group's marketing base in China. In Australia, the government is making significant investments for training endoscopists and is also setting up new endoscopy facilities to cater to the growing demand for endoscopy in the country. Thus, the expanding ingestible sensor procedures in APAC countries are supporting the growth of the ingestible sensors market in this region.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people. The breakup of the profile of primary participants is given below:
- By Company Type: Tier I ¬¬– 30%, Tier II – 48%, and Tier III – 22%
- By Designation: C-Level – 25%, Director Level – 60%, and Others – 15%
- By Region: North America – 50%, Europe – 30%, APAC – 15%, and RoW – 5%
The major companies in the ingestible sensors ecosystem profiled in this report are as follows:
1. Proteus Digital Health, Inc. (U.S.)
2. HQ, Inc. (U.S.)
3. CapsoVision, Inc. (U.S.)
4. Given Imaging Ltd. (Israel)
5. Olympus Corporation (U.S.)
6. Medimetrics Personalized Drug Delivery B.V. (Netherlands)
7. MC10 Inc. (U.S.)
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the ingestible sensors market comprehensively and provides the closest value approximations of the overall market and the subsegments across different verticals and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders to better understand the competitor and gain more insights to better their position in the business. The competitive landscape section includes competitor ecosystem, new product develpoments, partnerships, and mergers & acquisitions.
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