The global ingestible sensors market size is expected to reach USD 1.99 billion by 2024
The market is anticipated to register a strong CAGR of 19.1% over the forecast period. Growing need for medical adherence and real-time monitoring of health along with rising prevalence of chronic diseases are some of the factors driving the market growth. Patient compliance is another key factor boosting the usage of ingestible sensors.
Simple procedure, user convenience, and minimal side effects are the factors leading to increased medical adherence by patients of all age groups, thus, driving the market growth. Increasing cases of chronic diseases, such as diabetes, hypertension, and cancer have also led to the market expansion. According to the International Diabetes Federation (IDF), around 642 million people across the world are projected to have diabetes by 2040.
In addition, growing geriatric population is also leading to numerous health issues, which is further raising the incidences of such chronic diseases. With technological advancements, ingestible sensors are growing rapidly in the field of digital medicine. Thus, it is anticipated to grow further in applications like customized drug delivery. However, costly raw materials and techniques for the development and design of this product may impede the market growth.
Further key findings from the study suggest:
In 2016, temperature sensors led the market owing to their benefits in diagnosing and treating heat-related illness, particularly among athletes
Image sensors are projected to show a significant growth over the forecast period due to their accuracy and clear images for the diagnosis of critical diseases
Sensors held the largest market share in 2016 amongst the component segment due to the advanced and expensive technology used in these devices
Medical segment accounted for the largest market share in 2016 owing to huge scope of application for ingestible sensors in drug delivery and patient monitoring
North America held the largest market revenue in 2016 due to high awareness levels regarding the availability of advanced technologies
Asia Pacific is anticipated to register a significant CAGR over the forecast period on account of increasing geriatric population and prevalence of chronic diseases, especially in the developing countries
Some of the key companies in the market are Proteus Digital Healthcare, CapsoVision Inc., Given Imaging Ltd, Olympus Corporation, Medimetrics Inc., HQ Inc., MC10 Inc., and Microchips Biotech Inc.
Key Topics Covered:
Chapter 1. Methodology and Scope
1.1. Research methodology 1.2. Research scope & assumption 1.3. List of data sources
Chapter 2. Executive Summary 2.1. Ingestible Sensors Market - Industry Summary and Key Buying Criteria, 2013 - 2024
Chapter 3. Ingestible Sensors Industry Outlook 3.1. Market segmentation 3.2. Market size and growth prospects, 2013 - 2024 3.3. Ingestible Sensors: Market dynamics 3.3.1. Market driver analysis 18.104.22.168. Medical adherence 22.214.171.124. Aging population 126.96.36.199. Escalation in lifestyle-related diseases 188.8.131.52. Favorable reimbursement and better visualization 3.3.2. Market restraint analysis 184.108.40.206. Technical and clinical concerns 220.127.116.11. Great cost of technology 3.3.3. Market opportunities 18.104.22.168. Growing markets and modernization of healthcare infrastructure 3.4. Ingestible Sensors market: Industry trend analysis 3.5. Ingestible Sensors market - PESTEL Analysis 3.6. Ingestible Sensors Industry analysis - Porter's Five Forces Model 3.7. Ingestible Sensors: Company Market Share Analysis (%), 2015 3.8. Key opportunities prioritized
Chapter 4. Ingestible Sensors Component Type Outlook 4.1. Ingestible Sensors Revenue Share (%) Analysis, by Component, 2016 & 2024 4.2. Sensors 4.3. Wearable Patch/ Data Recorder 4.4. Software
Chapter 5. Ingestible Sensors Type Outlook 5.1. Ingestible Sensors Revenue Share (%) Analysis, by Sensor type, 2016 & 2024 5.2. Temperature Sensor 5.3. Pressure Sensor 5.4. pH Sensor 5.5. Image Sensor
Chapter 6. Ingestible Sensors Vertical Outlook 6.1. Ingestible Sensors Revenue Share (%) Analysis, by Vertical, 2016 & 2024 6.2. Medical Vertical 6.3. Sports and fitness 6.4. Others