Ingestible sensors market is expected to reach USD 2.0 billion by 2024, according to a new report by Grand View Research, Inc. The escalation in the geriatric population has driven the demand for improved, minimally-invasive, medical technologies and devices to address the needs of the elderly population subset. With the advent of the sensors that can be ingested, the internal anatomy of the human body can be easily studied and monitored with changes in pressure, temperature, and pH recorded constantly.
The internal anatomy can also be captured with the help of an image sensor, enabling enhanced visualization of the gastrointestinal tract along with any anomalies that maybe causing digestive perturbations; thus, expediting conclusive disease diagnosis with greater clarity while obviating cumbersome procedures, such as endoscopy.
The growing number of chronic diseases like cardiac diseases, obesity and diabetes along with cancer require constant physiological monitoring of vital bodily functions, which is easily met by the use of ingestible sensors. Favorable reimbursement options provided by governments and insurance companies have promoted the adoption of these devices to a larger extent. Compliance with medication regimes has increased significantly in patients, which has further encouraged the adoption of these ingestibles.
The major restraints in the ingestible sensors market are technical and clinical constraints along with the substantially large technological costs associated with manufacturing and designing of these sensors that require high capital funds.
On the basis of components, the ingestible sensors market is segmented into sensors, wearable data recorder, and software. The sensor components enable data collection and wireless transmission of the recorded data for it to be decoded by the software into clinically meaningful data for further analysis to be performed.
The various kinds of sensors available are temperature, pressure, pH, and image sensors. The medical applications of the sensors are wide ranging as they support wireless and remote, patient monitoring as well as diagnostic imaging. All sensor devices are equipped with technical components that facilitate physician access to the diagnostic output on easily operable user interfaces.
The medical vertical has been the highest gaining segment owing to the use of ingestible sensors in clinics and hospitals. These sensors furnish medical professionals with accurate, real-time data for multiple parameters through non-invasive and wireless technology; in consequence, these devices are a mainstay of diagnostic procedures. In other segments including sports and fitness, the wearable sensors that monitor vital signs to check serious ailments, have gained significant momentum.
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Further key findings from the study suggest:
- The major market share is estimated to be dominated by the North America region due largely to the technological advancements and the pre-existing robust research and development base. The majority of the companies dominating the market has progressed in terms of designing and manufacturing of sensors and is at present focusing on refining the existent products.
- The Asia Pacific region is set to grow at a steady pace due to the increasing adoption of ingestible sensors in hospitals and clinics. With a huge target population base in this region including the escalating geriatric patient count afflicted with chronic diseases, smart pill technology, such as ingestibles address the need for novel technology to incorporate minimally invasive procedures in the diagnostic process.
- Temperature and image sensors are the major profit gainers among the ingestible sensors as they furnish accurate readings with respect to the body temperature and metabolic changes; hence, facilitating easy interpretation
- The medical vertical is expected to be the highest gaining segment owing to the increasing adoption of ingestible sensors in patients, followed by the sports and fitness segments
- Some key market players include Proteus Digital Health, Inc., CapsoVision, Inc., Given Imaging, Inc., and Olympus Corporation, among others
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.