Ingestible Sensor Market
Growing Prevalence of Gastrointestinal Diseases to Drive Ingestible Sensor Market
The global ingestible sensor market is expected to exhibit a strong 22.22% CAGR over the forecast period from 2018 to 2023, according to the latest research report from Market Research Future (MRFR). The global ingestible sensor market is expected to reach a valuation of USD 87.1 billion by 2023, according to the report. The latest figures about the global ingestible sensor market are presented in the report in order to present to readers an accurate overview of the global ingestible sensor market. Major drivers and restraints acting on the global ingestible sensor market are also examined in the report. The report also examines the impact of the COVID-19 pandemic on the global ingestible sensor market.
Ingestible sensors are sensors that can be ingested or applied on to the body in order to gain information about specific parameters. The parameters examined by ingestible sensors include temperature, pH, blood pressure, among others. Ingestible sensors also have imaging capabilities that allow them to take pictures of internal organs in clear detail, allowing diagnosticians to diagnose diseases based on accurate imaging. Growing development in camera technology has been a major driver for the global ingestible sensor market over the last few years. Successful miniaturization of camera technology has also been a major driver for the global ingestible sensor market. Miniature cameras have advanced rapidly in terms of technological capability in recent years, thanks to incessant efforts from major players looking to cater to the growing demand for miniaturized cameras. Rapid advancements in camera technology have led to the creation of capable miniature cameras that can take images in high resolution, allowing the user to divine various conditions based on the imaging. Technological advancement in miniature cameras is likely to be a major driver for the global ingestible sensor market over the forecast period.
Growing prevalence of gastrointestinal diseases is also likely to be a major driver for the global ingestible sensor market over the forecast period. Gastrointestinal diseases have become a major concern in recent years due to the growing prevalence of food allergies and growing consumption of unhealthy junk food by urban consumers. This has led to a growing demand for imaging devices capable of taking detailed pictures of the gastrointestinal tract from the inside. Ingestible sensors can simply be ingested through the mouth and controlled remotely through computer applications, allowing the physician in charge to take detailed pictures of specific sites inside the gastrointestinal tract. The ease of taking pictures with ingestible sensors is the major driver for the global ingestible sensor market. The growing usage of ingestible sensors in diagnosing and treating gastrointestinal diseases is likely to be a major driver for the global ingestible sensor market over the forecast period.
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Leading players in the global ingestible sensor market include Microchips Biotech Inc., AdhereTech, Otsuka Holdings, MC10, IntroMedic Co. Ltd., Olympus Corporation, Medtronic, CapsoVision Inc., Proteus Digital Health, and RF Co. Ltd.
The global ingestible sensor market is segmented on the basis of component, vertical, application, and region.
By component, the global ingestible sensor market is segmented into sensor, wearable patch/data recorder, and software.
By application, the global ingestible sensor market is segmented into temperature sensors, pressure sensors, pH sensors, and image sensors.
By vertical, the global ingestible sensor market is segmented into medical and sports & fitness.
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North America is likely to dominate the global ingestible sensor market over the forecast period due to the strong presence of leading innovators in the region and the consistent technological advancement pursued by the same. Significant technological advancement in ingestible sensors has seen the North America market for ingestible sensors grow rapidly in recent years. Major players present in the North America market are likely to further engage in technological advancement in the coming years, leading to steady growth of the global ingestible sensor market. Asia Pacific is expected to be the fastest growing regional market for ingestible sensors over the forecast period.