Global Ingestible Sensor Market

Global Ingestible Sensor Market Size, Share, Growth Analysis, By Component(Sensor, Data Recorder), By Type(Temperature, Pressure), By Vertical(Medical, Sports & Fitness) - Industry Forecast 2024-2031

Report ID: SQMIG45F2109 | Region: Global | Published Date: February, 2024
Pages: 259 | Tables: 90 | Figures: 76

Global Ingestible Sensor Market Dynamics

Ingestible Sensor Market Driver

  • Technologies in the health industry are developing quickly. This is one of the main factors boosting growth in the worldwide ingestible sensor market, along with the fact that more front-line employees and healthcare professionals are utilising medical apps more frequently.
  • The fact that COVID-19 has overrun the healthcare systems in most countries is another element fueling the expansion of the ingestible sensor industry. As a result, hospitals are overflowing. Frequently, there are not enough beds to accommodate all the patients who are admitted (mainly thanks to COVID-19.) By diagnosing and treating patients remotely whenever possible, doctors and other medical professionals are attempting to reduce this bottleneck.
  • The fact that more and more people in developing countries cannot afford quality health insurance is another reason fueling growth in the global ingestible sensor market. Therefore, they might not have the resources to pay for trendy, efficient, but pricey medical procedures. Utilizing ingestible sensors for diagnosis and treatment is the second-best option.

Ingestible Sensor Market Restraint

  • Sensors that can be ingested are very pricey. Especially with regard to medicines that can be swallowed. As a result, only wealthy individuals and hospitals can afford them. This is a significant barrier to the expansion of the global market for ingestible sensors.
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FAQs

Ingestible Sensor Market size was valued at USD 738.28 million in 2019 and is poised to grow from USD 819 million in 2023 to USD 1800 million by 2031, growing at a CAGR of 10.9% in the forecast period (2024-2031).

Companies are finding that they must resort to research and development to develop and market the new generations of technologically advanced products with innovative new applications. Not only can they outsell the competition by doing this but they can also create the sustainable competitive advantage that they’ll need to remain financially profitable and economically viable. 'RF Co. Ltd. (Japan)', 'CapsoVision Inc. (US)', 'Medtronic (US)', 'Proteus Digital Health', 'Olympus Corporation', 'Given Imaging Ltd.', 'Medimetrics', 'Microchips Biotech, Inc.', 'Check-Cap', 'IntroMedic Co., Ltd.', 'MC10', 'Sensirion AG', 'Proteus Biomedical', 'Philips Healthcare', 'BodyCap', 'Adler Planetarium and Astronomy Museum', 'e-Celsius Performance', 'Pillo Health', 'SmartPill Corporation', 'HQ, Inc.'

Technologies in the health industry are developing quickly. This is one of the main factors boosting growth in the worldwide ingestible sensor market, along with the fact that more front-line employees and healthcare professionals are utilising medical apps more frequently.

Given that capsule endoscopes have been available on the market for about 20 years, the medical and healthcare sector is expected to have the greatest market size in 2021. In the medical field, applications for ingestible sensors include controlled drug delivery, patient monitoring, and capsule endoscopy. They improve medication adherence by alerting doctors to drug interactions and patient usage of specific medications.

As a result of technology improvements and the availability of sophisticated infrastructure, North America has been the region's most successful market. The creation of microscopic camera pills, which are commonly utilised in these items as a consequence of advances in science and technology, is projected to accelerate the region's growth. According to reports, a major reason influencing the region's expansion is the rise in chronic and gastrointestinal disorders. In terms of market revenue, Europe lagged behind North America by a considerable margin. Because of the superior research and technology in this area, several local businesses have focused on developing cutting-edge medical gadgets. This element aids in the expansion of the region. Other significant growth-promoting variables include the increase in chronic disease cases, the ageing population, and the accessibility of simple reimbursement methods.

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