Ingestible Sensor Market 2019 Analysis, Opportunities and Growth, Forecast to 2023

Ingestible sensor is a critical healthcare technology which positively impacts various clinical areas such as health, nutrition, and fitness. They are interactive devices which are used for medical analysis of the human body. These sensors come in a user-friendly design and have non-invasive applications, which attract patients. Ingestible sensors are pills or wearable patches which monitor and diagnose the health of a patient and display the report on a smartphone connected via the Internet. These pills or patches include video chips, lens, systems or software chips, and data antennas which enable real-time health monitoring. Furthermore, ingestible sensors include capsule endoscopy including controlled drug delivery by gathering images and monitoring individual luminal fluids.

Market Research Future anticipates the maturity of the global Ingestible Sensor Market with a CAGR of 22.22% valued at USD 87.10 billion owing to the advent of medication adherence. It is presumed that the extensive use of medical applications coupled with technology is fueling the growth of the ingestible sensor market over the forecast period. Concerns related to overcrowded waiting rooms in hospitals and unaffordable health insurance is leading to the extensive utilization of medical technology. It gives rise to real-time health monitoring and diagnosis. Modernization of healthcare infrastructure is efficiently transforming the medical system, giving rise to enhanced patient care even in remote locations, with improved public health, and ease of workflow. However, high cost of smart pill technology has led to the limited utilization of medical sensors in underdeveloped countries is expected to hamper the growth of the ingestible sensors market over the assessment period.

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Regional Analysis

The regional analysis of ingestible sensor market is considered for North America, Europe, Asia-Pacific, and the rest of the world.

North America is expected to dominate the ingestible sensor market with the largest market share due to the growing population of patients in countries such as the US, Canada, and Mexico who are the early adopters of new technology. The US food and drug administration (FDA) approved Abilify MyCite, a digital pill embedded with an ingestible sensor to track the health of patients via a smartphone.

Europe is expected to be the second largest market owing to the encouragement of the e-health strategy by the European government. China, Japan, India, and other countries in the Asia-Pacific are experiencing an increasing demand for digital pills and ingestible sensors owing to increasing expenditure in healthcare and medicines along with adoption of the latest technology and devices in the healthcare sector. Hence, Asia-Pacific is expected to be the fastest growing region in the ingestible sensor market over the assessment period.

Key players

The prominent players in the ingestible sensor market are RF Co. Ltd. (Japan), Proteus Digital Health (US), CapsoVision Inc. (US), Medtronic (US), Olympus Corporation (Japan), IntroMedic Co. Ltd. (South Korea), MC10 (US), Otsuka Holdings (Japan), AdhereTech (US) and Microchips Biotech Inc. (US).

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Segmentation

The ingestible sensor market is segmented on the basis of component, vertical, application, and region. These segments are further sub-segmented into the following:

By component, the ingestible sensor market is segmented into sensor, wearable patch/ data recorder, and software. By sensor the market is further segmented into temperature sensors, pressure sensors, pH sensors, and image sensors.

By vertical, this market is segmented into medical and sports & fitness.

By region, North America, Europe, Asia-Pacific, and the rest of the world are the global segments.