Ingestible medical devices are clinically relevant technology which combines with circuits and sensing techniques. The medical devices technique expand the capabilities of ingestible capsules and enable a new diagnostic and treatment applications for the patients. The ingestible medical device system handles the routine upgradeable design which creates a new platform and possibilities for treatment application among colorectal cancer patients. Its unique technology and software features ensure better functional ability. However, new developments in sensors and ultrasound models allow to image the diseases or infection at the cellular and molecular level, which are paving the way for early diagnosis and treatment of diseases.
High prevalence of diseases such as gastroenteritis and colon cancer, rising patient awareness, increasing research and development initiatives, advent of high-throughput screening (HTS) for drug discovery, and genomic technology are key factors driving the ingestible medical device market. According to the Center for Disease Control and Prevention, October 2016, China outbreak the incidences of norovirus infection among 79% of its population. In 2015, the WHO stated that the number of new cancer cases are expected to rise by about 70% over the next two decades. According to the American Cancer Society, in 2017, in the U.S. 135,430 people are estimated to be diagnosed with colorectal cancer and about 50,260 fatalities are likely to occur due to the disease. The World Health Organization predicted that 30% to 50% of cancer patients can be prevented from acquiring different cancer by avoiding risk factors and implementation of existing evidence-based prevention strategies. The cancer burden can also be reduced through early detection of cancer and management of patients who develop cancer. Increasing number of patients with chronic diseases, rising geriatric population, and rapidly increasing awareness about minimally invasive techniques, are projected to fuel the overall ingestible medical device market. However, factors such as bulky and stationary designs, lengthy procedures, and expensive treatment procedures are expected to hamper the ingestible medical devices market.
The global ingestible medical devices market can be segmented based on application, technology, therapy, end-user, and region. In terms of application, the market can be classified into drug delivery, optical imaging, and disease diagnosis. In terms of technology, the market can be segregated into absorbable and non-absorbable. In terms of therapy, the market can be divided into oncology, biotechnology, neurology, and others. Biotechnology is a rapidly expanding segment owing to the increase in funds in research and technology, globally. In terms of end-user, the market can be segregated into diagnostic laboratories, pathology labs, life sciences and research lab, and others. In terms of region, the Ingestible Medical Devices Market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Geographically, North America dominates the global ingestible medical devices market due to the increase in funding for the development of research and health care infrastructure. Rising incidence of epidemic diseases and early phase diagnosis and treatment of diseases are driving the biotechnology segment, which in turn is expected to boost the ingestible medical device market in North America. Europe is the second largest Ingestible Medical Devices Market, as there are favorable government policies regarding the development of health care infrastructure and molecular device companies. The Ingestible Medical Devices Market in Asia Pacific is expected to expand at a high growth rate during the forecast period due to rising population, changing lifestyle, increasing awareness among patients, and rising per capita expenditure. Additionally, the economic growth in India and China is supporting the health care infrastructure as well as expansion of pharmaceutical companies and biotech labs.
Major players operating in the global ingestible medical devices market include Proteus Digital Health, Inc., Olympus Corporation, HQ, Inc., Given Imaging, Ltd., Medtronic PLC, CapsoVision, Inc., IntroMedic Co., Ltd., and RF Co., Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.