Advancements in healthcare have been at the forefront of growth within the global ingestible sensors market. The use of ingestible sensors is gradually gaining momentum, and medical researchers are testing the waters for these sensors. These sensors are a distinct development on the fabric of healthcare and medicine. Use of these sensors by the geriatric population that requires proper monitoring and management of medication is expected to increase. Furthermore, the importance of studying pH and temperature levels in the body has also recalibrated focus towards ingestible sensors. The vendors in the global ingestible sensors market are expected to target new population groups through their products.
- Use of ingestible sensors could help in revolutionising the domain of diagnostics in the forthcoming years. Research related to optimization of these sensors in underway, and it is important to foster resilience in research activities.
- Monitoring and management of patients during treatment is as important as administering medications in the first instance. Therefore, use of smart phones to track the health of patients through ingestible sensors shall increase in the times to follow.
- Ingestible sensors are also known as ‘Intelligent Pills’, and the vendors are using this name for marketing and promotion of their products.
Ingestible sensors is an innovative technologically advanced product of digital medical industry. Ingestible Sensors are pills that have the ability to detect various bodily functions and activities, medication check, heart rate and blood pressure. It has three components sensors, data recorder, and software. These ingestible sensors help patients receive real-time information and address the unaware issues which are sometimes not answered by doctors. The ingestible sensor works as soon as the sensor enabled pill is consumed. This pill sends signals to the patch, which helps to detect the duration in which the pill was consumed. As the data is recorded, the information is being displayed with the help of linked discover application that can be downloaded on a mobile device. With the help of this application patients can analyze the data and work accordingly, this helps them to decide if there is any need to visit a healthcare provider, taking medication on time and others. The ingestible sensors market is driven by increasing prevalence of chronic conditions and advancement in technology.
According to the Centers for Disease and Control of Infection, there are more than one-third (36.5%) of U.S. adults that suffer from obesity. Obesity-related conditions comprise of diabetes, heart disease, stroke, certain types of cancer, and some of these are leading causes of preventable death. IN U.S., the incidence rate of chronic conditions such as heart disease, cancer, type 2 diabetes, obesity, arthritis and others are among the most common of all health problems. In 2012, 117 Mn people suffered from one or more chronic health conditions. Moreover due to benefits such as cost-effective products, growing population of immune compromised individuals and others, the physician is prescribing these products. The patient education program is conducted by government and companies for creating the awareness among the general population. However Ingestible sensors market has some restraints such as low adoption for these products may hinder the growth of the Ingestible sensors market.
The Global Ingestible sensors market is segmented on the basis of sensor type, application, end user and regional presence:
Segmentation based on Sensor Type:
- Temperature sensor
- Pressure sensor
- pH sensor
- Image sensor
Segmentation based on Application
- Sports & fitness
Segmentation based on end user
- Research Institutes
- Pharmaceutical companies
- Healthcare providers
- Sports & Physical Fitness institutions
Increasing sedentary lifestyle among population leading to rising in the incidence of chronic conditions is expected to boost the Ingestible sensors market over the forecast period. Also rising awareness among the general population and rise in disposable income is expected to drive the Ingestible sensors market during the forecast period.
Geographically the Ingestible sensors market is segmented into five key regions: North America, Latin America, Europe, Asia-Pacific and MEA region.
North America followed by Europe is dominating the Ingestible sensors market as a high incidence of gastroparesis cases, and favorable reimbursement options provided by governments and insurance companies which have provided the platform for these products. In Asia Pacific region the Ingestible sensors market is expected to deliver significant growth due to the high pool of geriatric population in this region and growing economy which is expected to further fuel market demand. Moreover, the Ingestible sensors market is expected to become highly competitive due to the potential entrants in the market by the end of forecast period.
Some of the major companies in the Ingestible sensors market are HQ, Inc., Proteus Digital Health, Inc., CapsoVision, Inc., Given Imaging, Ltd., Medimetrics Personalized Drug Delivery B.V., Olympus Corporation, and others. Key strategy used by Proteus Digital Health, Inc is utilizing innovative approach for improving health outcomes for patients and for patients that are facing challenges managing their medications.
- Ingestible Sensors Market Segments
- Ingestible Sensors Market Dynamics
- Historical Actual Market Size, 2013 - 2015
- Ingestible Sensors Market Size & Forecast 2016 to 2024
- Ingestible Sensors Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Ingestible sensors market Drivers and Restraints
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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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?
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7. Which government regulations might challenge the status of key regional markets?
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