The global Ingestible Sensors market size is expected to be worth around US$ 2.99 billion by 2030, according to a new report by Vision Research Reports.
The global Ingestible Sensors market size was valued at US$ 691.0 million in 2020 and is anticipated to grow at a CAGR of 29.1% during forecast period 2021 to 2030.
Growth Factors
Growing need for medical adherence and real-time monitoring of health along with rising prevalence of chronic diseases are some of the factors driving the market growth. Patient compliance is another key factor boosting the usage of ingestible sensors.
Simple procedure, user convenience, and minimal side effects are the factors leading to increased medical adherence by patients of all age groups, thus, driving the market growth. Increasing cases of chronic diseases, such as diabetes, hypertension, and cancer have also led to the market expansion. According to the International Diabetes Federation (IDF), around 642 million people across the world are projected to have diabetes by 2040.
In addition, growing geriatric population is also leading to numerous health issues, which is further raising the incidences of such chronic diseases. With technological advancements, ingestible sensors are growing rapidly in the field of digital medicine. Thus, it is anticipated to grow further in applications like customized drug delivery. However, costly raw materials and techniques for the development and design of this product may impede the market growth.
Report Highlights
Major component types include sensor, data recorder/wearable patch, and software. The sensor segment was the largest revenue generator in the past due to huge R&D investments and new product launches. For instance, in 2017, the U.S. FDA approved the first digital pill that comes with an ingestible sensor. The pill along with the sensor was jointly developed by the Otsuka Pharmaceutical and Proteus Digital Health. These devices offer remote access to health records and chronic disease management, which proves to be a promising factor for improved quality of health and reduced expenditure.
This technology also helps reduce hospital visits and re-hospitalization, along with round-the-clock remote monitoring, thereby allowing patients to recover within the comforts of their own home. The software segment is expected to witness lucrative CAGR during the forecast period. This growth can be attributed to the continuous efforts by manufacturers to introduce advanced software to offer more effective ways of disease control and management.
As stated by the Canadian Diabetes Association, the prevalence of the disease is growing in Canada and it is said to affect around 5.0 million individuals by 2025. Thus, increasing incidences of chronic diseases such as diabetes, cancer, arthritis, Alzheimer’s disease, chronic kidney disease, and chronic pain is expected to boost the segment growth.
These products are widely used in the medical sector where they help diagnose diseases and monitor patient health. In contrast to invasive techniques, which require meticulous procedures and surgical interventions, ingestible sensors allow simplified monitoring of various parameters such as temperature, pressure, and pH.
They are also used for several other applications such as capsule endoscopy and controlled release of drugs. They also notify physicians about drug interactions and the usage of particular drugs by patients, thereby improving medication adherence. These additional advantages have further fueled their demand in the medical vertical.
Another major field of application is sports and fitness. Constant observation of blood pressure and melatonin levels along with other essential body statistics is required to assess the health of players and athletes. They also help athletes monitor food interactions and record relevant data precisely without having to use invasive techniques. All these factors are boosting the product demand in this field.
They are also used in other areas where the study of the internal anatomy is required. Individuals working in extreme conditions such as firefighters and defense personnel are also required to have a constant check on body temperature and other essential parameters, which is also augmenting the market demand.
Temperature, pressure, pH, and image are the major product types within the ingestible sensors market. In terms of revenue, temperature sensors led the type segment in 2016. It is a widely used technique in different verticals such as healthcare and aerospace to measure body temperature in patients and astronauts respectively to detect any drastic temperature changes that might prove fatal if undetected.
The investments in product R&D is higher in developed countries than in emerging regions because of its high-cost technology, availability of well-equipped labs, and early adoption of advanced medical products in developed regions.
The image sensor segment is projected to grow at a lucrative CAGR during the forecast period due to its growing adoption in the healthcare sector. Healthcare professionals can view clear images of various tissues and organs inside a patient’s body by using these sensors, which allows accurate diagnosis of critical diseases.
Pressure sensors segment is also projected to have significant growth during the forecast period owing to its advantages in the management of respiratory and cardiac diseases. It allows precursors of cardiac problems to be identified and communicated to the patient beforehand allowing fatal problems to be avoided.
North America has been the leading regional market owing to technological advancements and availability of sophisticated infrastructure. Innovations in the field of science and technology that resulted in the development of tiny camera pills, which are widely used in these products, are likely to boost region’s growth. Rise in chronic and gastrointestinal diseases is also said to be a key factor driving the region’s expansion.
Europe followed closely behind North America, in terms of market revenue. With this region also being advanced in science and technology, the designing of innovative medical devices has been a forefront for many local companies. This factor is contributing toward the regional expansion. Other key growth-driving factors include rising cases of chronic diseases, growing geriatric population, and availability of easy reimbursement options.
The Asia Pacific region is anticipated to witness the highest CAGR during the forecast period owing to increase in healthcare expenditure and rise in chronic diseases. Heavy investments by top companies in R&D are also likely to contribute toward regional growth. Countries like Japan, India, and China are expected to lead the region with increasing adoption of these medical devices for diagnostics and therapeutic purposes. Increased cases of lifestyle-related diseases caused by physical inactivity and unhealthy eating habits are also likely to boost product demand in the region.
Key Players
Proteus Digital Health, Inc.; Microchips Biotech, Inc.; CapsoVision, Inc.; H.Q., Inc.; Given Imaging; and Olympus Corp.
Market Segmentation
Component Outlook
Sensor
Wearable Patch/Data Recorder
Software
Sensor Type Outlook
Temperature Sensor
Pressure Sensor
pH Sensor
Image Sensor
Vertical Outlook
Medical
Sports and Fitness
Others
Regional Outlook
North America
The U.S.
Canada
Europe
Germany
The U.K.
Asia Pacific
China
India
Latin America
Brazil
Mexico
MEA
South Africa
Saudi Arabia
The Ingestible Sensors market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Ingestible Sensors market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Ingestible Sensors market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Ingestible Sensors market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Ingestible Sensors market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Ingestible Sensors capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Ingestible Sensors by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Ingestible Sensors market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Ingestible Sensors market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Ingestible Sensors market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Ingestible Sensors industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Ingestible Sensors market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Ingestible Sensors market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Ingestible Sensors market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Ingestible Sensors market. These factors have benefited the growth of the global market for Ingestible Sensors. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Ingestible Sensors. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Ingestible Sensors are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers