Ingestible Sensor Market 2020-2027: Market Analysis and Forecast | Impact of COVID-19
Overview
The global ingestible sensor market is
expected to exhibit a strong 22.22% CAGR over the forecast period from 2018 to
2023, according to the latest research report from Market Research Future
(MRFR). The global ingestible sensor market is expected to reach a valuation of
USD 87.1 billion by 2023, according to the report. The latest figures about the
global ingestible sensor market are presented in the report in order to present
to readers an accurate overview of the global ingestible sensor market. Major
drivers and restraints acting on the global ingestible sensor market are also
examined in the report. The report also examines the impact of the COVID-19
pandemic on the global ingestible sensor market.
Ingestible sensors are sensors that can be
ingested or applied on to the body in order to gain information about specific
parameters. The parameters examined by ingestible sensors include temperature,
pH, blood pressure, among others. Ingestible sensors also have imaging
capabilities that allow them to take pictures of internal organs in clear
detail, allowing diagnosticians to diagnose diseases based on accurate imaging.
Growing development in camera technology has been a major driver for the global
ingestible sensor market over the last few years. Successful miniaturization of
camera technology has also been a major driver for the global Ingestible Sensor
Market. Miniature cameras have advanced rapidly in terms of technological
capability in recent years, thanks to incessant efforts from major players
looking to cater to the growing demand for miniaturized cameras. Rapid
advancements in camera technology have led to the creation of capable miniature
cameras that can take images in high resolution, allowing the user to divine
various conditions based on the imaging. Technological advancement in miniature
cameras is likely to be a major driver for the global ingestible sensor market
over the forecast period.
Growing prevalence of gastrointestinal
diseases is also likely to be a major driver for the global ingestible sensor
market over the forecast period. Gastrointestinal diseases have become a major
concern in recent years due to the growing prevalence of food allergies and
growing consumption of unhealthy junk food by urban consumers. This has led to
a growing demand for imaging devices capable of taking detailed pictures of the
gastrointestinal tract from the inside. Ingestible sensors can simply be
ingested through the mouth and controlled remotely through computer
applications, allowing the physician in charge to take detailed pictures of
specific sites inside the gastrointestinal tract. The ease of taking pictures
with ingestible sensors is the major driver for the global ingestible sensor
market. The growing usage of ingestible sensors in diagnosing and treating
gastrointestinal diseases is likely to be a major driver for the global
ingestible sensor market over the forecast period.
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Key Players
Leading players in the global ingestible
sensor market include Microchips Biotech Inc., AdhereTech, Otsuka Holdings,
MC10, IntroMedic Co. Ltd., Olympus Corporation, Medtronic, CapsoVision Inc.,
Proteus Digital Health, and RF Co. Ltd.
Segmentation
The global ingestible sensor market is
segmented on the basis of component, vertical, application, and region.
·
By Component, the global ingestible sensor market is segmented into sensor, wearable
patch/data recorder, and software.
·
By Application, the global ingestible sensor market is segmented into temperature
sensors, pressure sensors, pH sensors, and image sensors.
·
By Vertical, the global ingestible sensor market is segmented into medical and
sports & fitness.
Ingestible Sensor Global Market - Regional Analysis
North America is likely to dominate the global
ingestible sensor market over the forecast period due to the strong presence of
leading innovators in the region and the consistent technological advancement
pursued by the same. Significant technological advancement in ingestible
sensors has seen the North America market for ingestible sensors grow rapidly
in recent years. Major players present in the North America market are likely
to further engage in technological advancement in the coming years, leading to
steady growth of the global ingestible sensor market. Asia Pacific is expected
to be the fastest growing regional market for ingestible sensors over the
forecast period.
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