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| Ingestible Sensors Market |
The global ingestible sensors market is gaining significant traction over the past few years owing to an increase in technological advancements and innovations in healthcare sector. Ingestible sensors which are also called as smart pills, are electronic devices or capsules attached with sensors that can actively measure gut physiology. These sensors monitor various parameters such as body temperature, pH levels, pressure, images etc. once swallowed by the patient. The key advantages of ingestible sensors include non-invasiveness, real-time data monitoring, accuracy and improved patient compliance for treatment. With growing emphasis on preventive healthcare, these ingestible devices assist physicians for disease diagnoses at early stages without requiring surgical procedures.
The Global ingestible sensors Market is estimated to be valued at US$ 1,583.2 Mn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the ingestible sensors are CapsoVision, Inc., BodyCAP, etectRx, Koninklijke Philips N.V., Medtronic, Otsuka Holdings Co., Ltd., IntroMedic, JIHNSAN Science & Technology, Check-Cap, Proteus Digital Health Inc., and HQ, Inc. These leaders are focusing on new product launches and advancing their technologies capabilities. For instance, in 2021 Medtronic launched PillCam COLON 3 capsule endoscopy system to assist physicians in non-invasive colon cancer screening.
The key opportunities in the Ingestible Sensors Market Demand include increasing applications of ingestible sensors across various disease areas including gastrointestinal diseases, orthopedics, cardiology. For example, ingestible sensors are being used to monitor gastroparesis by measuring gastric emptying. Furthermore, several clinical trials are being conducted to evaluate efficacy of ingestible sensors in monitoring inflammatory bowel diseases and detecting early stage cancers.
Globally, North America dominates the ingestible sensors market due to rising adoption of advanced medical technologies and presence of prominent players in the US and Canada. However, Asia Pacific region is expected to witness fastest growth owing to growing medical tourism industry and improving access to healthcare in emerging countries like India and China. Several market players are expanding their manufacturing facilities in Asia to leverage lower costs and cater to rising local demand.
Market drivers and restrain
Market drivers- Increasing prevalence of gastrointestinal diseases globally is a major growth driver. According to NIH, over 70 million Americans are affected by digestive diseases annually. Moreover, rising geriatric population being more prone to chronic disorders will further drive the demand. Growing funding and investments by private and government bodies in developing advanced sensors based medical solutions is another key factor fueling the market growth.
Market restraints- High costs associated with these devices limit the adoption rates in developing regions. Moreover, lack of reimbursement policies also acts as a barrier. Other challenges include difficulty in remote data transfer from body and potential risks of device malfunctioning or damage. Stringent regulatory framework further delays the product approvals and commercialization.
Segment Analysis
The ingestible sensors market is dominated by capsule endoscopy sub segment. This is because capsule endoscopy offers non-invasive way of diagnosis of gastrointestinal disorders without any discomfort associated with conventional endoscopy procedures. Capsule endoscopy sensors are pre-programmed to take about 2-3 frames per second as it is naturally propelled through the gastrointestinal tract. Physicians prefer capsule endoscopy as it allows examination of small bowel which is not easily accessible through conventional endoscopy. Monitoring pills sub segment is anticipated to witness highest growth during forecast period due to benefits like continuous monitoring of vital signs without any patient discomfort.
Global Analysis
North America region holds largest share in ingestible sensors market due to supportive reimbursement policies, high awareness levels regarding advanced diagnostic methods, and presence of key industry players. Asia Pacific region is projected to witness highest growth rate during forecast period owing to increasing healthcare expenditure, large patient population for gastrointestinal disorders, and growing medical tourism. China dominates Asia Pacific region owing to improving healthcare infrastructure and increasing collaborations between domestic and international players for development of advanced ingestible technologies.
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