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Ingestible Sensor Market worth 678.2 Million USD by 2022
According to the new market research report "Ingestible Sensor Market by Component (Sensor, Data Recorder, & Software), Type (Temperature, Pressure, pH, & Image sensor), Vertical (Medical and Sports & Fitness), and Geography - Global Forecast to 2022", the ingestible sensor market is expected to grow from USD 198.2 Million in 2015 to USD 678.2 Million by 2022, at a CAGR of 20.2% between 2016 and 2022. There is a growing industrial consensus on developing an integrated and digital healthcare platform. Wearable medical devices were the first phase of digital healthcare ecosystem and ingestible sensor represent the next phase of the digital health ecosystem.
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Image sensor would play a key role in developing the ingestible sensor market
The market for image sensors is expected to grow at the highest CAGR during the forecast period. The innovations in the image sensor technology have revolutionized the ingestible sensor market. New trends in capsule endoscopy and internal imaging are the major drivers for this market. The new products such as CMOS-based image sensors, camera pills, and others are strengthening this market. The major benefit of ingestible image sensors is their ability to project the internal images of critical target areas such as the small bowel and esophagus. Moreover, the technology advancement of image sensor is expected to drive the drug delivery application. Thus, image sensors are likely to play a key role in developing the overall market.
Medical vertical to hold the largest share of the market during the forecast period
The medical vertical dominates the overall ingestible sensor market and plays a critical role in it. Ingestible sensor pills enabled with biological micro-electro-mechanical systems (Bio-MEMS), enable effective imaging, patient monitoring, and drug delivery. Thus, the medical industry opens an array of opportunities for ingestible sensors in novel therapeutic and diagnostic treatments for life-threatening diseases.
North America dominated the ingestible sensor market; MEA & Latin America is expected to grow at the highest rate during the forecast period
The growth of this market in North America can largely be attributed to the increasing demand for ingestible sensor technology-based devices in the region. In addition, the growing prevalence of colon cancer in North America is another key factor driving the growth of this market in this region. In North America, about 1 in 1,000 individuals is diagnosed with gastrointestinal disorders. The aging population and changes in dietary habits and lifestyles are the major reasons for the growing prevalence of gastro-intestinal disorders in this region. Non-invasive and more comfortable diagnostics, effective therapeutic monitoring, and enhanced bioavailability are some of the factors which demand constant technology upgradation. In the U.S., approximately 12 million people undergo gastrointestinal screenings every year. With further advancements, the ingestible sensor technology is expected to be the most widely adopted technology in the endoscopy screening market.
The MEA & Latin America region comprises Latin America and the Middle East & Africa. Countries in the Middle East and Africa contribute significantly to the global ingestible sensors market. Israel, in particular, is the major contributor in the R&D, design, and manufacturing of ingestible electronic pills. MEA & Latin America is untapped and emerging market for ingestible sensor, and it is expected grow at the highest CAGR.
This research report categorizes the ingestible sensor market on the basis of components, sensor types, vertical, and geography. The report describes the drivers, restraints, opportunities, and challenges for this market. The Porter’s five forces analysis has been included in the report with a description of each of its forces and their respective impact on the market.
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