ID: MRFR/SEM/5232-HCR | 100 Pages | Author: Shubham Munde | June 2023
The global ingestible sensor market is projected to hit USD 14,365.12 million, at a CAGR of 21.36% by 2027
The CAGR for the global ingestible sensor market is projected to be 21.36% until 2027. The ingestible sensor market is projected to be worth USD 14,365.12 million by then.
Many health professionals, including physician’s assistants, doctors, and nurses use ingestible sensors to help them monitor and diagnose patients better. These sensors also help these professionals formulate effective and life-saving health plans for these patients.
Ingestive sensors are swallowed. In this sense, they are able to show professionals the real condition of the patient’s interior body. These sensors don’t harm the patient and don’t require invasive surgeries or biopsies to install. Invasive surgeries and biopsies are painful and always come with the possibility of a severe illness or even death resulting from an unforeseen infection.
COVID-19 is a novel virus that has the same effects on the world that the Black Death did in the 14th century. Both Yesenia persists and COVID-19 are changing the world in profound ways. The Black Death led to the rise of Europe. It also catapulted the world into the modern era. COVID-19 is pushing the world into the digital era. It has also cemented e-commerce and e-businesses as an acceptable way for people to live, work, and shop.
Governments around the world realized that COVID-19 could not and should not be taken lightly. Therefore they enacted worldwide lockdowns and quarantines. These were temporary since they didn’t really do what they were intended to do which was contain the spread of the coronavirus. In any case, many businesses found that the effects of these quarantines and lockdowns were long-term and detrimental.
Many businesses around the world were forced to either halt production, at least temporarily or dramatically scale back production. Many businesses were forced to close their doors permanently since they were no longer able to remain either financially profitable or economically viable.
The companies in the global ingestible sensor market suffered the exact opposite fate. They actually thrived because of COVID-19. The reason was that health professionals and front-line workers were looking for safer ways to diagnose patients remotely. They found the answer in ingestible sensors.
Technologies in the health sector are advancing at a rapid pace. This, combined with the fact that more health professionals and front-line workers are using medical apps more often is a major factor that’s driving growth in the global ingestible sensor market.
Another factor that’s driving ingestible sensor market growth is the fact that COVID-19 has overwhelmed the healthcare systems in most nations. Consequently, hospitals are overcrowded. There are often not enough beds for all of the patients who are admitted (mainly thanks to COVID-19.) Doctors and health professionals are trying to alleviate this bottleneck by diagnosing and treating patients remotely whenever possible.
Another factor that’s driving growth in the global ingestible sensor market is the fact that more and more people in developing nations (especially in America) can’t afford good health insurance. Therefore, they may not have the money to be able to afford fancy and effective, yet expensive medical procedures. The next best alternative is to be diagnosed and treated using ingestible sensors.
COVID-19 when combined with recent advances in digital and medical technologies has created many opportunities in the global ingestible sensor market. Healthcare infrastructure is rapidly modernizing in many countries. This gives health professionals options that were unthinkable even a few years ago of effectively treating and diagnosing patients remotely. Many companies in the global ingestible sensor market are responding by investing heavily in research and development to try to develop a new generation of advanced ingestible sensors that will have more and innovative applications in the future. They will also be able to save more lives faster.
Ingestible sensors have expanded the scope for medical care in remote rural areas by allowing doctors and healthcare professionals to diagnose and treat people effectively remotely.
Ingestible sensors are extremely expensive. This is especially true of ingestible pills. Therefore, only wealthier people and wealthier hospitals can afford them. This is a major factor that’s restraining growth in the global ingestible sensor market.
Perhaps the greatest challenge that companies in the global ingestible sensor market face lie in trying to develop better ingestible sensors that are more effective in terms of diagnosing and treating patients faster - ideally before they get sick - while keeping the prices of these devices in the affordable range for the global masses.
The CAGR for the global ingestible sensor market is projected to be 21.36% until 2023. The ingestible sensor market is projected to be worth USD 14,365.12 million by then.
Proteus Digital Health is a major American player in the global ingestible sensor market. It is an industry leader because it invested heavily in research and development. Thus, it was able to develop the new generation of ingestible sensors that were better able to diagnose and treat people better and earlier/faster. The company could justify charging more for these new devices. Proteus Digital Health was also able to create a sustainable competitive advantage that made it financially and economically viable.
This segment can be grouped into the following sub-segments:
The sensor sub-segment can be categorized further into:
This segment can be grouped into the following sub-segments:
The global ingestible sensor market can be grouped into the following regions:
All regions in the world are growing at decent CAGRs in the ingestible sensor market. The reason for this is the fact that medical technologies are constantly and rapidly improving. The North American region is expected to enjoy the largest ingestible sensor market share for the time period that this report covers. The reason is that healthcare infrastructure and the healthcare markets are developed in both the United States of America and Canada. Hence, it’s easier for these two nations to adopt to using ingestible sensors.
Another reason why the North American region dominates in term s of market share is because health care technologies are increasing dramatically and rapidly in the United States of America and Canada. Even Mexico is seeing rapid growth in healthcare technologies. This phenomenon makes it easier for doctors and other health care professionals to start to monitor, diagnose, and treat people remotely.
More people and healthcare professionals are using the Internet of Things (IoT) in this region as well. This is another reason why ingestible sensors enjoy a large market share in this region.
North America is also home to some of the largest healthcare companies in the world. These companies invest heavily in research and development and make innovation their motto. This is another reason why the North American region currently enjoys the largest ingestible sensor market share out of all of the regions in the world.
The Asia-Pacific region is expected to register the highest ingestible sensor market growth rate for the time period that this report covers. The reason for this is that healthcare infrastructure and technologies are advancing rapidly in this region. This makes doctors better able to use ingestible sensors to diagnose, monitor, and treat people remotely.
The same applies to the European Union.
The global ingestible sensor market remains highly competitive. It is a lucrative market with a high CAGR. Thus, many companies are enticed to enter the industry. This is especially true of larger companies with huge treasuries. They can do the research and development needed to develop more innovative and technologically advanced products. They can also overcome the existing barriers to entry in the industry quite easily.
Companies are finding that they must resort to research and development to develop and market the new generations of technologically advanced products with innovative new applications. Not only can they outsell the competition by doing this but they can also create the sustainable competitive advantage that they’ll need to remain financially profitable and economically viable.
Mergers and acquisitions and strategic partnerships with other successful companies accomplish the same objective. Thus, most companies in the ingestible sensors market are doing a combination of more research and development and merging with, acquiring, or partnering with other successful companies in the industry. They find that this is the only way that they can survive in this intensively competitive market.
CapsoVision Inc is a major American player in the global ingestible sensors market. It is an industry leader because it invested heavily in research and development. Thus, it was able to outsell the competition witch newer and technologically advanced products that had more innovative and useful applications. It was also able to create the sustainable competitive advantage that it needed to survive.
The North American region has the largest ingestible sensor industry share but the Asia-Pacific region will have the highest ingestible sensor industry growth rate for the time period that this report covers.
|Market Size||USD 14,365.12 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Application, Technology|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||RF Co. Ltd. (Japan), Proteus Digital Health (US), CapsoVision Inc. (US), Medtronic (US), Olympus Corporation (Japan), IntroMedic Co. Ltd. (South Korea), MC10 (US), Otsuka Holdings (Japan), AdhereTech (US) and Microchips Biotech Inc. (US)|
|Key Market Opportunities||Increasing expenditure in healthcare and medicines along with adoption of the latest technology and devices in the healthcare sector.|
|Key Market Dynamics||The extensive use of medical applications coupled with technology is fueling the growth of the ingestible sensor market. The advent of new technology.|
The sensors are non-invasive, hence they are safer
● Component ● Vertical ● Application ● Region
Proteus Digital Health (US), RF Co. Ltd. (Japan), Medtronic (US), Olympus Corporation (Japan), CapsoVision Inc. (US), and IntroMedic Co. Ltd. (South Korea)
Ingestible Sensor Market is expected to reach USD 14,365.12 million by 2027
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