Ingestible Sensor Market Segments, Trends, Analysis and Size of Industry will grow at a CAGR of 21.36% by 2030
Research Reports
Apr 13, 2023
The Ingestible Sensor Market is expected to grow at a CAGR of 21.36%. By then, it is anticipated that the ingestible sensor market will be worth USD 14,365,12 million.
Ingestable sensors are used by many medical personnel, such as nurses, doctors, and physician assistants, to assist in improved patient monitoring and diagnosis. Additionally, these sensors assist healthcare practitioners in developing efficient and life-saving treatment programmes for their patients.
Consumptive sensors are ingested. In this way, they may demonstrate to medical specialists the true state of the patient’s internal organs. The installation of these sensors doesn’t hurt the patient and doesn’t involve any invasive procedures like biopsies. Biopsies and invasive procedures are uncomfortable, and there is always a chance that an unanticipated infection can cause a serious illness or even death.
Technologies in the health industry are developing quickly. This is one of the main factors boosting development in the worldwide ingestible sensor market, along with the fact that more front-line employees and healthcare professionals are utilising medical applications more often.
The fact that COVID-19 has overrun the healthcare systems in most countries is another element fueling the expansion of the ingestible sensor industry. As a result, hospitals are overflowing. Frequently, there are not enough beds to accommodate all the patients who are admitted (mainly thanks to COVID-19.) By diagnosing and treating patients remotely whenever possible, doctors and other medical professionals are attempting to reduce this bottleneck.
The fact that more and more people in developing countries (particularly in America) cannot afford quality health insurance is another reason fueling growth in the global ingestible sensor market. Therefore, they might not have the resources to pay for trendy, efficient, but pricey medical procedures. Utilizing ingestible sensors for diagnosis and treatment is the second-best option.
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Ingestible Sensor Market Key Players:
- MC10 (US)
- Otsuka Holdings (Japan)
- AdhereTech (US)
- Microchips Biotech Inc., RF Co. Ltd. (Asia)
- Proteus Digital Health (United states of america)
- CapsoVision Inc. (United states of america)
- Medtronic (United states of america)
- Olympus Corporation (Asia)
- IntroMedic Co. Ltd. (Koreaan)
- Olympus Corporation (US)
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Ingestible Sensor Market Regional analysis:
The ingestible sensor market is expanding throughout all geographical areas of the world at respectable CAGRs. This is due to the fact that medical technology are developing quickly and continuously. For the time period covered by this study, the North American region is anticipated to have the greatest market share for ingestible sensors. The infrastructure and markets for healthcare are established in both Canada and the United States, which is the cause. As a result, these two countries can more easily accept the use of ingestible sensors.
Even in Mexico, healthcare technology is expanding quickly. This phenomena makes it simpler for physicians and other medical professionals to begin remotely monitoring, diagnosing, and treating patients.
For the time period covered by this research, the ingestible sensor market is anticipated to develop at the greatest rate in the Asia-Pacific region. This is due to the region’s fast developing healthcare infrastructure and technology. This improves clinicians’ ability to remotely diagnose, monitor, and treat patients using ingestible sensors.
Ingestible Sensor Market Segmentation:
In 2021, the medical sector accounted for the largest share of the Ingestible Sensor Market based on vertical. These goods are frequently utilised in the medical field where they aid in illness diagnosis and patient health monitoring. With ingestible sensors, monitoring various parameters like temperature, pressure, and ph is more easier than with invasive approaches, which necessitate tedious procedures and surgical interventions.
Sports and fitness are yet another important area of application. To evaluate the health of players and sportsmen, it is necessary to continuously monitor vital body metrics like blood pressure and melatonin levels. Additionally, they enable athletes to properly record pertinent data without the use of invasive tools while monitoring dietary interactions. All of these elements are increasing the demand for products in this industry.
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Insights into Sensor Type
In 2021, the temperature sensor had the highest revenue share (35.0%). It is a commonly used technology in a variety of industries, including healthcare and aerospace, to measure patients’ and astronauts’ bodies’ core temperatures in order to look for any sudden temperature fluctuations that, if missed, might be deadly.
Due to the increasing utilisation of image sensors in the healthcare industry, the image sensor market is anticipated to expand at a profitable CAGR during the forecast period. In endoscopic operations, they are often employed. These sensors let medical personnel to observe crisp pictures of numerous tissues and organs inside a patient’s body, which enables precise illness diagnosis.
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