The global ingestible sensors market size is expected to reach USD 1.99 billion by 2024, according to a new report by Grand View Research, Inc. The market is anticipated to register a strong CAGR of 19.1% over the forecast period. Growing need for medical adherence and real-time monitoring of health along with rising prevalence of chronic diseases are some of the factors driving the market growth. Patient compliance is another key factor boosting the usage of ingestible sensors.
Simple procedure, user convenience, and minimal side effects are the factors leading to increased medical adherence by patients of all age groups, thus, driving the market growth. Increasing cases of chronic diseases, such as diabetes, hypertension, and cancer have also led to the market expansion. According to the International Diabetes Federation (IDF), around 642 million people across the world are projected to have diabetes by 2040.
In addition, growing geriatric population is also leading to numerous health issues, which is further raising the incidences of such chronic diseases. With technological advancements, ingestible sensors are growing rapidly in the field of digital medicine. Thus, it is anticipated to grow further in applications like customized drug delivery. However, costly raw materials and techniques for the development and design of this product may impede the market growth.
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Further key findings from the study suggest:
- In 2016, temperature sensors led the market owing to their benefits in diagnosing and treating heat-related illness, particularly among athletes
- Image sensors are projected to show a significant growth over the forecast period due to their accuracy and clear images for the diagnosis of critical diseases
- Sensors held the largest market share in 2016 amongst the component segment due to the advanced and expensive technology used in these devices
- Medical segment accounted for the largest market share in 2016 owing to huge scope of application for ingestible sensors in drug delivery and patient monitoring
- North America held the largest market revenue in 2016 due to high awareness levels regarding the availability of advanced technologies
- Asia Pacific is anticipated to register a significant CAGR over the forecast period on account of increasing geriatric population and prevalence of chronic diseases, especially in the developing countries
- Some of the key companies in the market are Proteus Digital Healthcare; CapsoVision Inc.; Given Imaging Ltd; Olympus Corporation; Medimetrics Inc.; HQ Inc.; MC10 Inc.; and Microchips Biotech Inc.