The market for ingestible sensors is expected to register a CAGR of 18.7% over the forecast period (2021 - 2026). The ingestible sensor is a critical healthcare technology which positively influences various clinical areas such as nutrition, health, and fitness. Technological advancements and the increasing prevalence of chronic disorders are some of the primary factors driving the market. Need for medical adherence and developed healthcare awareness among people are also likely to encourage market growth.
- Extensive product usage in many medical applications including modified drug delivery is another dominant factor contributing toward the market growth. These devices are non-invasive and have a user-friendly design that helps in real-time diagnosis and health monitoring. Growing cases of complications caused due to multiple chronic diseases, as a result of carelessness toward the prescription by patients, have also boosted the product demand.
- The ingestible sensor technology has been gaining significant traction as the next important development in medical diagnosis and therapy. Moreover, growing applications of these devices in several businesses including sports, physical fitness, military, industrial, etc., is expected to boost the global market in the forecast period.
- However, there are specific challenges that have been restraining the growth in the market, including complex technology design and determining the most suitable patient population to benefit from this minimally invasive medical device.
Key Market Trends
Healthcare/Medical Sector to hold a Significant Market Share.
The medical and healthcare industry is believed to have the largest market size in 2018 due to the presence of capsule endoscopes for nearly two decades in the market. In the medical sector, ingestible sensors are used in capsule endoscopy, patient monitoring, and controlled drug delivery applications. They notify physicians about drug interactions and the usage of particular drugs by patients, thereby improving medication adherence.
These additional advantages have further fueled their demand in the medical vertical. Capsule endoscopy has established itself as an effective and precise way of endoscopic imaging. As such, the reimbursements for capsule endoscopy procedures are also available in the developed markets. Furthermore, the increasing prevalence of gastrointestinal disorders is also expected to fuel the expansion of capsule endoscopy and is leading to the growth of the diagnosis segment of the market.
North America to Account for a Major Market Share
The advent of new technology is driving the growth of the ingestible sensor market across all global segments. North America is expected to dominate the market with the largest market share, owing to the adoption of extensive medical applications and the availability of sophisticated infrastructure.
The United States is the most prominent country in the region, with regard to technological advancements and increasing adoption of Internet of Things (IoT) in healthcare as it enables the monitoring, controlling, and tracking of daily routine including medicine intake using the internet. IoT in healthcare is witnessed to be a new wave of digital medication.
Innovations in the field of science and technology that resulted in the development of tiny camera pills, which are widely used in these products, are likely to boost the region’s growth. The rise in chronic and gastrointestinal diseases is also said to be a key factor driving the region’s expansion.
The ingestible sensors market is competitive and consists of a few major players. In terms of market share, few of these major players currently dominate the market. New entrants in this market are offering similar product prototypes at lower prices, which may cause hindrance to well-established companies. Collaborations and M&A are the key strategies followed by most of the companies to gain maximum market share.
- March 2019 - Olympus Corporation launched “PowerSpiral” in Europe and parts of the Asia-Pacific region, including Hong Kong and India. The system uses a motorized rotating attachment (“overtube”, DPST-1) that mounts on the scope and gently grips onto the mucosa to help the endoscope advance deep into the small intestine.
- June 2018 - Silicon Valley medical device innovator CapsoVision, Inc. announced a distribution partnership with PENTAX Medical to sell CapsoCam Plus, the only capsule endoscope that includes four cameras and offers 360° panoramic lateral imaging of the small bowel. PENTAX Medical will also offer customers CapsoCloud™, the only cloud-based capsule endoscopy EMR system on the market.
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1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Cost Effectiveness and Availability of Reimbursements
4.2.2 Increasing Demand for Medical Adherence Monitoring
4.2.3 Technological Advancements and Increasing Investments
4.3 Market Restraints
4.3.1 Technical and Clinical Concerns
4.3.2 High Technology Cost
4.4 Industry Attractiveness - Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Technology Snapshot
5 MARKET SEGMENTATION
5.1 By Sensor Type
5.1.1 Temperature Sensor
5.1.2 Pressure Sensor
5.1.3 pH Sensor
5.1.4 Image Sensor
5.2 By Industry Vertical
5.2.2 Sport & Fitness
5.2.3 Other Industry Verticals
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 CapsoVision, Inc.
6.1.2 HQ, Inc.
6.1.3 IntroMedic Co. Ltd
6.1.4 JINSHAN Science & Technology
6.1.5 Medtronic PLC (Given Imaging, Inc.)
6.1.6 Olympus Corporation
6.1.7 Proteus Digital Health, Inc.
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.