Ingestible Sensors Market Global Industry Trends and Growth 2016 to 2024
Ingestible sensors is an innovative technologically advanced product of digital medical industry. Ingestible Sensors are pills that have the ability to detect various bodily functions and activities, medication check, heart rate and blood pressure. It has three components sensors, data recorder, and software. These ingestible sensors help patients receive real-time information and address the unaware issues which are sometimes not answered by doctors. The ingestible sensor works as soon as the sensor enabled pill is consumed. This pill sends signals to the patch, which helps to detect the duration in which the pill was consumed. As the data is recorded, the information is being displayed with the help of linked discover application that can be downloaded on a mobile device. With the help of this application patients can analyze the data and work accordingly, this helps them to decide if there is any need to visit a healthcare provider, taking medication on time and others. The ingestible sensors market is driven by increasing prevalence of chronic conditions and advancement in technology.
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According to the Centers for Disease and Control of Infection, there are more than one-third (36.5%) of U.S. adults that suffer from obesity. Obesity-related conditions comprise of diabetes, heart disease, stroke, certain types of cancer, and some of these are leading causes of preventable death. IN U.S., the incidence rate of chronic conditions such as heart disease, cancer, type 2 diabetes, obesity, arthritis and others are among the most common of all health problems. In 2012, 117 Mn people suffered from one or more chronic health conditions. Moreover due to benefits such as cost-effective products, growing population of immune compromised individuals and others, the physician is prescribing these products. The patient education program is conducted by government and companies for creating the awareness among the general population. However Ingestible sensors market has some restraints such as low adoption for these products may hinder the growth of the Ingestible sensors market.
Increasing sedentary lifestyle among population leading to rising in the incidence of chronic conditions is expected to boost the Ingestible sensors market over the forecast period. Also rising awareness among the general population and rise in disposable income is expected to drive the Ingestible sensors market during the forecast period.
Geographically the Ingestible sensors market is segmented into five key regions: North America, Latin America, Europe, Asia-Pacific and MEA region.
North America followed by Europe is dominating the Ingestible sensors market as a high incidence of gastroparesis cases, and favorable reimbursement options provided by governments and insurance companies which have provided the platform for these products. In Asia Pacific region the Ingestible sensors market is expected to deliver significant growth due to the high pool of geriatric population in this region and growing economy which is expected to further fuel market demand. Moreover, the Ingestible sensors market is expected to become highly competitive due to the potential entrants in the market by the end of forecast period.
Some of the major companies in the Ingestible sensors market are HQ, Inc., Proteus Digital Health, Inc., CapsoVision, Inc., Given Imaging, Ltd., Medimetrics Personalized Drug Delivery B.V., Olympus Corporation, and others. Key strategy used by Proteus Digital Health, Inc is utilizing innovative approach for improving health outcomes for patients and for patients that are facing challenges managing their medications.
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