by The ingestible sensors market involves capsules equipped with tiny ingestible sensor-packed chips, cameras and trackers to monitor vital signs, detect diseases, deliver drugs, and transmit health data from inside the human body. These smart sensors offer a non-invasive way for continuous patient monitoring by transmitting real-time data to physicians via a sensor patch or smartphone apps. They provide insights on conditions like ulcers, cancer, and neurological illnesses while enabling personalized treatment and management of chronic diseases.
The Global Ingestible Sensors Market is estimated to be valued at US$ 1,583.2 Mn in 2024 and is expected to exhibit a CAGR of 13 % over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Ingestible Sensors market are CapsoVision, Inc., BodyCAP, etectRx, Koninklijke Philips N.V., Medtronic, Otsuka Holdings Co., Ltd., IntroMedic, JIHNSAN Science & Technology, Check-Cap, Proteus Digital Health Inc., and HQ, Inc. The rapidly growing geriatric population and rising cases of chronic diseases are driving the demand for remote patient monitoring solutions. With advanced technology features, major players are expanding their operations globally to gain a larger market share in North America, Europe, Asia Pacific and other emerging regions.
Growing demand in the market: The increasing need for early detection of gastrointestinal diseases and continuous health monitoring is boosting the Ingestible Sensors Market Demand. These solutions offer non-invasive alternatives to endoscopy and facilitate early screening as well as timely interventions. Remote patient monitoring helps manage chronic illnesses more effectively and lower healthcare costs compared to traditional treatment methods.
Global expansion of the market: Leading manufacturers are investing in R&D to develop innovative ingestible sensor technologies. They have also expanded their presence across international markets through collaborations and partnerships. For instance, Proteus Digital Health partnered with Japanese pharmaceutical firms like Otsuka and Takeda to develop new digital medicines. BodyCap also established facilities in Europe and Israel to penetrate high potential regions. This global expansion will help address the rising worldwide demand.
Market key trends
One of the major trends in the ingestible sensors market is the development of next-generation sensors with advanced capabilities. Researchers are working on minimised sensor sizes, implantable sensor designs with longer battery lives, high resolution cameras, simultaneous drug delivery mechanisms and sensor chips compatible with 5G networks for real-time data streaming. This will enable applications like endoscopy without procedure, continuous glucose monitoring and precision drug dosing based on individual biomarkers. Such innovative technologies are likely to transform healthcare over the coming decade.
Porter’s Analysis
Threat of new entrants: Low startup costs but technology and R&D requirements pose significant barriers.
Bargaining power of buyers: Individual consumers have low bargaining power but large healthcare agencies may negotiate on pricing.
Bargaining power of suppliers: Few technology providers control key patents and components yielding significant influence on manufacturers.
Threat of new substitutes: Emerging technologies like painless biopsy or more accurate diagnostic tests pose threats.
Competitive rivalry: Intense competition among established players to build market share and achieve economies of scale.
Geographical Regions
North America region presently holds the major share of ingested sensors market value owing to presence of major players and higher adoption rate of advanced diagnostic techniques. Factors like favorable reimbursement policies, raising health awareness, and growing elderly population supporting market growth in the region.
Asia Pacific region expected to witness the fastest growth during forecast period due to rising healthcare expenditure, growing efforts by regional players to develop low-cost sensors, and increasing preference for preventive healthcare in China and India. Improving access to diagnostic facilities and rapid economic development fueling the regional market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
