The ingestible sensor market is projected to grow at a CAGR of 8.98% during the forecast period to reach US$937.779 million by 2027, from US$513.789 million in 2020. Ingestible electronic systems comprise a biocompatible microprocessor, power supply, sensors, and other components, enabling the device to communicate with a mobile application for diagnosis and monitoring. These capsule-sized devices possess the potential to screen for diseases that are difficult, if not impossible, to detect at an early stage using other methods. Furthermore, they can also reduce the facility and labour expenses typically associated with multiple procedures and offer a foundation for epithelial-targeted therapeutic interferences. These technological advancements have the ability to make disease monitoring and treatment for a wide range of conditions far more effective, enabling patients to live longer and healthier. Increased in chronic diseases and advancing technologies are expected to promote market growth in the forecasted period. The Ingestible market is segmented base on sensor types, applications, and geographical regions.
The increasing prevalence of chronic health conditions due to growing sedentary lifestyles and technological advancements is expected to drive the Ingestible Sensor market onward.
Sedentary lifestyles caused by a lack of physical activity, changing dietary habits, and increasing desk work are contributing to rising associated health risks. According to the World Health Organization's Global Action Plan of Physical Activity 2018-2030, approximately one out of every four adults and three out of every four youngsters fail to meet the organization's physical activity standards. Furthermore, factors such as improved economic development, urbanization, and evolving transportation are causing inactivity levels in some countries to reach as high as 70%. Approximately 3.2 million people die as a result of chronic conditions like cardiovascular disease, high blood pressure, diabetes, lipid disorders, cancer, and obesity. According to the European Society of Cardiology (ESC), CVD is expected to be the main cause of death in women and men alike in most countries across the region and has been responsible for about 45% of all total deaths. Furthermore, according to the Global Health Data Exchange in 2019, among 18.6 million patients suffering from cardiovascular diseases (CVD) worldwide, 58% of the patients were from Asia. Amid such a scenario, ingestible sensors are gaining traction as a critical technology, owing to their appealability features. The technological advancements in electronic components have made the design of smarter, tiny, efficient, and multifunctional devices possible. The non-invasive sensor embedded in the capsule can not only monitor the blood pressure and glucose level and track the dosage of medicines taken but can also capture images and monitor the microbial communities in the intestines of patients. The captured data is sent to the application on smartphones or digital portals, enabling the physicians and patients to record and monitor the data. The broad penetration of smartphones has further augmented the utility of this application.
By geographical region, the market in the North American sub-segment of the Americas is expected to hold a notable share, owing to the well-established economies, advanced research, and technological eco-systems in the region.
The strategic developments deployed by the key players are expected to further expand the size of the market in the forecasted period.
The key players' increasing technological innovations and strategic developments are expected to propel market growth. Powered by advancing cutting-edge technologies, companies are gearing up to explore the depths of human anatomy and physiology that were never possible formerly. The collaboration strategies deployed by Pear Therapeutics and Sead Health with etectRx and Atmo Bioscience, respectively, are the best examples of this. In February 2021, a DTx enterprise, Pear Therapeutics, teamed up with an adhesion tool developer, etectRx, to develop a product that combines the goodness of Pear Therapeutic's digital therapeutics with the digital pill offering. Furthermore, this partnership is the first of its kind to develop ingestible sensors based on Prescription Digital Therapeutics, where the two companies are planning to design and produce two drug solutions dealing with the central nervous systems. In November 2019, a microbial science-based enterprise, Seed Heath, entered into a partnership with a digital health firm, Atmo Biosciences, to profile main gases produced within the intestine in real-time using the world's first cutting edge ingestible gas-sensing capsule solution. In the same year, in January 2019, Proteus, a Silicon Valley enterprise, entered the burgeoning US oncology market with its digital ingestible pill. According to the company, the said digital pills are capable of detecting and alerting physicians when the chemotherapy drug, capecitabine, is ingested by the patient. Moreover, it can also record and send physiological responses of the drug to a mobile-based Proteus application, enabling efficient tracking. Later in August 2020, the company was acquired by one of its partners, Otsuka Pharmaceutical Co., via bankruptcy proceedings. Through this acquisition, the latter strives to fold the former's technology into its digital medicine solutions.
COVID-19 has slowed down the ingestible sensor market. Multiple governments across the globe mandated lockdown and social distancing measures, forcing several enterprises to halt or slow down their operations. The rise in active cases further reduced the number of working employees in the company, thereby reducing productivity. The gap in the supply chain owing to this caused the market growth to slow during the pandemic. Nevertheless, the development of technological innovations and the rising demand for health solutions are expected to propel the market in upcoming years.
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the ingestible sensor market size by 2027?
A1. The ingestible sensor market is projected to reach a market size of US$937.779 million in 2027.
Q2. What are the growth prospects for the ingestible sensor market?
A2. The global ingestible sensor market is projected to grow at a CAGR of 8.98% during the forecast period.
Q3. What is the size of the global ingestible sensor market?
A3. Ingestible Sensors Market was valued at US$513.789 million in 2020.
Q4. Which region holds the largest market share in the ingestible sensor market?
A4. North America is expected to hold a notable share in the ingestible sensor market owing to the well-established economies, advanced research, and technological eco-systems in the region.
Q5. What factors are anticipated to drive the ingestible sensor market growth?
A5. An increase in chronic diseases and advancing technologies are expected to promote ingestible sensor market growth in the forecasted period.
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