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 sensing capsules are fast emerging as a critical technology that can screen for diseases that are difficult to detect at an early stage with the help of other methods. Furthermore, technological advancements have made electronic devices smaller, and more power efficient. Additionally, the microprocessors have been reduced in size and further advancements in battery technologies have resulted in physical dimensions that can operate for longer. Such extraordinary advancement has made it possible to analyze data with great performance and use extremely compact devices while consuming less electricity. Additionally, they can lower the facility and labor costs generally associated with several operations and provide a framework for therapeutic interferences that target the epithelium. These technological developments have the potential to significantly improve the effectiveness of disease monitoring and treatment for a wide range of illnesses, allowing patients to live longer and in better health. It is expected that the rising prevalence of chronic diseases coupled with technological advancements will positively support the market growth. The ingestible sensors market has been segmented based on type, application, and geography.
According to the analyst, the rapid technological advancements and the benefits of ingestible sensors, coupled with the prevalence of chronic diseases due to sedentary lifestyles are the prime drivers of the ingestible sensors market during the anticipated period.
The common causes of chronic diseases include sedentary lifestyles caused by lack of physical activity, changing lifestyle, and dietary habits along with smoking, rising alcoholism, obesity, etc. The world population is ascending toward these leading chronic disease causes day by day. For instance, the World Obesity Atlas 2022 report predicted that by 2030, 1 in 5 women and 1 in 7 men will be living with obesity, which will account for approximately over 1 billion people globally. The rising obesity rate worldwide is further aiding the growth of chronic diseases among the world population.
Additionally, the rising alcoholism and smoking caused by changing lifestyles and rising urbanization have further increased the number of chronic disease cases globally. According to the WHO, almost 3 million deaths are a result of the harmful use of alcohol every year. Approximately 13.5% of all deaths among adults between the ages of 20 and 39 are related to drinking. Furthermore, the total amount of alcohol consumed and drinking habits, particularly those habits linked to bouts of heavy drinking, play a significant role in how alcohol intake affects chronic and acute health consequences. Henceforth, the need for medical assistance for the early identification of such chronic disease among people are likely to encourage the ingestible sensor market growth during the forecast period.
The analysts anticipate that the strategic moves made by the major players are anticipated to increase the market's size during the anticipated time.
The development of more compact, effective, and multipurpose gadgets is now possible largely owing to the improvements in the technology of electronic components. The non-invasive sensor that is integrated within the capsule may take pictures and track the microbial communities in patients' intestines in addition to tracking medication intake, blood pressure, and glucose levels. Doctors and patients can record and monitor the data because it is delivered to the application on cell phones or digital portals. Furthermore, the widespread use of smartphones has increased the usefulness of this application which is expected to propel the market for ingestible sensors.
The leading players with their rising strategic and technological advancements are anticipated to fuel market expansion. Companies are getting ready to study the depths of human anatomy and physiology that were previously impossible due to the developing and cutting-edge technologies. The growing application of these devices in several industries is expected to boost the global ingestible sensor market. Furthermore, the recent development and strategic partnerships are aiding the ingestible sensor market growth. For instance, in September 2022 Atmo Biosciences announced that the US patent and trademark office has granted the patent for Atmo’s ingestible gas sensor capsule. This patent registration is an exciting milestone for Atmo Biosciences for the protection of the ingestible capsule’s unique gas-sensing functionality. Such advancements and important market developments are expected to propel the market for ingestible sensors.
The healthcare industry is expected to propel the market for the ingestible sensor during the forecast period.
The ingestible sensor market is segmented into the healthcare, and sports & fitness industry based on the end-user industry. During the estimated period, the healthcare industry is expected to propel the market growth for ingestible sensors. The healthcare industry mainly utilizes the capabilities of ingestible sensors to gather images and monitor luminal fluid and the contents of each gut segment including electrolytes, metabolites, hormones, etc. Hence, the market for ingestible sensors is predicted to grow in the next years due to the increased number of people needing chronic diseases treatment. Moreover, in the medical field, applications for ingestible sensors include controlled drug delivery, patient monitoring, and capsule endoscopy. Such additional advantages have further fueled the demand for the ingestible sensor in the healthcare industry. Additionally, it is anticipated that unhealthy dietary patterns, lack of physical activity, and rising alcoholism among the world population will further increase the need for cardiovascular care. Consequently, the demand for ingestible sensors is expected to propel the market growth during the forecast period.
According to analysts, the Americas are expected to hold a dominant share of the ingestible sensor market during the projected time.
Based on Geography, the ingestible sensors market is divided into North America, South America, Europe, and the Asia Pacific. The analysts projected that 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 ecosystems. Research in the Americas is anticipated to have a sizable market share because of the rising investments in the healthcare system in the region. Furthermore, the Internet of Things (IoT), which enables the monitoring, controlling, and tracking of daily routines including medication intake using the internet, has become increasingly popular in healthcare, making the United States the most prominent country in the region in terms of technological advancements. The Internet of Things (IoT) is seen as a new generation of digital medicine in the healthcare industry. Moreover, the creation of microscopic camera pills, which are commonly utilized in these items because of advances in science and technology, is projected to accelerate the region's growth. Henceforth, the ingestible sensor market in this region is expected to hold a significant share during the forecast period.