New York, April 05, 2023 (GLOBE NEWSWIRE) -- By 2032, it is expected that the market for ingestible sensors will be worth more than US$ 1.7 billion. From 2023 to 2032, Ingestible Sensors Market is anticipated to increase steadily at a CAGR of about 7.4%. In 2022, the market was valued at US$ 835.0 million.
To perform numerous activities, ingestible sensors are devices that integrate a wireless network of sensors into a non-invasive capsule. Finding out about pH levels, stress, or the core temperature of the body are a few of them.
Ingestible sensors might be counted as part of the body of the patient and offer several opportunities for interaction. Simply put, these are pill-sized, ingestible electrical circuits featuring a power source, CPU, microcontroller, and detectors. They are made of biomaterials, which enable the device's communication and allow for their application in the diagnosis and monitoring of illnesses in the healthcare industry.
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A crucial element of medical technology, the ingestible sensor has a good effect on a number of therapeutic areas, including sports, nourishment, and wellness. The sector is primarily being pushed by advancements in technology and rising number of chronic diseases. It is also expected that growing public awareness of healthcare-related issues and regulatory requirements will encourage industry growth.
Increasing usage of these devices in numerous medical applications such as personalized drug administration, is another significant factor driving the market. These user-friendly, non-invasive devices provide real-time medical and wellness monitoring. Demand for ingestible sensors has also increased due to surging incidence of chronic illnesses that are becoming more difficult to manage as a result of people disobeying their prescriptions.
The ingestible sensor, which has been gaining a lot of attention, is the next significant development in medicine diagnosis and therapy. Growth is predicted to be fueled by elevating use of these technologies in numerous sectors, including industry, sports, and physical fitness.
Key Takeaways from Ingestible Sensors Market
- The global ingestible sensors market exhibited an astonishing CAGR of 10.4% from 2017 to 2021.
- North America ingestible sensors market is likely to exhibit a CAGR of 41.2% from 2022 to 2032.
- The USA ingestible sensors market is expected to be worth US$ 546.3 million by 2032.
- The United Kingdom ingestible sensors market exhibited steady growth at a CAGR of 9.2% from 2017 to 2021.
- By sensor, the temperature sensor segment is estimated to escalate at a CAGR of 7.3% from 2022 to 2032.
“Uses for ingestible sensors in the medical field include capsule endoscopy, patient monitoring, and controlled drug delivery. By informing clinicians of drug interactions and patient usage of particular prescriptions, they increase medication adherence.” – Says a lead analyst.
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Competitive Landscape: Ingestible Sensors Market
The fiercely cutthroat ingestible sensors market has a select few leading players. Nowadays, numerous of these big companies dominate the market in terms of share.
New competitors in the global market are offering similar product prototypes at lower pricing, which could affect existing established enterprises. Most of the renowned organizations would employ mergers & acquisitions and partnerships to seize a considerable share of the market.
Get More Exclusive Insights into Ingestible Sensors Market Study
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the ingestible sensors market, presenting historical market data (2017 to 2021) and forecast statistics for the period of 2023 to 2032.
The study reveals extensive growth in the ingestible sensors in terms of component (sensors, wearable patches, software), sensor type (temperature sensor, pressure sensor, pH sensor, image sensor), vertical (medical, sports & fitness), and regions.
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