Wilmington, Delaware, United States, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global ingestible sensors market was projected to attain US$ 516.7 million in 2022. It is anticipated to garner a 13% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 1.5 billion by 2031.
The increased need for customized, data-driven healthcare based on particular patient needs and biology is a fundamental driver propelling market growth. As customized medicine progresses, ingestible sensors are ideally positioned to acquire valuable phenotypic information.
Sensors that travel through the GI tract or remain in the stomach for weeks collect a variety of biomarker data over time. This detailed physiological understanding of drug metabolism, dietary absorption, and organ function contributes in the personalized customization of treatment regimens.
Genomic data may also be connected to sensor evaluations of medicine efficacy and side effects, allowing us to better understand disease risk and predict treatment responses based on genetics. This provides next-level precision by merging many data modalities.
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Key Findings of the Market Report
- Imaging capsules, sometimes known as capsule endoscopes, were the first ingestible sensors approved for widespread clinical use.
- Since their introduction over 20 years ago, they have had a prominent position in the ingestible sensor business.
- With FDA approval in 2001, PillCam Secure (now Medtronic) revolutionized small intestine imaging.
- Compared to normal endoscopy, subsequent trials showed greater detection rates for conditions such cryptic GI hemorrhage and Crohn's disease.
- After the Centers for Medicare and Medicaid Services' coverage policy was put into place in 2004, mass-market sales rose, leading to the completion of more than 5 million surgeries to date.
- While maintaining insurance support, manufacturers like Medtronic and Olympus continue to advance capsule technology with improved cameras and more indications.
Global Ingestible Sensors Market: Key Players
The global ingestible sensors market is fragmented, with numerous participants. To improve their market position, a number of firms are forming alliances, making calculated mergers and acquisitions, and growing in developing nations. The following companies are well-known participants in the global ingestible sensors market:
- BodyCAP
- CapsoVision Inc.
- etectRx
- JINSHAN Science & Technology (Group) Co. Ltd.
- Koninklijke Philips N.V.
- Medtronic
- Olympus Corporation
- Otsuka America Pharmaceutical, Inc.
- Other Players
Key developments by the players in this market are:
- CapsoVision, Inc. launched CapsoCam Plus Reading Service in July 2023, with the goal of maximizing productivity through the expediting of reports. Board-certified gastroenterologists with vast expertise interpreting CapsoCam Plus capsule endoscopy pictures reside in the United States and make up all of the readers.
- The Belgium-based AARDEX Group and etectRx, Inc. established a strategic alliance in April 2022. In order to track medication-taking behaviors, this new partnership includes the ID-CapTM System, etectRx's smart pill, and MEMS Adherence Software (MEMS AS) from AARDEX Group. When taken as a whole, they offer a comprehensive, exact, and objective way to monitor and control adherence to solid form dosage drugs.
- Medtronic plc stated in November 2021 that the FDA in the United States has approved the 510(k) application for their PillCam Small Bowel 3 system, which allows for remote endoscopic treatments. With the help of Amazon logistics and Medtronic's PillCam technology, the PillCam SB3 @HOME initiative aims to provide patients with accurate and rapid results while they remain comfortable in their own homes.
Market Trends for Ingestible Sensors
- The sports and fitness category is predicted to develop rapidly, owing to the increasing popularity of ingestible fitness gadgets and the demand for more information on sports performance, recovery, and nutritional optimization.
- Better swallowable sensors may be able to assess electrolyte balance, hydration, and other parameters in real time as the sector develops. Accurate real-time readings are beneficial to athletes during sessions or games.
- The information obtained from internal monitoring devices can also help fitness professionals create more individualized meal plans and exercise regimens for their customers.
Global Market for Ingestible Sensors: Regional Outlook
- The global market is dominated by North America. The region's market dynamics are driven by early adoption and an established healthcare system that values innovation. When it comes to introducing innovative uses for ingestible sensor technologies, the United States has taken the lead.
- Supportive policies, strong reimbursement practices, and significant funding for clinical research have made it possible for novel consumable sensor products to quickly penetrate the regional market.
- Due to its first-mover advantage and advantageous economic and regulatory climate, North America's ingestible sensors market share is predicted to remain considerable despite the presence of major enterprises and the expectation of further growth. Europe holds the second-largest market share.
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Global Ingestible Sensors Market Segmentation
Type
- Imaging Capsules
- Temperature Sensing Capsules
- Medication Monitoring Pills
- Others (pH Monitoring Systems, etc.)
End-use Industry
- Healthcare/Medical
- Sports & Fitness
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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