Digestible Sensors Market Overview
Digestible Sensors are developed with edible materials and consist of a wearable patch. These sensors are activated upon ingestion and transfer medical information about the patients’ health to the respective medical professionals. The transmitted information or medical data helps the physicians to customize the care given to the patient as well as the to other individuals facing similar health conditions or ailments. Tiny ingestible sensors use Bluetooth to establish communication with an adhesive pad on the patient's chests. The real-time information is then shared on associated Smartphone app that passes the readings to doctors, family members, and caretakers. The evolving technology is improving overall therapeutic effectiveness, solving problems that have overwhelmed the healthcare industry for decades.
Owing to its tremendous ability and efficacy, digestible sensors are increasingly gaining popularity and consecutively its market is garnering huge traction on the global platform. Acknowledging the traction, this market is vibrating with currently; Market Research Future (MRFR) in its recently published study report asserts that the global digestible sensors market will grow exponentially by 2027, posting approximately 18.6% CAGR throughout the forecast period of (2016–2027).
Factors that are predominantly driving the digestible sensors market include raising awareness about digestible sensors among the patients and doctors alike. Additionally, the presence of a large number of geriatric populations that needs timely medication but tend to forget at times is forecasted to fuel the market growth. Patients with mental disorders and Schizophrenia who are incapable of keeping a log of their medications or sometimes even deny medications completely are largely getting benefitted by the digestible sensors. In such cases, Digestible Sensors are reliably helping their caregivers & family members to keep a tab on patients’ medications. Therefore, the reliable assistance it provides fosters the market growth.
Conversely, the lack of awareness towards befits of digestible sensors coupled with the skepticism of physicians are posing challenges to the market growth. Besides, the complexity of production and the high manufacturing cost along with unclear regulatory policies are expected to impede the market growth of digestible sensors during the forecast period.
Nevertheless, technological advancements coupled with growing number of pharma companies that can manufacture digestible sensors on a high production rate are expected to bring the production cost down, which is expected to support the growth of the digestible sensors market during the review period.
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Global Digestible Sensors Market – Segmentation
The MRFR analysis is segmented into five key dynamics for the convenience of understanding.
- By Product: Strip Sensor, Ingestible Sensor, Invasive Sensors, and Ingestible Sensors, among others
- By Application: Diagnostics, Patient Monitoring, and Therapeutics among others.
- By Technology: Image, Temperature, Pressure, Biosensors, and Accelerometer among others.
- By End-user: Consumer, Pharmaceutical Companies, Healthcare Providers, Sports and Fitness Institutes among others.
- By Regions: North America, Europe, APAC, and the Rest-of-the-World.
Global Digestible Sensors Market – Regional Analysis
North America accounts for the global leader in the digestible sensors market. Factors positively impacting market growth include the increasing demand for digestible sensor technology-based devices, the growing prevalence of lifestyle diseases and chronic diseases, led by the sedentary lifestyle.
Moreover, the increasing prevalence of cardiovascular diseases, hypertension, and obesity issues that are leading to heart diseases & disorders, and the rising geriatric population leads the market growth. The market is continually growing due to the growing number of patients suffering from major/minor heart issues. Furthermore, the presence of an advanced infrastructure required for the development of medical devices supports the growth of the market.
The digestible Sensors market in the European region accounts for the second-largest market. Owing to the increasing government initiatives and funding for research, rising demand for digestible sensor technology-based devices, and developments in advanced medical treatment options are substantiating the market growth. The high healthcare expenditure, availability of advanced treatment facilities, and government initiatives, the European region is likely to register a striking CAGR during the review period.
The digestible Sensors market in the Asia Pacific region is rapidly emerging as a promising market. Moreover, factors such as the faster adoption of healthcare technology, government initiatives to improve the quality of healthcare, favorable insurance, and reimbursement policies are fostering the growth of the APAC market.
The increasing number of aging populaces alongside the prevalence of cardiac disorders are driving the market in the region, growing at an alarming rate. Simultaneously, other dominant factors such as the growing adoption of advanced medical devices, developing healthcare infrastructure, and rising geriatric are propelling the market growth of digestible Sensors in this region.
Global Digestible Sensors Market – Competitive Analysis
The Global Market of digestible sensors appears to be moderately competitive and consolidated with the limited number of key players operating in the market with the presence of several well-established and small players. Well-established players incorporate acquisition, partnership, collaboration, expansion, and technology launch in order to gain a competitive advantage in this market. Top players invest heavily in R&D and clinical trials to develop effective digestible sensors.
Key Players:
The Global Digestible Sensors Market is driven by some of the prominent players including Freescale Semiconductor, Inc., Proteus Digital Health, Philips Healthcare, Analog Devices, Inc., STMicroelectronics, GE Healthcare, Measurement Specialties, Honeywell International, Medtronic Plc, Smiths Medical, and Sensirion AG among others.
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