Ingestible Sensors Market Growth & Trends
The global ingestible sensors market size is expected to reach USD 1.8 billion by 2030, registering a CAGR of 10.62% from 2022 to 2030, according to a new report by Grand View Research, Inc. Growing need for medical adherence and real-time monitoring of health along with the rising prevalence of chronic diseases are some of the factors driving the market growth. Furthermore, improvement in patient compliance to treatment is boosting the usage of ingestible sensors.
Increasing research on using smart pills for the detection of gut diseases, cancer, and others.is likely to favor market growth. In July 2020, a team of researchers at the University of Saskatchewan received USD 250,000 from the federal New Frontiers in Research Fund for research on an AI-enabled capsule intended for the early diagnosis of gastrointestinal cancers. Smart-Cap consists of wireless biosensors that can analyze targeted cancer biomarkers and locate tumors and bleeding, resulting in greater accuracy.
Rising cases of chronic diseases, such as diabetes, hypertension, and cancer have also led to market expansion. According to the International Diabetes Federation (IDF), around 783 million people across the world are projected to have diabetes by 2045. In addition; the growing geriatric population is also leading to numerous health issues, which is further rising the incidences of such chronic diseases.
With technological advancements, ingestible sensors are growing rapidly in the field of digital medicine. Thus, they are anticipated to grow further in the applications like customized drug delivery. However, costly raw materials and techniques for the development and design of this product may impede market growth.
COVID-19 has had a negative impact on the ingestible sensors market owing to transportation restrictions, delays in raw material procurement, and a decline in endoscopy procedures. The situation is now stabilizing as key players are adopting new strategies to drive market growth. For instance, in September 2020, CapsoVision Inc. announced that the US FDA will apply enforcement discretion to allow patients, who are determined to be eligible for at-home administration of the CapsoCam Plus small bowel capsule endoscope, during the COVID-19.
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