DUBLIN--(BUSINESS WIRE)--The "Global Ingestible Sensors Market - Segmented by type, Applications (Monitoring, Diagnostic Imaging, Medication Management), End User (Healthcare, Sports & Fitness), and Region - Growth, Trends, and Forecast (2018-2023)" report has been added to ResearchAndMarkets.com's offering.
The Ingestible Sensors Market is expected to register a CAGR of over 20.06% during the forecast period (2018-2023).
The healthcare industry, over the past five years, has been driven by the technology-based and -enabled innovations, like the wearable and embeddable technology.
The ingestible sensors are components of digital medicines (also smart pills), an innovation in the healthcare sector and is gaining importance rapidly. Sensors in the healthcare sector are majorly used to understand the lifestyle behaviors of the patients as a part of treating their medical condition. Ingestible sensors, apart from supporting the main purpose in the healthcare sector, also provides scope for remote patient monitoring by being deployed in the smart pill technology.
The technological advancements in the ingestible sensors are focused towards addressing the need for medical regime compliance among the senior citizens and also eliminate the need for repeated physical checkups. A significant share of healthcare technology companies and digital health startups are venturing into digital medicine technology developing their own ingestible sensors, anticipating the rapid adoption by the end users during the forecast period.
Since these sensors are made up of digestible metals, like copper & magnesium and doesn't require external power to get activated, they are being slowly accepted by the end-users.
The ingestible sensor technology is highly regulated and needs to be approved by FDA for the users to prescribe it to their patients. Proteus Digital Health Inc. is the first digital technology company that was given FDA approval for its ingestible tracking system enabled pill, Abilify MyCite, in 2017 after conducting more than 400 clinical trials.
However, the cost of these ingestible sensors and concerns around technologies that store information of the patients' medication-taking-behavior are some of the challenges, which impact the growth of the market.
- The Need to Address the Medical Regime Non-compliance Drives the Ingestible Sensors Market
- Europe to be the Fastest Growing Market
Major Market Developments
- Proteus Digital Health, Inc., the company with the first FDA approved smart pill/digital medicine, announced its pipeline of 31 digital medicines for treating infectious diseases, mental health, cardiovascular and metabolic conditions, and oncology. The company plans to collaborate with Otsuka Pharmaceutical Company and others in order to extend the digital medicine to treat other chronic devices.
- Proteus Digital Health Inc.
- Olympus Corporation
- Otsuka Pharmaceutical
- Adhere Tech
- Medtronic PLC (Given Imaging Ltd.)
- CapsoVision Inc.
- HQ Inc.
- IntroMedic Co. Ltd.
- RF Co. Ltd.
Key Topics Covered
2. Research Methodology
3. Executive Summary
4. Market Insights
5. Market Dynamics
6. Ingestible Sensors Market Segmentation
7. Competitive Intelligence - Company Profiles
8. Ingestible Sensors Market Investment Analysis
9. Future of the Ingestible Sensors Market
For more information about this report visit https://www.researchandmarkets.com/research/2v8lts/global_ingestible?w=4