Ingestible sensors, also known as smart pills, are capsule-sized ingestible devices used for diagnosis and monitoring of various conditions inside human body. These sensors help provide reliable insights into working of gastrointestinal tract and monitor conditions such as ulcers, gastric reflux disease, and gastrointestinal bleeding.
The global ingestible sensors market is estimated to be valued at US$ 1,583.2 Mn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the ingestible sensors are CapsoVision, Inc., BodyCAP, etectRx, Koninklijke Philips N.V., Medtronic, Otsuka Holdings Co., Ltd., IntroMedic, JIHNSAN Science & Technology, Check-Cap, Proteus Digital Health Inc., and HQ, Inc.
The key opportunities in the market include increasing adoption of wireless capsule endoscopy and rapid technological advancements. Advancements such as development of miniaturized diagnostic devices and multi-disease diagnosis using ingestible sensors are expected to drive future market growth.
Recent advancements in wireless capsule technology have enabled development of ingestible sensors with enhanced capabilities. Sensors equipped with advanced data transmission technology can transmit high-resolution images and vital data with minimal power consumption. Miniaturization of electronic components is allowing incorporation of multiple diagnostic modalities in a single ingestible sensor.
Market drivers
Rising prevalence of gastrointestinal disorders is a major factor driving the Ingestible Sensors Market Size. According to WHO, gastrointestinal disorders affect over 2 million people globally every year. Increasing healthcare expenditure and growing geriatric population that is prone to gastrointestinal diseases will propel the demand for ingestible sensors over the forecast period. Rising awareness regarding the benefits of non-invasive diagnosis is another key factor augmenting the market expansion.
Current Challenges in Ingestible Sensors Market:
Some of the key challenges faced by the ingestible sensors market are device miniaturization, reliability, biocompatibility, battery life, data transmission, and regulatory issues. Manufacturers are facing challenges to miniaturize sensors and associated electronics to fit inside pills without affecting functionality. Sensors need to reliably operate and transmit data when inside the harsh and complex environment of the GI tract. Biocompatibility is another major challenge to ensure sensors do not harm intestinal lining or release toxic materials. Short battery life also restricts functionality and continuous monitoring capabilities. Effective long-range data transmission from inside the body is technically difficult. Regulatory approvals for medical devices requiring ingestion take significant time and resources due to safety concerns.
SWOT Analysis
Strength: Miniaturized sensors provide minimally invasive monitoring. Wireless data transmission removes need for surgery.
Weakness: High manufacturing costs. Complex regulatory approvals.
Opportunity: Growing adoption in diagnosis and drug delivery applications. Untapped markets in developing countries.
Threats: Competition from external sensor patches. Safety issues could negatively impact adoption.
Geographical Regions
North America is currently the largest market for ingestible sensors in terms of value,accounting for approximately 35% share. Significant research activities and presence of major players in the US and Canada drive the regional market. Asia Pacific is expected to be the fastest growing market during the forecast period owing to rising healthcare investments, increasing diagnostic rates, and growing geriatric population in countries like China and India.
Fastest Growing Region
Asia Pacific region is poised to register the highest CAGR of over 15% during the forecast period for ingestible sensors market. This can be attributed to rising spending capacity, growing awareness about advanced diagnostic technologies, increasing collaborations between localstartups and international players as well as expanding base of patients seeking remote monitoring solutions. Rapid economic development is positively impacting the healthcare infrastructure and uptake of novel medical devices in Asia Pacific countries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author – Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile