Ingestible sensors, more popularly the intelligent pills, have been recently garnering traction owing to their exceptional capabilities to enable real-time exploration of gut health and functionalities. In line with the soaring inclination toward non-invasive healthcare technologies, the ingestible technology is likely to have far-reaching implications. A new Fairfield Market Research study on global ingestible sensors market offers an exhaustive analysis and forecast of the growth outlook for market between 2022 and 2026. However, the huge expenditure that the development of these ingestible sensors is expected to remain the prime challenge to rapid market growth, suggests the report.
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Diagnostics, and patient monitoring are expected to remain the key application areas, whereas temperature will continue to be the most sought-after parameter to be monitored by these sensors, followed by pressure. Drug delivery is likely to emerge as a highly lucrative area of application as indicated by the initial findings of research. The report also points to defence, and sports and fitness as some other high-potential segments that are likely to register notable demand for ingestible sensors during the forecast period.
Market to Gain from Rising Demand for Continuous Close Patient Monitoring
The kind of continuous, close monitoring that the chronic conditions require becomes a challenge after a certain point. While chronic diseases demand critical medication adherence and management, ingestible biosensors are being increasingly perceived to add value to medication adherence programmes. There has been a visible uptick in demand for ingestible sensors among diabetic patient population, especially considering their precision and accuracy, indicates a strong factor supporting market growth. Another important factor expected to contribute heavily to market expansion is the expanding geriatric population that needs real-time monitoring, especially across the populous Asian economies.
The US Maintains its Lead
North American market, being the earliest technology adopter, will continue to dominate the global ingestible sensors space. Greater awareness and acceptance among patients have been instrumental to market growth in the region, especially in the US. While the country leads its way in terms of IoT adoption, it is likely to reap major benefits from massive R&D investments. Supportive regulatory and financial framework further encourages the US market to bear substantial development costs involved in ingestible sensors. The study also suggests that Asia Pacific will provide market participants with an influx of opportunities to penetrate. However, despite the dense population, expanding chronic as well as elderly patient pool, rising life expectancy, and improving healthcare technology infrastructure, the cost sensitivity of the region is expected to continue limiting rapid market expansion.
Competition Analysis
The report throws light on the strategic insights of leading players competing in ingestible sensors landscape. Some of the market leaders have been profiled in report to provide an in-depth competition analysis, which also include Olympus Corp., CapsoVision Inc., Proteus Digital Health, Inc., H.Q. Inc., Microchips Biotech Inc., Medimetrics Personalized Drug Delivery B.V., and Given Imaging Ltd. Besides technological innovations, key companies are likely to maintain their focus on strategic M&A, and collaboration deals in a bid to extend their existing portfolios. Partnerships will also be a preferred move for overall improvement in distribution scenario. Investments will continue to pour in as more companies zoom in their focus on R&D.
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