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Digestible Sensors Market Overview
Digestible sensors market is expected to witness significant growth during the forecast period due to the increasing incidence of lifestyle associated diseases, growing aging population and rise in demand for medication adherence products. Vendors in the market offer strip sensors, ingestible sensors, invasive sensors, wearable sensors, and implantable sensor. Among the various type of sensors, wearable sensors are estimated to hold the largest share of the digestible sensors market in 2017, due to its increasing adoption, since these sensors are easy to use and can measure health parameters and vital signs.
Digestible sensors find application in patient monitoring, diagnostics and therapeutics. There has been a significant increase in the use of digestible sensors for patient monitoring owing to the increasing prevalence of chronic and lifestyle diseases, technological advancements in medical devices and rising demand for continuous monitoring of physiological metrics such as heart rate, daily activity, and drug effects.
On the basis of technology, the digestible sensors market is bifurcated into image, temperature, and pressure sensor. The pressure sensor category is expected to project significant growth during the forecast period as these sensors allow measurement in all environmental conditions and provide monitoring after intensive care which further reduces the patient’s treatment cost, due to their biocompatibility, durability and high integration features.
Digestible Sensors Market Dynamics
Growth Drivers and Restraints
Growing aging population, increasing incidences of lifestyle associated diseases, increasing healthcare infrastructure development and rising awareness about the advanced medical devices, and rising usage of smartphones, are some of the factors driving the growth of the digestible sensors market.
According to the United Nations Department of Economic and Social Affairs (UNDESA), reports on the global aging population of people aged 60 years or above is growing at a high rate. The number of people aged 60 years or over is projected to grow from 962 million in 2017 to 2.1 billion by 2050, globally. Elderly people are more susceptible to chronic diseases such as diabetes mellitus, multiple sclerosis, rheumatoid arthritis, thus leading to increase in the demand for better diagnosis and continuous monitoring. However, technical and clinical complexities along with high cost associated with technologically advanced devices, and unawareness about the digestible sensors are some of the factors hampering the growth of the digestible sensors market.
Increasing prevalence of chronic and lifestyle diseases and growing aging population will spur the need of continuous monitoring in the emerging economies which in turn is expected to create abundant opportunities for the growth of the digestible sensors market in these regions. According to the International Federation of Diabetes (IDF), around 84 million people in South East Asia were diagnosed with diabetes in 2017 and the number is projected to increase to 156 million, by 2045. Also, according to UNDESA report, over two thirds of the world’s aged persons lived in the developing countries in 2017. The number of aged persons is expected to increase from 652 million in 2017 to 1.7 billion by 2050.
Digestible Sensors Market Insights by Geography
North America is estimated to hold the largest share in the global market in 2017, followed by the Europe. The North American digestible sensors market is primarily driven by growing and geriatric population, increasing adoption of digestible sensors and developed reimbursement policies. During the forecast period, the market is expected to register fastest growth in Asia-Pacific, attributed to increasing healthcare expenditure, growing medical tourism, and increasing awareness about technologically advanced medical sensors.
Digestible Sensors Market Competitive Landscape
Key players in the digestible sensors market are introducing new advanced products and have been increasingly investing in research and development. In November 2017, Proteus Digital Health and Otsuka Pharmaceutical Co., Ltd received approval from United States Food and Drug Administration (USFDA) for ABILIFY MYCITE (aripiprazole tablets with sensor), a drug device combination product intended to track drug ingestion.
Some of the key players in digestible sensors industry include Honeywell International Inc, General Electric Company, Analog Devices, Inc., Philips Healthcare, Medtronic plc, Smiths medical, NXP Semiconductors N.V., Sensirion AG, TE Connectivity Ltd., and STMicroelectronics N.V.
DIGESTIBLE SENSORS MARKET SEGMENTATION