Digestible Sensors Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1850
Digestible Sensors Market size is projected to experience significant growth from 2017 to 2024.
Digestible sensors market size will observe substantial growth owing to increased incidence of lifestyle diseases and necessity of medication adherence in the case of patients having mental disorders such as, schizophrenia, obsessive compulsive disorder, etc. Moreover, the digestible sensors provide better visualization for the action of the drug and gives detailed biochemical processes information as well as body reaction information towards drug.
The growing prevalence of diabetes owing to unhealthy dietary habits and lifestyle diseases are the factors that are a major cause for kidney failure, stroke, heart attacks, and blindness as well. According to the World Health Organization (WHO), in 2014 approximately 8.5% of adults worldwide aged 18 years and elder had diabetes. The WHO projected diabetes being seventh foremost basis of death by 2030.
Favorable reimbursement policies and requirement for medication observance will propel digestible sensors market growth over the forecast period. For instance, Proteus is partnering with manufacturers as well as health systems and reimbursement is built in order to undertake the associated risks in overall cost of care for the patients. Technical and clinical complexities along with the high cost associated with the technology may hamper the digestible sensors market growth.
Wearable sensors segment holds largest revenue share owing to wide-ranging applications offered by measurement such as, respiration, heart rate, electromyography, strain, skin surface temperature, galvanic skin response, pressure, and force. The strip sensors segment will grow profitably owing to the digital home healthcare thereby, increases the acceptance rate among patients and propelling digestible sensors market growth. Advancements and latest designs offered by companies are the factors encouraging the adoption rate of the strip sensors segment growth.
Patient monitoring segment is witnessing lucrative growth due to continuous monitoring possibility and alter treatments and medications according to requirement also to prescribe different dose or medicine. Pressure sensors market will grow significantly owing to biocompatibility, high durability, as well as high integration allowing measurement in difficult environments. In addition, it also provides monitoring after intensive care and thereby, saves patient’s total care cost.
U.S. will witness noteworthy growth during the forecast period. This can be attributed to the high adoption rate of digestible sensors in the country. and other factors that includes, aged population that are prone to major disease conditions. First wave of 78 million baby boomers are beginning to enter 60 years of age, thereby, increasing concerns for public health. Germany will determine profitable growth over the forecast timeframe due to acceptance of technologically advanced digestible pills coupled with applications of digestible sensors for pre-clinical testing and study for the drug action.
Brazil digestible sensors market will enlarge at rapid growth rate over the coming years due to high prevalence along with rising awareness level for medication. In 2014, as per Brazilian multicenter for study of mental disorders, rate of mental syndromes in patients as of Rio de Janeiro, Fortaleza, Porto Alegre, and Sao Paulo were 51.9%, 64.3%, 57.7%, and 53.3% respectively.
Some of the industry players in digestible sensors market include, Honeywell International, Medtronic, Philips Healthcare, GE Healthcare, Proteus Digital Health, Smiths Medical, Given Imaging, STMicroelectronics, Sensirion, Measurement Specialities, Freescale Semiconductor, and Analog Devices. The industry players focus on innovative product launches and strategic mergers as well as alliances towards business expansion as their core strategies. For instance, in September 2015, the Proteus Digital Health and Otsuka received U.S. FDA acceptance in the new drug application for the first digital medicine that has aided the firms to gain future business growth opportunities. Development of novel pills with enhanced functioning and data transmission to the patients and physicians provides the industry major growth opportunities.
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