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Global Digestible Sensors Market 2018-2027 Advancing Technology and Increasing Prevalence of Chronic Diseases Drive the Growth of Industry at 18.6% of CAGR(July 11, 2018)
Globally the market for Digestible Sensors is increasing rapidly the main reason for this is the growth is the increase in development in medical devices. The factors that influence the growth of Digestible Sensors are the products with wide range of application in diagnostics, patient monitoring, and therapeutics. Globally the Digestible Sensors Market is expected to grow with highest CAGR from 2016 to 2027.
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A digestible sensor is a sensor that transmits the information from the patient to the medical professionals to help customize the care to the concern patient as well as the care provided to other individual experiencing same health conditions. The digestible sensor system consists of smartphone, a sensor patch, and a pill. The digestible sensors are made entirely from edible substances that are activated by electrolytes in the body when ingested. The activated sensor in the body transmits signal to the patch on the torso which sends the data through Bluetooth to the patient and then to concern medical provider.
The global digestible sensor market is growing rapidly owing to increase in development of medical devices. Further, increase incidence of lifestyle diseases and growing prevalence of diabetes are major causes for heart attack, stroke which fuels the market demand for digestible sensors. According to World Health Organization (WHO), in 2014 an estimated 422 million adults were living with diabetes globally. Additionally, increasing necessity of medical adherence in case of patients having mental disorders and favorable reimbursement policies will increase the digestible sensor market growth during the forecast period.
However, high cost and complex technology design are major factors that restrain the growth of digestible sensor market.
Global Digestible Sensors Market - Key Players
The key players that are involved in Global Digestible Sensors market are Honeywell International, Covidien Plc, Inc, Given Imaging, GE Healthcare, Analog Devices, Inc., Freescale Semiconductor, Inc., Medtronic, Philips Healthcare, STMicroelectronics, Sensirion AG, Measurement Specialties and Smiths Medical.
Global Digestible Sensors Market –Competitive Landscape
The Global Digestible Sensors Market is observed to be growing rapidly owing to increasing developments by key players like Proteus Digital Health Inc., Given Imaging, Honeywell International and Medtronic which boosts the market growth. The key players in the market have adopted strategy to sustain its position in the global market through use of advanced technology to develop digestible sensors and engaging in merger and acquisitions.
In November 2017, Proteus Digital Health Inc. and Otsuka Pharmaceutical Co. Ltd announced the approval of ABILIFY MYCITE (aripiprazole tablets with sensor) which consists of ABILIFY MYCITE, the MYCITE Patch and the MYCITE APP by United States Food and Drug Administration (FDA). The system records medication ingestion and then communicates it to the patient and healthcare provider. With this FDA approval, Otsuka Pharmaceutical expanded its product portfolio in digestible sensors market for treatment of severe mental illness.
In November 2015, Medtronic, a global leader in medical technology completed acquisition of Covidien plc. With this acquisition, Medtronic expanded its market in digestible sensors segment as Covidien plc is a key player in global digestible sensor market.
In July 2015, Proteus Digital Health Inc., a digital medicines company engaged in developing products, data systems based on combining medicines with ingestible, wearable and mobile technology announced the approval by FDA for use of an ingestible sensor as an aid to measure medication adherence. This ingestible sensor device developed by the company was the first FDA approved device for medical adherence.
In February 2014, Covidien plc, a leading global healthcare products company engaged in manufacturing medical devices and supplies stated complete acquisition of Given Imaging Ltd. With this acquisition, Covidien gained broadest portfolios for monitoring, visualizing and detecting abnormalities in the digestive tract. Additionally, the company acquired a worldwide leading product PillCam, a minimally-invasive device for directly visualizing the small bowel to detect and monitor abnormalities.
Global Digestible Sensors Market - Segments
The Digestible Sensors Market is segmented in mainly three parts i.e. by product, by application, and by technology and its various sub-segments. By product include invasive sensors, wearable sensors, implantable sensors, ingestible sensors and strip sensors. Whereas by application include diagnostics, patient monitoring, and therapeutics. Furthermore the segments by technology include temperature sensors, pressure sensors, image sensors, biosensors, and accelerometers.
Global Digestible Sensors Market - Regional Analysis
The American region is leading in global digestible sensors market owing to presence of advanced technology and well developed sector. On regional basis, American region is divided into North America and South America. North America dominates the market due to presence of developed countries like U.S. Additionally, high adoption rate of digestible sensors in U.S, growing geriatric population that are prone to major disease condition and increasing prevalence of colon cancer boosts the market growth in this region.
Europe is the second leading market for digestible sensors due to increasing prevalence of lifestyle related diseases and rising concerns for public health. Germany is major growing market in this region due to rising acceptance of technologically advanced digestible sensors.
Asia Pacific is also growing market for digestible sensors owing to increasing awareness about chronic diseases, improving health care expenditure and rising need for better diagnostic treatment options.
The Middle East and Africa region holds the least market share. The Middle East region is expected to grow owing to presence of countries like Israel which is advancing in technology.
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