The Ingestible Sensors Market is being driven by Growing prevalence of chronic disorders
The Ingestible Sensors Market is expected to grow at a CAGR of 19.9% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 838 million. The ingestible sensors market is experiencing significant growth due to the increasing demand for digital medicine and sensor-enabled pills. Regulatory bodies, such as the US Food and Drug Administration (FDA), are promoting the development of digital technologies to ensure safe and effective medication use. These sensors, embedded in pills, transmit data to wearable patches upon ingestion. The patches transmit the information to a mobile application, allowing patients to monitor their medication intake on their smartphones. Additionally, patients can share this data with their healthcare providers through a web-based portal for remote patient monitoring applications. This innovative technology enhances medication adherence and enables healthcare professionals to provide more personalized care.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Component (Sensors, Data recorders, Software) Geography (North America, Europe, Asia, Rest of World (ROW)).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Ingestible Sensors Market Research Report
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The Ingestible Sensors Market encompasses healthcare devices that utilize edible sensors for real-time diagnosis and monitoring of chronic disorders. These non-invasive devices, including smart pills and wireless sensor networks, enable continuous core body temperature monitoring and customized drug delivery. Biomaterials and electrical circuits are integral components of these sensors, providing real-time information on bodily functions for illness monitoring and medication adherence. Medical technology advances, such as capsule endoscopy and non-invasive capsules, are revolutionizing healthcare awareness through the Internet of Things, offering real-time patient monitoring and wireless observing therapy. Sensor technologies are transforming medication by integrating them with realtime patient monitoring, ensuring medication adherence and offering real-time information for invasive diagnosis tests.
The Ingestible Sensors Market is a significant segment of the global healthcare equipment industry, focusing on non-invasive diagnostic and monitoring solutions for chronic disorders. Technavio, a leading technology research firm, positions this market within the broader healthcare equipment sector, which encompasses manufacturers of capital equipment, instruments, implants, accessories, and consumables. These entities are dedicated to research and development (R&D) of advanced, differentiated, and clinically tested devices for diagnosis, monitoring, and treatment of various diseases. The global healthcare equipment market size is determined by the combined revenue generated from these diagnostic equipment and devices, spanning various therapy areas. Ingestible sensors, a subset of the Internet of Things (IoT) technology, offer real-time health monitoring and diagnosis capabilities, contributing to the growth and innovation within this sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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