Ingestible Sensor Market Size, Share, Growth Analysis, By Component(Sensor, Data Recorder, Software), By Type(Temperature, Pressure, pH, Image Sensor), By Vertical(Medical, Sports & Fitness), By Region - Industry Forecast 2024-2031

Ingestible Sensor Market Driver

• Technologies in the health industry are developing quickly. This is one of the main factors boosting growth in the worldwide ingestible sensor market, along with the fact that more front-line employees and healthcare professionals are utilising medical apps more frequently.
• The fact that COVID-19 has overrun the healthcare systems in most countries is another element fueling the expansion of the ingestible sensor industry. As a result, hospitals are overflowing. Frequently, there are not enough beds to accommodate all the patients who are admitted (mainly thanks to COVID-19.) By diagnosing and treating patients remotely whenever possible, doctors and other medical professionals are attempting to reduce this bottleneck.
• The fact that more and more people in developing countries cannot afford quality health insurance is another reason fueling growth in the global ingestible sensor market. Therefore, they might not have the resources to pay for trendy, efficient, but pricey medical procedures. Utilizing ingestible sensors for diagnosis and treatment is the second-best option.

Ingestible Sensor Market Restraint

• Sensors that can be ingested are very pricey. Especially with regard to medicines that can be swallowed. As a result, only wealthy individuals and hospitals can afford them. This is a significant barrier to the expansion of the global market for ingestible sensors.