High prevalence of diseases such as gastroenteritis and colon cancer, rising patient awareness, increasing research and development initiatives, advent of high-throughput screening (HTS) for drug discovery, and genomic technology are key factors driving the ingestible medical device market. According to the Center for Disease Control and Prevention, October 2016, China outbreak the incidences of norovirus infection among 79% of its population. In 2015, the WHO stated that the number of new cancer cases are expected to rise by about 70% over the next two decades. According to the American Cancer Society, in 2017, in the U.S. 135,430 people are estimated to be diagnosed with colorectal cancer and about 50,260 fatalities are likely to occur due to the disease. The World Health Organization predicted that 30% to 50% of cancer patients can be prevented from acquiring different cancer by avoiding risk factors and implementation of existing evidence-based prevention strategies. The cancer burden can also be reduced through early detection of cancer and management of patients who develop cancer. Increasing number of patients with chronic diseases, rising geriatric population, and rapidly increasing awareness about minimally invasive techniques, are projected to fuel the overall ingestible medical device market. However, factors such as bulky and stationary designs, lengthy procedures, and expensive treatment procedures are expected to hamper the ingestible medical devices market
The global ingestible medical devices market can be segmented based on application, technology, therapy, end-user, and region. In terms of application, the market can be classified into drug delivery, optical imaging, and disease diagnosis. In terms of technology, the market can be segregated into absorbable and non-absorbable. In terms of therapy, the market can be divided into oncology, biotechnology, neurology, and others. Biotechnology is a rapidly expanding segment owing to the increase in funds in research and technology, globally. In terms of end-user, the market can be segregated into diagnostic laboratories, pathology labs, life sciences and research lab, and others. In terms of region, the Ingestible Medical Devices Market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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Geographically, North America dominates the global ingestible medical devices market due to the increase in funding for the development of research and health care infrastructure. Rising incidence of epidemic diseases and early phase diagnosis and treatment of diseases are driving the biotechnology segment, which in turn is expected to boost the ingestible medical device market in North America. Europe is the second largest Ingestible Medical Devices Market, as there are favorable government policies regarding the development of health care infrastructure and molecular device companies. The Ingestible Medical Devices Market in Asia Pacific is expected to expand at a high growth rate during the forecast period due to rising population, changing lifestyle, increasing awareness among patients, and rising per capita expenditure. Additionally, the economic growth in India and China is supporting the health care infrastructure as well as expansion of pharmaceutical companies and biotech labs.
Major players operating in the global ingestible medical devices market include Proteus Digital Health, Inc., Olympus Corporation, HQ, Inc., Given Imaging, Ltd., Medtronic PLC, CapsoVision, Inc., IntroMedic Co., Ltd., and RF Co., Ltd.