PPG Biosensors Market Is Expected To Expand At A CAGR Of 12.1% From 2021 To 2028
PPG Biosensors Industry Overview
The global PPG biosensors market size is expected to reach USD 839.3 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 12.1% from 2021 to 2028. An increasing number of cardiovascular disorders, the impact of COVID-19, the surge in adoption of smart wearables, and technological advancements are the key driving factors for the market.
The increasing incidence of cardiovascular diseases across the globe is anticipated to drive the market. For instance, according to the American Heart Association, almost 17.0 million people die each year as a result of cardiac abnormalities, and this figure is expected to rise to 23 million by 2030. PPG typically measures blood pressure, oxygen saturation, and cardiac output through a series of waves and peak detection. Thus, the rising number of CVDs is expected to boost the demand for PPG biosensors, which is expected to lead to considerable market growth over the forecast period.
The increasing adoption of wearable healthcare devices in developing economies is expected to drive the market. Fit bits, pulse oximeters, smartwatches, and other wearable healthcare systems are incorporated with optical sensors to provide real-time patient health tracking solutions. For instance, the Realme watch comes with wide-ranging health functions comprising of blood-oxygen-level (SpO2) and top-level PPG heart rate sensors. Several smartwatches with inbuilt PPG sensors from Apple, Moto G, Realme will be launching in later 2021. In Oct 2020, Mobvoi launched its new TicWatch Pro 3 smartwatch in India that consists of a PPG sensor. Moreover, smart rings are relatively new, however, Oura Ring facilitated with Infrared Photoplethysmography Sensors (PPG) for heart rate and respiration, is booming in the market. These sensors have many advantages, including high precision, small scale, and no sensitivity to electromagnetic radiation, which makes them suitable for use in medical-grade wearable devices.
PPG Biosensors Market Segmentation
Grand View Research has segmented the global PPG biosensors market on the basis of product, application, and region:
Based on the Product Insights, the market is segmented into Pulse Oximeters, Smart Watches, Smart Wrist Bands, and Other Products.
- The smartwatches segment dominated the market for PPG biosensors and held the largest revenue share of 41.9% in 2020. The segment is expected to witness a considerable growth rate over the forecast period. PPG biosensors have lately been extensively used in consumer smartwatches to monitor user health conditions during sport, sleep, and everyday activities.
- The pulse oximeterssegment is anticipated to witness the fastest growth rate in the market for PPG biosensors over the forecast period. The primary application of dual-wavelength PPG is pulse oximetry, which calculates arterial Oxygen Saturation (SpO2) noninvasively. Adoption of smart, medical-grade pulse oximeters remains strong, but new markets for lower-cost, commoditized products may emerge in the future.
Based on the Application Insights, the market is segmented into Heart Rate Monitoring, Blood-oxygen Saturation, Blood Pressure, and Other Applications.
- The heart rate monitoring segment dominated the market for PPG biosensors and held the largest revenue share of 39.9% in 2020 and is anticipated to witness a considerable growth rate over the forecast period. Smart wearables with heart rate monitor mostly use PPG. Cardiovascular Disease (CVD) is the primary cause of death in the world and patients suffering from CVD require continual monitoring.
- The blood-oxygen saturation segment is anticipated to witness a considerable growth rate in the market for PPG biosensors over the forecast period. Photoplethysmography is an optical technique for measuring changes in blood flow. Pulse oximetry, in which the arterial Oxygen Saturation (SpO2) is measured noninvasively, is the most common use of dual-wavelength PPG.
PPG Biosensors Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies & Market Share Insights
Tech giants such as Apple, Fitbit, Realme, and Samsung amongst many others are manufacturing smart wearables integrated with PPG biosensor technology. Key players are involved in adopting strategies such as mergers and acquisitions, partnerships, and launching new products to strengthen their foothold in the market for PPG biosensors. For instance, in August 2020, Valencell launched the world’s 1st calibration-free Blood Pressure (BP) sensor system for integration in hearables and wearables. The technology uses Photoplethysmography (PPG) and inertial sensors. In Nov 2020, Realme launched Realme Watch S with a PPG sensor and a SpO2 sensor across the globe.
Key players are investing heavily in research and development to manufacture technologically advanced products. For instance, in May 2020 Fitbit launched a large-scale new atrial fibrillation research study aiming to enroll hundreds of thousands of fitness-tracker and smartwatch owners. The Fitbit Heart Study, passively and continuously monitored wearers' heart rates using the device’s PPG sensors. Some of the prominent players in the PPG biosensors market include:
- Valencell, Inc.
- Maxim Integrated
- Murata Manufacturing Co., Ltd.
- Silicon Laboratories
- Mediatek
- ams AG
Order a free sample PDF of the PPG Biosensors Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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