The global PPG biosensors market is expected to grow at a CAGR of 13.8% during the forecast period 2021-2027. Easy use, cost-effectiveness, and user comfort are some of the key factors that have increased PPG biosensors usage, as an alternate heart rate monitoring technique. PPG is more adaptable, allowing it to be used in a broad range of products, including watches, patches, rings, and earphones.
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Consumers have become increasingly interested in wearable health-tracking technology such as smartwatches and fitness trackers in recent times. PPG biosensors are incorporated into intelligent wearables to assess heart rate, blood pressure, blood oxygen saturation, and many other applications. All these factors drive PPG biosensors market growth.
There is a rapid increase in the prevalence of cardiovascular diseases (CVD) across the globe due to various factors that includes hypertension, diabetes, and smoking habit. Globally more than 1.1 billion people suffer from hypertension and 1.3 people have smoking habits and all these factors can cause various types of CVD.
The total cases of CVD have increased to 523 million in 2019. In the U.S. alone, over 122 million people suffer from CVD, more than 40% of its population. Monitoring CVD is very important and wearing PPG devices can identify Heart Rate and Heart Rate Variability which are indicators of worsening of the disease condition. All these factors are expected to boost PPG biosensors market growth.
The emergence of COVID-19 is expected to play a major role in the growth of the global market for PPG biosensors. COVID-19 is expected to cause irregularities of many clinical indicators that include blood-volume Saturation, Respiration Rate (RR), and other cardiac rhythm indicators.
By using PPG biosensors, it will be possible for doctors to monitor vital indicators of patients from a distant place that will also reduce the risk of infection to patients. All these factors augment the growth of the market for biosensors during the forecast period.
Growth Drivers
The global market growth of PPG biosensors is driven by factors such as the rising number of CVD across the globe along with the increased focus on fitness among people. The advancement in technology and the non-invasive nature of PPG biosensors are further expected to propel the growth of the market for biosensors during the forecast period.
There is a continuous evolution in PPG biosensor technology that has resulted in the development of many new devices that will increase the efficiency and accuracy of the biosensors. In recent years biosensors integrated with artificial intelligence (AI) have been developed. For instance, in 2019, researchers have created an AI classifier that can identify a specific CVD named hypertrophic cardiomyopathy using a wearable wrist biosensor.
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Machine learning classifier was developed by using data obtained from 19 patients with oHCM and 64 healthy controls. The wearable device has features such as a clinical-grade PPG sensor, accelerometer, and gyroscope, the wearable device and the collected hemodynamic data from the device are unique to oHCM patients.
Many new products are being launched in the market due to the popularity of the technology. For instance, in January 2019, Maxim Integrated launched the first integrated photoplethysmogram (PPG) biosensor module named MAX86150 for mobile devices. This is the first device that integrates PPG and ECG that has features that include internal LEDs and an ECG analog, FDA-certifiable PPG, including tablets, mobile phones, laptops, and smart speakers.
Xiaomi Mi Band 5 was launched with many new upgrades that include a larger OLED display, better HR monitoring, and magnetic charging, in June 2020. The Mi Band 5 is integrated with a PPG biosensor that is used for continuous monitoring of heart rate. The new wearable is 50% more accurate in monitoring irregular heart rates.
PPG Biosensors Market Report Segmentation
By Product
Pulse Oximeters
Smart Watches
Smart Wrist Bands
Others
By Application
Heart rate monitoring
Blood-oxygen saturation
Blood pressure
Others
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Western Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Competitive Insight
The major players in the biosensors market are investing heavily in R&D to innovate new biosensor technology for the better management and monitoring of diseases. Companies are launching new products and are entering into collaborations to increase their presence in the global market. Some of the major players operating in the market include Murata Manufacturing Co., Silicon Laboratories, Maxim Integrated, Valencell. Inc., Ltd., Mediatek, and ams AG.
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