Dublin, May 30, 2024 (GLOBE NEWSWIRE) -- The "Global PPG Biosensors Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
The global PPG biosensors market was estimated to be USD 0.465 billion in 2023 and is expected to reach at USD 1.55 billion by 2034 with a CAGR of 11.62% during the forecast period 2024-2034.
Rising demand for stronger disease identification & control to safeguard the well-being of patients, increasing prevalence of cardiovascular diseases, growing adoption of wearable devices, surge in approvals for novel devices by regulatory agencies, rising emphasis on developing innovative technologies, increasing demand for non-invasive photoplethysmography (PPG) techniques, and growing launch of new PPG biosensors are some of the key factors boosting the market growth.
Growing launch of new PPG biosensors is predicted to boost the market growth during the forecast period. The utilization of photoplethysmography (PPG) technology as an alternative method for monitoring heart rate has experienced rapid growth, primarily due to its user-friendly nature, comfortable wearing experience for consumers, and cost-effectiveness. Wearable health tracking technologies, such as smartwatches and fitness trackers, have captured consumer interest in recent years. For instance, in November 2023, Ams-OSRAM unveiled the AS7050 Biosignal Sensor Analog Frontend, the latest iteration of vital sign sensors, facilitating patients in capturing biosignals like electrocardiogram (ECG), photoplethysmogram (PPG), and galvanic skin resistance (GSR).
By product, smartwatches was the highest revenue-grossing segment in the global PPG biosensors market in 2023 owing to the increasing trend of introducing sophisticated devices. PPG biosensors have recently seen widespread adoption in consumer smartwatches for monitoring user health during various activities such as sports, sleep, and daily routines. For instance, in July 2023, Biostrap USA introduced the Biostrap Kairos, meticulously designed to offer extensive stress resilience measurements and in-depth analysis of heart rate variability (HRV). Additionally, pulse oximeters is predicted to grow at the fastest CAGR during the forecast period owing to the rising incidence of cardiovascular diseases (CVDs), increase in the elderly population, higher demand for wearable monitoring devices, growing introduction of new devices.
By application, heart rate monitoring was the highest revenue-grossing segment in the global PPG biosensors market in 2023 owing to the rise in cardiovascular disease (CVD) cases, increased need for continuous monitoring of CVD patients, and growing demand for advanced monitoring platforms. For instance, in December 2023, Rockley Photonics, in collaboration with Apple, has begun providing key clients and collaborators with access to the complete Bioptx Biosensing Band and Platform for testing purposes. The Bioptx Biosensing Band incorporates Rockley's advanced short-wave infrared (SWIR) biosensing technology, which relies on their exclusive photonic integrated circuit (PIC) chipset. Additionally, blood-oxygen saturation is predicted to grow at the fastest CAGR during the forecast period.
By distribution channel, e-commerce was the highest revenue-grossing segment in the global PPG biosensors market in 2023 owing to the ease of use and wide range of product options, and growing partnerships among market participants. For instance, in January 2024, Movano Health, a trailblazer in health technology, has teamed up with ams OSRAM, a frontrunner in biometric monitoring technology, to integrate ams OSRAM's PPG sensor solution into the Evie Ring. This smart ring, developed by Movano Health and tailored for women, incorporates advanced biometric monitoring features. Additionally, direct sales channels is predicted to grow at the fastest CAGR during the forecast period.
North America is anticipated for the highest revenue share during the forecast period owing to the increasing incidence of cardiovascular disease (CVD), the widespread availability of affordable wearable sensors, expanding adoption of cutting-edge cardiovascular technologies, and surge in research & development endeavors. For instance, in August 2023, Rockley Photonics is pleased to share the preliminary findings from two significant human studies, which have received approval from an Institutional Review Board (IRB), utilizing an early version of their non-invasive, laser-based cuffless blood pressure monitor known as the Alpha prototype. This groundbreaking wearable device is currently undergoing advanced development.
Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the increasing prevalence of smartwatches, increase in research investment by major manufacturers, growing partnerships among market participants, and surge in approvals for innovative devices. For instance, in October 2023, Masimo has declared that ORi, a continuous, noninvasive parameter intended to offer further understanding of a patient's oxygen levels in the moderate hyperoxic range during supplemental oxygen therapy, has received FDA De Novo clearance.
Report Scope
- Base Year: 2023
- Forecast Period: 2024-2034
- Market Forecast by Product, Application, and Distribution Channel
- Market Forecast for 5 Regions and 17+ Countries
- Exhaustive Company Profiles of Top 10+ Major Market Players
Key Topics Covered
1. Research Methodology
1.1. Study Objectives
1.2. Study Scope
1.3. Research Assumptions
1.4. Research Framework
2. Introduction
2.1. Market Definition
2.2. Global PPG Biosensors Market Overview
3. Executive Summary
4. Market Environment Analysis
4.1. Porter's 5 Forces Analysis
4.2. PESTEL Analysis
4.3. SWOT Analysis
5. Market Dynamics
5.1. Drivers Analysis
5.2. Restraints Analysis
5.3. Opportunities Analysis
5.4. Threats Analysis
5.5. Trend Analysis
6. COVID-19 Impact Analysis
7. PPG Biosensors Market: Product Estimates & Trend Analysis
7.1. Product Segment Opportunity Analysis
7.2. Wrist Bands
7.3. Pulse Oximeters
7.4. Smart Watches
7.5. Others
8. PPG Biosensors Market: Application Estimates & Trend Analysis
8.1. Application Segment Opportunity Analysis
8.2. Blood-oxygen Saturation
8.3. Heart Rate Monitoring
8.4. Blood Pressure
8.5. Others
9. PPG Biosensors Market: Distribution Channel Estimates & Trend Analysis
9.1. Distribution Channel Segment Opportunity Analysis
9.2. Direct Sales Channels
9.3. E-commerce
10. Regional Market Analysis
10.1. Regional Market Opportunity Analysis
11. North America PPG Biosensors Market
12. Europe Global PPG Biosensors Market
13. Asia Pacific Global PPG Biosensors Market
14. Latin America Global PPG Biosensors Market
15. MEA Global PPG Biosensors Market
16. Competitor Analysis
16.1. Company Market Share Analysis, 2023
16.2. Major Recent Developments
17. Company Profiles
17.1. Murata Manufacturing Co. Ltd.
17.2. Silicon Laboratories
17.3. Maxim Integrated
17.4. Valencell Inc.
17.5. Mediatek
17.6. ams AG
17.7. Other Prominent Players
18. Conclusion
19. Recommendations
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