Newly-released PPG biosensors Market analysis report by Future Market Insights shows that the global market size of PPG biosensors in 2022 was held at USD 417.3 Million. With a CAGR of 15.2% from 2023 to 2033, the market is projected to reach a valuation of USD 1.9 Billion. Heart Rate Monitoring is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 17% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Global PPG biosensors Market (2023) | USD 473 Million |
| Global PPG biosensors Market (2033) | USD 1.9 Billion |
| Global PPG biosensors Market CAGR (2023 to 2033) | 15.2% |
| USA PPG biosensors Market CAGR (2023 to 2033) | 17.1% |
| Key Companies Profiled | Valencell, Inc.; Maxim Integrated; Murata Manufacturing Co., Ltd.; Silicon Laboratories; Mediatek; AMS AG |
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As per the PPG biosensors Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2018 to 2022, the market value of the PPG biosensors Market increased at around 11.9% CAGR.
The popularity of PPG technology as an alternative heart rate monitoring technique has grown significantly, due to its ease of use, user comfort, and cost-effectiveness. PPG is more adaptable, allowing it to be utilized in a larger range of products, including rings, watches, earphones, and patches.
Consumers have become more interested in wearable health-tracking technology such as smartwatches and fitness trackers in recent years. PPG biosensors, which measure heart rate, blood oxygen saturation, and blood pressure, are integrated into smart wearables. Valencell's PerformTek PPG biosensor technology, for example, is the only continuous heart rate sensor technology that has been proven accurate in practically every workout and setting.
During the forecast period, the rising incidence of cardiovascular illnesses is likely to drive the market for PPG biosensors. According to the American Heart Association, Inc., at least 48% of people in the United States have some type of cardiovascular disease, and by 2035, more than 130 million individuals, or 45.1% of the population, would have some type of CVD.
As a result, the combination of this technique and technological advancements appears to proportionately increase the detection of cardiopathy, improve medical treatment with remote control and patient surveillance in a healthcare setting, and reduce the number of deaths caused by cardiovascular diseases.
PPG is a non-invasive, low-cost alternative to ECG PPG biosensors, and it can be readily implemented in a variety of locations for signal measurement, including the finger, toe, ear, wrist, chest, and head. Because of its simplicity and ability to take continuous measurements, the non-invasive PPG approach for detecting SpO2 and HR is extensively employed in personal portable devices and clinical pulse oximetry.
It is a small, non-invasive low-cost gadget useful in a range of situations. In addition to this, the development of signal-processing algorithms gives resilience to the technology, which helps it advance. Because of PPG's numerous benefits, demand for these PPG biosensors is expected to increase in the next years, resulting in market growth.
Factors like the growing number of CVD cases throughout the world, as well as people's increased attention to fitness, are driving the global market expansion of PPG biosensors. During the projected period, technological advancements and the non-invasive nature of PPG biosensors are likely to fuel the market for PPG biosensors.
PPG biosensor technology is constantly evolving, resulting in the creation of several new devices that will improve the efficiency and accuracy of PPG biosensors. PPG biosensors integrating artificial intelligence have been developed in recent years. For example, in 2019, researchers developed an AI classifier that can use a wearable wrist biosensor to diagnose a particular CVD called hypertrophic cardiomyopathy.
Because of the rising use of sophisticated technologies in healthcare, North America led the market for PPG biosensors in 2022. Nearly half of the population in the United States has a type of CVD that need continual monitoring. The FDA has authorized numerous PPGs in recent years, boosting the PPG biosensors market in the region.
Due to the rising prevalence of CVD in countries such as India and China, Asia Pacific would be the fastest-growing region for the global PPG biosensors market over the projection period. In India, the number of CVD-related fatalities has climbed from 2.26 million in 1990 to 4.77 million in 2022.
As a result, people in developing nations are adopting new technology as a result of increased awareness and economic stability. The growing use of smartwatches in emerging nations, as well as a few manufacturers' implementations of PPG technology into their wearable technologies, will fuel market expansion for PPG biosensors.
The United States is expected to account for a significant market of USD 753.8 Million by the end of 2033. Increased rates of cardiovascular disorders, increased research and development efforts, and surged product launches by market participants are some of the factors projected to propel market expansion.
The market in the UK. is projected to surge at a CAGR of 15.5% from 2023 to 2033 to reach a valuation of 91.5 Million by 2033. During the forecast period, the market is expected to gross an absolute dollar opportunity of USD 70 Million.
In Japan, the market is expected to reach USD 101.5 Million by 2033, growing at a CAGR of 17% from 2022 to 2033. The market in the country during the forecast period is expected to garner an absolute dollar opportunity of USD 80 Million.
The Smartwatches segment is forecasted to grow at a CAGR of over 16.1% between 2023 and 2033. The widespread usage of smartwatches by consumers to monitor health issues based on daily activities has fuelled the PPG biosensors industry's expansion.
PPG biosensors market companies' continuous technological advancements are accelerating the launch of new smartwatches, which is fuelling the PPG biosensors segment's growth. Due to increased incidences of CVD, a growing market for wearable monitoring devices, and an increase in the older population, the pulse oximeters segment is predicted to rise at a significant rate throughout the forecast timeframe.
The Heart Rate Monitoring segment commanded a significant revenue share and is expected to swell at a CAGR of over 17% in the forthcoming years. Cardiovascular Diseases are a prominent cause of death worldwide, and the rising number of CVD patients has raised the need for ongoing monitoring. PPG is widely used in smart wearables that include heart rate monitors, resulting in increasing market segment growth.
Because of the rising improvements that will enable the use of PPG in detecting blood-oxygen saturation levels, the blood-oxygen saturation sector is expected to rise substantially throughout the projection period, resulting in the expansion of the global market. In February 2020, Maxim Integrated Products, for example, introduced MAXREFDES103, a wrist-based device designed for continuous monitoring of SpO2 levels and heart-rate variability.
The leading PPG biosensors market companies are extensively spending on research and development to develop biosensor technologies for improved disease management and surveillance. Besides, the companies are also engaged in forming partnerships to expand their global footprint.
Some of the recent developments of key PPG biosensors providers are as follows:
Similarly, recent developments related to companies in PPG biosensors Market have been tracked by the team at Future Market Insights, which is available in the full report.
The market is valued at USD 473 million.
The market is estimated to rise at a 15.2% CAGR through 2033.
By 2033, the market is estimated to total USD 1.9 billion.
Increasing incidences of CVD cases drive market expansion.
North America is likely to be a highly lucrative market.
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PPG Biosensors Market
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