Global PPG Biosensors Market is valued approximately USD 331 million in 2020 and is anticipated to grow with a healthy growth rate of more than 11.78% over the forecast period 2021-2027. Photoplethysmography (PPG) Biosensors refer to devices such as wearables watches and other fitness trackers that use an easy optical technique to detect volumetric changes in blood in peripheral circulation using sensor technology. These devices help in early recognition and analysis of illness including cardiovascular diseases. They became important in the COVID-19 pandemic for monitoring oxygen rate of people. These devices provide real-time data and analysis, and thus are gaining traction among millennials too. Above mentioned advantages, coupled with the ease and flexibility of use provided by these biosensors, are driving the PPG Biosensors market. The smart wearable market is growing rapidly and is bound to propel the growth of PPG biosensors market too. According to Statista, the number of connected wearable devices has doubled to 722 million in 2019, increasing from 325 million in 2016. Many companies are innovating in the wearable HealthTech sector. Nemaura Medical, a medical technology company, entered into multiple verbal non-binding agreements in 2021 for its PPG sensor using product sugarBEAT?, which continuously monitors sugar. Such collaborations in the field will help in the growth of PPG biosensors. The high cost associated with the PPG biosensors as compared to ECG sensors may act as a restraint for its growth. However, increasing innovation, research and development of PPG technologies acts as an opportunity for PPG Biosensors Market in subsequent decade.
Key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World are analysed to provide a holistic picture of PPG Biosensors Market. Due to higher investments in PPG biosensors technology as well as higher per capita income, North America emerged as a significant region across the world in terms of market share. Whereas, Asia-Pacific is expected to exhibit highest growth rate for the forecast period 2021-2027 owing to the growing smart wearable market. Rising disposable income and growing awareness for health and hygiene will also boost growth in this region.
Major market player included in this report are:
Murata Manufacturing Co., Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Smart Wrist bands
Heart rate monitoring
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027
Target Audience of the Global PPG Biosensors Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers