PPG Biosensors Market Size, Share & Trends Analysis Report By Product (Pulse Oximeters, Smart Watches, Smart Wrist Bands), By Application (Heart Rate Monitoring, Blood-oxygen Saturation, Blood Pressure), And Segment Forecasts, 2021 - 2028

Report Overview

The global PPG biosensors market size was valued at USD 344.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 12.1% from 2021 to 2028. The use of PPG technology as an alternative heart rate monitoring strategy has increased rapidly, primarily owing to its ease of use, wearing comfort for its consumers, and cost-effectiveness. PPG is more flexible that can be used in a wider range of applications, such as watches, rings, patches, and earbuds.

Wearable wellness tracking technologies, such assmartwatches和健身追踪器,好奇的关注of consumers in recent years. Smart wearables are integrated with PPG biosensors that are used to measure heart rate, blood oxygen saturation, and blood pressure. For instance, Valencell’s PerformTek PPG biosensor technology is the only continuous heart rate sensor technology proven accurate during virtually any exercise and in virtually any environment.

The COVID-19 pandemic has highlighted the importance of harnessing and leveraging digital technology for remote patient tracking. We see a need for more robust disease identification and control of patient and public wellbeing, which might be assisted by wearable devices, as existing viral testing and vaccines are slow to develop. COVID-19, like other viral illnesses, is associated with several physiological changes that can be tracked with wearable biosensors. Numerous cardiac rhythm indicators, such as Heart Rate (HR), Heart Rate Variability (HRV), Blood-volume Saturation, and Respiration Rate (RR), might serve as possible markers of COVID-19 infection and are already measured by smart wearables that use PPG technology. Companies are developing innovative technologies to facilitate healthcare staff in reducing transmission risks while still increasing clinician and patient safety. For instance, in May 2019, Masimo received FDA clearance for its Tetherless Radius PPG biosensors that aid the placement of point-of-care monitors outside a patient’s room safeguarding constant monitoring from a distance.

The increasing prevalence of cardiovascular disorders is majorly expected to propel the growth of the market for PPG biosensors over the estimated study period. For instance, according to the American Heart Association, Inc., at least 48.0% of U.S. adults have some form of cardiovascular disease, and by 2035, more than 130 million adults, or 45.1% of the U.S. population is estimated to have some CVD. Thereby, the association of this technique with advances in technology seems to proportionate the detection of cardiopathies rapidly, enhance medical treatment with remote control and surveillance of the patient in a healthcare setting, and minimize the number of deaths caused by cardiovascular diseases.

PPG is a non-invasive, inexpensive technique as compared to the ECG biosensors and also it can be easily incorporated on several sites such as a finger, toe, ear, wrist, chest, and head for measuring the signal. The non-invasive PPG technique for measuring SpO2 and HR is widely used in personal handheld devices and clinical pulse oximetry due to its simplicity and ability to perform continuous readings. It is considered a compact, low-cost device with a basic application that is also non-invasive and applicable in a variety of settings. In addition to the previously stated characteristics, the development of signal processing algorithms adds robustness that contributes to the advancement of this technology. Hence, owing to several advantages offered by PPG, the demand for these biosensors will surge in forthcoming years, leading to market growth.

Product Insights

smartwatches段主导的市场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. According to the Consumer Technology Association, in 2019, 20.1 million units of smartwatches were sold in the U.S. The majority of such products, including the Apple Watch, Fitbit, Garmin, and many other smartwatches have heart rate monitors that use Photoplethysmography (PPG). Changes in the blood flow flowing through the wrist caused by the peripheral pulse are monitored using light beams and light-sensitive biosensors on the smartwatch to produce a PPG, which is then used to determine the heart rate.

Furthermore, industry players' ongoing technological advances are fueling the development of smartwatches, as they are technical devices that necessitate continuous R&D for various features. Recently in April 2021, Amazfit Bip U Pro and BOAT Xplorer have been launched in India. The smartwatches have PPG bio-tracking optical sensors that continuously monitor heart rate.

Thepulse 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. In May 2019, Radius PPG, a tetherless sensor solution operated by Masimo SET that represented a major advance in patient tracking, received FDA 510(k) clearance. Radius PPG eliminates the need for a cabled attachment to a pulse oximetry monitor, enabling patients to travel independently and safely while still being constantly and accurately monitored. Lately, in April 2021, Health-tech startup MFine launched 'MFine Pulse', an application-based SPO2 monitoring device that might aid people to monitor their oxygen saturation levels through their smartphones. Furthermore, the rising prevalence of cardiovascular diseases and a spike in the geriatric population, as well as the increasing demand for wearable monitoring devices, are driving the growth of the smart pulse oximeters segment.

Application Insights

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. According to the World Health Organization (WHO), CVD is the leading cause of death worldwide, with nearly 30 million people suffering from a heart attack or stroke each year. According to the American Heart Association, almost half of all adults in the United States have a kind of cardiovascular disease. More than 130 million adults, or 45.1% of the U.S. population, are expected to have CVD by 2035.

Moreover, there has been an uptick in the prevalence of diseases such as hypertension, diabetes, dyslipidemia, and obesity as a result of lifestyle changes, both of which lead to the increasing incidence of CVD around the world. Pre-monitoring and pre-diagnosis might eliminate the majority of CVDs. Arrhythmias, which are defects in the heart's activity, can also be avoided with early detection. As a result, demand for PPG biosensors is rising, as these devices will help rescue patients who are at high risk of cardiac arrest.

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. Estimating relative variations in hemoglobin concentrations from the same PPG waveforms that are used to calculate SpO2 and heart rate might well be a useful addition, allowing photoplethysmography's variety of applications to be expanded further.

Several smartphone-connected handhelds or wearable PPG biosensors of HR and heart rhythm from the finger, face, and wrist have recently been authorized. In Feb 2020, Maxim Integrated Products announced its novel wrist-based system the MAXREFDES103, specifically designed for the continuous monitoring of blood oxygen saturation (SpO2) levels and heart-rate variability (HRV). Also, in Sept 2020, Huami launched Amazfit GTR 2 and GTS 2, facilitating blood oxygen level trackers. The Amazfit GTR 2 is fortified with the latest BioTracker 2 PPG optical sensor that allows it to check the blood oxygen saturation levels in conjunction with mapping the user’s heart rate. Such advancements will contribute to the extensive application of PPG in measuring blood-oxygen saturation levels, thus leading to the growth of the market for PPG biosensors.

Regional Insights

North America dominated the PPG biosensors market in 2020 and accounted for the largest revenue share of 39.8%. The region is expected to witness a considerable growth rate of 12.4% over the forecast period. The rising prevalence of CVD is a crucial factor responsible for the growth of the market for PPG biosensors. According to the American Heart Association (AHA), around 8,36,546 people die annually from CVD in the U.S, and nearly 92.1 million Americans suffer from some cardiovascular disease.

According to the CDC's statistics, around 2.7-6.1 million individuals in the U.S. have Atrial Fibrillation. With the widespread availability of low-cost wearable biosensors, PPG's high-accuracy continuous arrhythmia tracking will not only reduce the risk of undiagnosed AF in general but also save time and money for specialist physicians and cardiologists performing time-consuming activities including calculating AF burden. Furthermore, the rising penetration of innovative cardiovascular technologies and sophisticated healthcare facilities is another critical factor responsible for regional market dominance.

In the Asia Pacific, the market for PPG biosensors is anticipated to witness the fastest growth over the forecast period. The regional market is fueled by the rising penetration of smartwatches in emerging nations such as India, China, Japan, Singapore, and Australia. The continuing investment in research by major manufacturers across the area has led to innovation in recent years, which is important in enhancing demand for the smartwatch industry to complement public safety efforts by the department of police and other public safety organizations. For example, in September 2020, the Singapore government and Apple announced collaboration on the health initiative LumiHealth, a tailored program to promote physical activity and habits using Apple Watch.

LumiHealth鼓励新加坡人保持健康and complete wellness challenges through their Apple Watch and iPhone by using technologies and behavior insights. Also, Huami Corporation and Academician Zhong Nanshan's team launched the wrist smartwatch joint laboratory in July 2020. The laboratory will collaborate to develop the New Coronary Pneumonia based on the integration of Huami Technology's wrist wearable technology and artificial intelligence algorithms, leveraging the National Respiratory Disease Clinical Medical Research Center's respiratory health big data network.

The youth generation has become a big driving force in the adoption of smartwatches. For example, it is projected that more than half of India's population is under the age of 25, and more than 65% is under the age of 35. The average age of an Indian is predicted to be 29 years in 2020. To cope with some kind of health danger, young millennials need a fitness tracker with PPG biosensors that provide real-time health-related information. As a result, several industry vendors are investing in the development of PPG biosensors that can measure various other anomalies in real-time and save a customer from several checks and checkups. Also, several vendors have incorporated PPG technology into their wearable devices. For instance, in May 2020, Realme launched India its smartwatch that was facilitated with PPG to monitor heart rate.

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 1^stcalibration-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

PPG Biosensors Market Report Scope

Report Attribute	Details
Market size value in 2021	USD 377.1 million
Revenue forecast in 2028	USD 839.3 million
Growth Rate	CAGR of 12.1% from 2021 to 2028
Base year for estimation	2020
Historical data	2016 - 2019
Forecast period	2021 - 2028
Quantitative units	Revenue in USD million and CAGR from 2021 to 2028
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Product, application, region
Regional scope	North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Country scope	U.S.; Canada; U.K.; Germany; Japan; China; Brazil; Mexico; South Africa; Saudi Arabia
Key companies profiled	Valencell, Inc.; Maxim Integrated; Murata Manufacturing Co., Ltd.; Silicon Laboratories; Mediatek; ams AG
Customization scope	Free report customization (equivalent to up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
革命制度党cing and purchase options	Avail of customized purchase options to meet your exact research needs.Explore purchase options

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global PPG biosensors market report on the basis of product, application, and region:

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Pulse Oximeters

  • Smart Watches

  • Smart Wrist Bands

  • Other Products

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Heart Rate Monitoring

  • Blood-oxygen Saturation

  • Blood Pressure

  • Other Applications

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • Japan

    • China

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa

    • Saudi Arabia