The global PPG biosensors market size is expected to reach USD 827.3 million by 2028 according to a new study by Polaris Market Research. The report “PPG Biosensors Market Share, Size, Trends, Industry Analysis Report, By Product (Pulse Oximeters, Smart Watches, Smart Wrist Bands, Others); By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
An increasing number of cardiovascular diseases due to unhealthy lifestyles and rising awareness for fitness among people are the major factors driving the growth of the global market during the forecast period. The constant evolution of PPG technology and its cost-effective and non-invasive nature will further propel industry growth.
Cardiovascular diseases (CVD) are on the rise across the globe, and it is the leading cause of death worldwide contributing to the end of 17.9 million people every year. CVD is increased due to the increasing prevalence of hypertension and smoking. In the U.S. alone, 108 million people suffer from hypertension and 14% of the adults are involved in smoking.
Globally, nearly 1.3 billion people suffer due to CVD and the disease burden is higher in countries such as China, India, and the U.S. All these factors favor the growth of the market. New technologies such as the emergence of AI-based PPG biosensors are expected to boost market growth further.
The emergence of COVID-19 is expected to propel the growth of the global industry. COVID-19 is associated with variations in many clinical indicators, including blood-volume saturation, oxygen saturation, and respiration rate (RR). Hence, clinicians are increasingly looking to use PPG Biosensors in smartphones to support remote pulse oximetry. This will help manage the chronic cardiopulmonary disease and monitor COVID-19 infected patients.
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The biosensors are increasingly adopted in smartwatches and in pulse oximeters. The smartwatches segment dominates the global industry due to the gaining popularity of wearable biosensors among people across the globe. Pulse oximetry is also showing promising growth in recent years and it is expected to be adopted more in the management of COVID-19 patients. The product has key applications in heart rate monitoring, blood pressure monitoring, and blood-oxygen saturation monitoring.
Many new developments are taking place in the global industry in recent months. For instance, in April 2021, MFine launched an app-based SPO2 monitoring tool named MFine Pulse using PPG technology. This tool enables individuals to monitor oxygen saturation without the need for additional devices. MFine Pulse uses the power of smartphones and AI to measure oxygen saturation in patients.
Polaris Market Research has segmented the PPG biosensors market report on the basis of product, application, and region:
PPG Biosensors, Product Outlook (Revenue - USD Million, 2016 – 2028)
PPG Biosensors, Application Outlook (Revenue - USD Million, 2016 – 2028)
PPG Biosensors, Regional Outlook (Revenue - USD Million, 2016 – 2028)