Future Market Insights, a market research, and competitive intelligence provider, analyses that the demand for PPG Biosensors is anticipated to increase at a CAGR of 15.2% from 2023 to 2033, with an absolute dollar opportunity of US$ 1.5 Billion.
Factors like the growing number of CVD cases throughout the world, as well as people’s increased attention to fitness, are driving the worldwide market of PPG biosensors. During the projected period, technological advancements and the non-invasive nature of PPG biosensors are likely to fuel the market.
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PPG biosensor technology is constantly evolving, resulting in the creation of several new devices that will improve the efficiency and accuracy of biosensors. 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.
Competitive Analysis
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.
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Some of the recent developments of key PPG biosensors providers are as follows:
- In July 2022, Mitocon Biomed launched Oxysat, a pulse oximeter with an 18-month replacement warranty. The company owns the procurement, manufacturing, and distribution rights.
- In April 2022, Amazfit Bip U Pro and BOAT Xplorer were released in India. PPG bio-tracking optical sensors in smartwatches continually measure heart rate.
- In June 2020, Xiaomi Mi Band 5 was launched which had numerous new features, including a bigger OLED display, improved HR tracking, and magnetic charging. It had a PPG Biosensor installed in it which facilitated enhanced heart rate monitoring.
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the PPG Biosensors market, presenting historical market data (2018-2023) and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Product Type (Pulse Oximeters, Smart Watches, Smart Wrist Bands and Other Product types), by Application (Heart Rate Monitoring, Blood-Oxygen Saturation, Blood Pressure and Other Applications), and across key regions (North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa).
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Market Segments Covered in PPG biosensors Market Analysis
By Product Type:
- Pulse Oximeters
- Smart Watches
- Smart Wrist Bands
- Other Product types
By Application:
- Heart Rate Monitoring
- Blood-Oxygen Saturation
- Blood Pressure
- Other Applications
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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