According to the newly released PPG Biosensors Market study report from Future Market Insights, the global market size of PPG biosensors in 2022 will be US$ 473 Million. The market is expected to be worth US$ 1.9 billion by 2033, growing at a CAGR of 15.2% between 2023 and 2033. With a CAGR of more than 17.1 % from 2023 to 2033, Heart Rate Monitoring is expected to be the most profitable category.
Factors such as the increasing number of CVD cases worldwide, as well as people’s increased focus on fitness, are driving the global market for PPG biosensors. Technological advancements and the non-invasive nature of PPG biosensors are expected to drive the market during the forecast period.
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.
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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.
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.
- InApril 2022, Amazfit Bip U Pro and BOAT Xplorer were released in India. PPG bio-tracking optical sensors in smartwatches continually measure heart rate.
- InJune 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.
Key Companies Profiled:
- Valencell, Inc.
- Maxim Integrated
- Murata Manufacturing Co., Ltd.
- Silicon Laboratories
- Mediatek
- AMS AG
Market Segments Covered in PPG biosensors Market Analysis
By Product Type:
- Pulse Oximeters
- Smart Watches
- Smart Wrist Bands
- Other Product types
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By Application:
- Heart Rate Monitoring
- Blood-Oxygen Saturation
- Blood Pressure
- Other Applications
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