PPG Biosensors Market Size, Share, Opportunities, And Trends By Product (Pulse Oximeters, Smart Watches, Wrist Bands, Other Products), By Application (Heart Rate Monitoring, Blood-Oxygen Saturation, Blood Pressure, Other Applications), By End-Use (Hospitals, Clinics, Others), And By Geography - Forecasts From 2023 To 2028

The PPG Biosensors market is estimated to grow at a CAGR of 7.5% during the forecast period.

A biological reaction is converted into electrical impulses via biosensors. A biosensor, which is the shortened form of a biological sensor, is an analytical device used to detect chemical substances. Rings, watches, patches, and earbuds are just a few examples of goods that may employ PPG since it is more versatile. PPG biosensors use technology that can tolerate motion to release light signals. These light signals replicate continually recorded skin indicators of inadequate blood flow.

Growth drivers for the PPG biosensors market

During the projected period, the PPG (photoplethysmography) biosensors industry is expected to experience considerable expansion due to the extensive use and deployment of biosensors across several end-user verticals. The market for PPG (photoplethysmography) biosensors is anticipated to grow due to growing costs and advancements in R&D. On the other hand because the initial cost of developing new biosensors is rising, it is projected that the market for PPG (photoplethysmography) biosensors would grow gradually over time in the healthcare industry.

The incidence of cardiovascular diseases is rising

The PPG Biosensors market is expected to grow throughout the projected time frame largely as a result of the increased prevalence of cardiovascular diseases. For instance, according to the American Heart Association, Inc., at least 48% of individuals in the United States have a CVD. Therefore, combining this strategy with technology improvements seems to significantly speed up the detection of cardiopathies, enhance medical treatment through remote patient monitoring, and lower the number of fatalities from CVD. PPG is a less expensive, non-invasive alternative to ECG sensors that can monitor the signal at several sites, including the fingers, toes, ear, wrist, chest, and head.

The use of smartwatches is rising

The PPG Biosensors market includes pulse oximeters, smart watches, smart wristbands, and other products (patches, rings, etc.). PPG biosensors are increasingly often used in consumer smartwatches to monitor wearers' health while they move about, sleep, and do their everyday activities. In 2021, according to the Consumer Technology Association, 20.1 million smartwatches were sold in the US. The majority of these products, including the Apple Watch, Fitbit, Garmin, and numerous other smartwatches, have heart rate monitors based on photoplethysmography. 

Heart rate monitoring is anticipated to witness significant growth

PPG is mostly used for smart clothing with a heart rate monitor. Heart rate monitoring, blood-oxygen saturation monitoring, blood pressure monitoring, and others (respiration, sleep monitoring, etc.) are the four categories into which the PPG Biosensors industry has been classified depending on the application. Cardiovascular disease (CVD) is the leading cause of mortality worldwide, and individuals with CVD need to be constantly monitored. By 2035, it is anticipated by the American Heart Association that more than 130 million individuals, or 45.1% of the population, will have CVD.

Significant growth of pulse oximeters

Over the projection period, it is predicted that the pulse oximeters will have the quickest growth. Pulse oximetry, a noninvasive method of calculating arterial oxygen saturation (SpO2), is the main application of dual-wavelength PPG. An SPO2 monitoring gadget that is application-based and was released by the health-tech firm MFine in April 2021 called "MFine Pulse" let users keep track of their oxygen saturation levels on their smartphones. Additionally, the growing demand for wearable monitoring devices, the incidence of CVDs, and the senior population, as well as the rise of the smart pulse oximeters market, are all contributing to PPG Biosensors market growth.

Growing demand for remote patient monitoring

Solutions for remote patient monitoring are seeing a dramatic change in the healthcare sector. Additionally, as PPG biosensors provide a non-invasive and practical way to monitor vital signs like heart rate, blood oxygen saturation, and respiratory rate, they are in high demand due to the preference for home-based healthcare and the rising need for continuous monitoring of chronic conditions. Additionally, telemedicine has grown significantly, particularly in rural and underdeveloped areas. By giving medical practitioners access to real-time information regarding patients' vital signs during virtual consultations, PPG biosensors are essential to telemedicine. 

Technological advancements and collaborations

The need for PPG biosensors is being fueled by the quick developments in wearable technology, such as the miniaturization of sensors, longer battery life, and wireless communication. PPG biosensors may now be more easily integrated into a variety of wearable gadgets due to technical advancements, allowing for seamless vital sign monitoring. The PPG Biosensors industry is also being further stimulated by the rising popularity of smartwatches, fitness bands, and other wearable technology. Additionally, several businesses and academic organizations are actively working together to improve the capabilities of PPG biosensors. Furthermore, partnerships among producers of wearable technology, healthcare professionals, and creators of biosensors are fostering developments in the sector. These collaborations result in the creation of upgraded PPG biosensors with increased connection, longer battery life, and greater accuracy, which has a favourable impact on the PPG Biosensors market.

In North America, substantial growth is anticipated in the market for PPG Biosensors market.

The maximum market share of the worldwide PPG Biosensors industry is anticipated to be controlled by North America as a result of the increased prevalence of cardiovascular diseases. During the anticipated period, the PPG Biosensors market growth in the region would also be aided by the widespread availability of inexpensive wearable biosensors. The PPG Biosensors market is predicted to grow rapidly in the Asia-Pacific region as smartwatches become more popular in developed countries. The various industry vendors' investments in the development of PPG biosensors that can measure several other anomalies in real-time and spare a customer from several checks and checkups are also anticipated to propel the PPG Biosensors market growth in the Asia Pacific region in the upcoming years.

Market Key Developments

• In February 2023, Holtek announced the availability of the BH66F2560, a new Pulse Oximeter MCU. Excellent functional integration, excellent precision, and low noise are the features of the gadget. 
• In July 2022, Oxysat, a pulse oximeter with an 18-month replacement guarantee, was introduced by Mitocon Biomed. The rights to the manufacture, distribution, and procurement are owned by the corporation.
• In April 2022, In India, the Amazfit Bip U Pro and BOAT Xplorer were made available. Smartwatches' PPG bio-tracking optical sensors continuously monitor heart rate.

Segmentation:

• By Product
  • Pulse Oximeters
  • Smart Watches
  • Wrist Bands
  • Other Products
• By Application
  • Heart Rate Monitoring
  • Blood-Oxygen Saturation
  • Blood Pressure
  • Other Applications
• By End-Use
  • Hospitals
  • Clinics
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others