PPG Biosensors Market Size, Share & Trends Analysis Report By Application (Heart Rate Monitoring, Blood-oxygen Saturation), By Product (Pulse Oximeters, Smart Watches), By Region, And Segment Forecasts, 2023 - 2030

PPG Biosensors Market Size & Trends

The global photoplethysmography (PPG) biosensors market size was valued at USD 416.80 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.6% from 2023 to 2030. The use of photoplethysmography (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 as smartwatches and fitness trackers, have intrigued the attention of consumers in recent years. Smart wearables are integrated with PPG sensors that are used to measure heart rate, blood oxygen saturation, and blood pressure.

For instance, Valencell’s PerformTek PPG sensor 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 well-being, 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 a number of physiological changes that can be tracked with wearable sensors.

Numerous cardiac rhythms 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 sensors that aid the placement of point-of-care monitors outside of 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 over the forecast period. For instance, according to the American Heart Association, Inc., at least 48% of U.S. adults have some form of CVD. Thus, 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 CVDs. PPG is a non-invasive, inexpensive technique as compared to the ECG sensors and it can also be easily incorporated on several sites, such as fingers, toes, 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, 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 increase in the coming years, leading to market growth.

Product Insights

The smartwatches segment held the largest share of 43% in 2022 and is expected to witness a considerable growth rate over the forecast period.On the basis of product, the market has been segmented into pulse oximeters, smart watches, smart wristbands, and others (patches, rings, etc.). PPG biosensors have lately been extensively used in consumer smartwatches to monitor user health conditions during sports, sleep, and everyday activities. According to the Consumer Technology Association, in 2021, 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. Changes in the blood flow flowing through the wrist caused by the peripheral pulse are monitored using light beams and light-sensitive sensors on the smartwatch to produce a PPG, which is then used to determine the heart rate.

The pulse oximeters segment is anticipated witness the fastest growth rate over the forecast period. The primary application of dual-wavelength PPG is pulse oximetry, which calculates arterial oxygen saturation (SpO2) noninvasively. The adoption of smart, medical-grade pulse oximeters remains strong, but new markets for lower-cost, commoditized products may emerge in the future. 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 CVDs 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 held the largest share of 40.1% in 2022 and is anticipated to witness a considerable growth rate over the forecast period. Smart wearables with heart rate monitor mostly use PPG. On the basis of application, the market has been segmented into heart rate monitoring, blood-oxygen saturation, blood pressure, and others (respiration, sleep monitoring, etc.). Cardiovascular Disease (CVD) is the primary cause of death in the world and patients suffering from CVD require continual monitoring. According to the American Heart Association, almost half of all adults in the United States have some form of CVD. More than 130 million adults, or 45.1% of the U.S. population, are expected to have CVD by 2035.

The blood-oxygen saturation segment is anticipated to witness a considerable growth rate 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. A number of smartphone-connected handheld or wearable PPG sensors 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). Such advancements will contribute to the extensive application of PPG in measuring blood-oxygen saturation levels, thus leading to market growth.

Regional Insights

North America dominated the market in 2022 with a share of 39.9% and is expected to witness a considerable growth rate of 11.8% over the forecast period. The rising prevalence of CVD is a crucial factor responsible for market growth. According to the American Heart Association (AHA), in the U.S., around 8,36,546 people die annually from CVD and nearly 92.1 million Americans suffer from some CVD. 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 sensors, 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.

Asia Pacific is anticipated to witness the fastest CAGR 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 a collaboration on the health initiative LumiHealth, a tailored program to promote physical activity and habits using Apple Watch. LumiHealth encourages Singaporeans to stay healthy and complete wellness challenges through their Apple Watch and iPhone by using technologies and behavior insights.

Key Companies & Market Share Insights

Key players are adopting strategies, such as mergers & acquisitions, partnerships, and new product launches, to strengthen their foothold in the global industry. For instance, in August 2020, Valencell launched the world’s 1st calibration-free Blood Pressure (BP) sensor system for integration into wearables and wearables. The technology uses PPG and inertial sensors. Tech giants, such as Apple, Fitbit, Realme, and Samsung, are manufacturing smart wearables integrated with PPG sensor technology. In November 2020, Realme launched Realme Watch S with a PPG sensor and a SpO2 sensor across the globe. Some of the prominent players in the global photoplethysmography (PPG) biosensors market include:

• Valencell. Inc.

• Maxim Integrated

• Murata Manufacturing Co., Ltd.

• Silicon Laboratories

• Mediatek

• ams AG

Photoplethysmography (PPG) Biosensors Market Report Scope

Global PPG Biosensors Market Segmentation

This report forecasts revenue growth and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this report, Grand View Research has segmented the global PPG biosensors market based on product, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Pulse Oximeters

  • Smart Watches

  • Wrist Bands

  • Other Products

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Heart Rate Monitoring

  • Blood-oxygen Saturation

  • Blood Pressure

  • Other Applications

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

    • France

    • Spain

    • Italy

    • Sweden

    • Denmark

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Thailand

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait