Global PPG Sensors Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029
Market Overview:
The latest research study on the global PPG Sensors market finds that the global PPG Sensors market reached a value of USD 865.99 million in 2022. It’s expected that the market will achieve USD 7244.94 million by 2028, exhibiting a CAGR of 42.48% during the forecast period.
COVID-19 outbreak affects PPG sensor downstream equipment market
When people cannot go out at home, the demand for things like smart watches, the main downstream equipment of PPG sensors, may decrease. And the gym is also closed, many people can't exercise as usual, fitness function is not so important, and this is the main function of most wearable devices. The epidemic has caused some people to lose their jobs or have their incomes sharply reduced, which means that the disposable income needed to buy technology products has decreased. Even those who are still on full salary may feel anxious about their financial prospects and choose to save money instead of spending money on more things. The combined effect will slow the growth rate of wearable devices. So, these factors will affect the development of PPG sensor market to a certain extent.
Impact from the Long-term
As the economy recovers slowly and consumers pay more attention to health, the PPG sensor market situation may improve next year. The outbreak of the new crown epidemic has brought higher health awareness to everyone in the world. Since PPG sensors have been around for a long time, there is already a complete solution ecosystem for these devices and a good understanding of their further potential. As a very flexible technology, it can consider its unique data privacy and other rules, and then develop from basic functions to very advanced functions to deal with emergency measures required in specific areas. Therefore, when the epidemic is brought under control, the PPG sensor market will develop rapidly.
Strength
Wearable pulse rate sensors based on photoplethysmography (PPG) have become increasingly popular, with more and more companies producing these sensors commercially. The principle behind PPG sensors is optical detection of blood volume changes in the microvascular bed of the tissue. Wearable devices have several advantages provided by this advanced technology such as fast response time, fashionable, facilitates continuous monitoring and flexible to use.
The increased adoption of wearable devices by the people for health monitoring is the most important prompted factor of wearable devices, and in turn, promote the development of PPG sensor industry. In developed market, they have more international companies, good channels, highly market maturity, fierce competition, a highly competent management team, technology and finance advantages, keep on innovation, prominent market participants invest heavily in R&D, with introduction of new technologies to their products, all of which make a growing market demand for PPG Sensors.
Weakness
In the current situation, there are many smart PPG sensor devices on the market, and the number is growing rapidly. Standardization is a key requirement for efficient communication of sensor information and sensor data. Some companies have already proposed standards for sensor communication. The lack of a common standard for PPG sensors also caused interoperability issues. Interoperability and easy exchange of information between connected devices are critical to the further development of the wearable ecosystem.
Currently, in terms of architecture solutions or common standards for solving interoperability issues, the technology and market prospects of PPG sensors are not satisfactory. To achieve this goal, companies, organizations and developers will need to spend a lot of time to understand the role and importance of security. Therefore, the lack of common standards and interoperability issues limit the growth of overall PPG sensor products.
Region Overview:
In global comparison, a significant portion of the revenue was generated in Asia Pacific (53.62% in 2021).
Company Overview:
Texas Instruments, Maxim Integrated, Ams AG, Silicon Laboratories and PixArt Imaging Inc. are the five key players in the global PPG Sensors market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global PPG Sensors market in the past 5 years.
Texas Instruments
Texas Instruments Incorporated (TI) is an American technology company headquartered in Dallas, Texas, that designs and manufactures semiconductors and various integrated circuits, which it sells to electronics designers and manufacturers globally.
Maxim Integrated
Maxim is engaged in the research and development of integrated circuits (ICs) used in the industrial, communications and general consumer and computer markets. The company is headquartered in San Jose, California, and has design centers, manufacturing plants and sales outlets worldwide.
Segmentation Overview:
By type, Green LED segment accounted for the largest share of market in 2021.
Red & Infrared LED
The red and infrared LEDs of the PPG sensor use the change in the absorbance of blood hemoglobin to measure the pulse. It relies on the infrared transmitting beam circuit and the receiving reflection circuit, but the signal is extremely weak and is very susceptible to external interference, resulting in inaccurate measurement data, and generally required Measure in a quiet state.
Green LED
The green LED of the PPG sensor is based on the fact that the blood in the blood vessels of the arm will change in density when it is pulsating, which causes the light transmittance to change. It can continuously measure the heart rate (also during exercise), calculate the average heart rate, record the maximum heart rate, etc.
Application Overview:
The market's largest segment by application is the segment Health & Wellness Monitoring, with a market share of 67.12% in 2021.
Health & Wellness Monitoring
Long-term monitoring of physiological data by PPG sensors can improve the diagnosis and treatment of cardiovascular diseases, for example. Commercially available PPG sensor technology provides the ability to monitor heart rate, blood pressure, and blood oxygen saturation over time.
Diagnose of Diseases
PPG can detect related diseases and give relevant data. Since PPG can also obtain physiological parameters, such as blood oxygen and ventilation rate, it is particularly suitable for these applications that require simultaneous capture of many signals, such as in sleep disorders research.
Assessment of Treatment Efficacy
PPG makes uses of low-intensity infrared (IR) light or green light. When light travels through biological tissues it is absorbed by bones, skin pigments and both venous and arterial blood. Since light is more strongly absorbed by blood than the surrounding tissues, the changes in blood flow can be detected by PPG sensors as changes in the intensity of light. It is widely used in assessment of treatment efficacy and so on.
Key Companies in the global PPG Sensors market covered in Chapter 3:
Jingfantech
Maxim Integrated
Ams AG
Texas Instruments
PixArt Imaging Inc.
MediaTek
Analog Devices
Silicon Laboratories
ROHM Semiconductor
In Chapter 4 and Chapter 14.2, on the basis of types, the PPG Sensors market from 2018 to 2029 is primarily split into:
Red & Infrared LED
Green LED
In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the PPG Sensors market from 2018 to 2029 covers:
Health & Wellness Monitoring
Diagnose of Diseases
Assessment of Treatment Efficacy
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:
North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)
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