Photoplethysmography Biosensors Market Analysis & Forecast 2032

Photoplethysmography (PPG) is a simple and low-cost optical technique for detecting changes in blood volume in the microvascular bed of tissue. It is frequently used to take measurements at the skin's surface in a non-invasive manner. Its technology is used in commercially available medical devices such as pulse oximeters, vascular diagnostics, and digital beat-to-beat blood pressure measurement systems.

The PPG sensor operates on the basis of a Light-emitting diode (LED) emitting infrared light that penetrates the skin and blood vessels. The detector captures this light in order to measure the blood flow. The PPG signal's results are primarily determined by the flow of blood and oxygen to the capillary vessels during each heartbeat. PPG is typically used non-invasively and operates at the red or near infrared wavelengths.

The availability of low cost and small semiconductor components, as well as the advancement of computer-based pulse wave analysis techniques have contributed to a resurgence of interest in the PPG technique in the recent years.

Global Photoplethysmography (PPG) Biosensors Market - Impact of the Coronavirus (COVID-19) Pandemic

Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 195 million cases and 4.19 million deaths due to coronavirus disease (COVID-19) were reported till July 29, 2021, across the globe.

Impact of COVID-19 on Demand and Supply of Photoplethysmography (PPG) Biosensors

The COVID-19 pandemic and lockdown in various countries across the globe have impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Many countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.

However, the COVID-19 pandemic has highlighted the importance of harnessing and leveraging our digital infrastructure for remote patient monitoring. Thus, impact of the coronavirus (COVID-19) pandemic is expected to boost the growth of the global photoplethysmography (PPG) biosensors market during the forecast period. For instance, a review article published in the journal Frontiers in Digital Health on June 2020, states that COVID-19, like other viral illnesses, is associated with a number of physiological changes that can be tracked with wearable sensors. Many heart rhythm metrics, such as heart rate (HR), heart rate variability (HRV), resting heart rate (RHR), and respiration rate (RR), could be used as potential markers of COVID-19 infection. Electrocardiograms (ECGs) and photoplethysmography (PPGs) are commonly used to monitor cardiac function in wearable technology. PPG can be measured continuously in a variety of body parts including the wrist, fingertips, earlobes, torso, and others. In this regard, PPG is more adaptable and can be used in a wider range of forms such as watches and ear buds.

The global photoplethysmography (PPG) biosensors market is estimated to be valued at US$ 402.5 Mn in 2021, and is expected to exhibit a CAGR of 10.8 % over the forecast period (2021-2028).

Figure 1: Global Photoplethysmography (PPG) Biosensors Market Share (%) Analysis, By Drug Class, 2021

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The emerging prevalence of cardiovascular diseases is the major factor that is expected to drive the growth of global photoplethysmography (PPG) biosensors market over the forecast period.

The increasing cases of cardiovascular diseases is expected to bolster the growth of global photoplethysmography (PPG) biosensors market. For instance, according to World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death throughout the world. In 2019, an estimated 17.9 million people died from CVDs worldwide, accounting for 32% of all global deaths. 85 % of these deaths were caused by a heart attack or a stroke.

Research and Development activities

Increasing number of clinical trials of pulse oximeters is expected to aid in the growth of the global photoplethysmography (PPG) biosensors market over the forecast period. For instance, on February 9, 2021, Medtronic plc, the world's leading medical technology company, announced the findings of an independent, prospective observational study comparing the efficacy and reliability of two pulse oximeters- the Bedside SpO2 Patient Monitoring System and the Masimo Radical-7 Pulse CO-Oximeter, both set to the highest sensitivity, with electrocardiography (ECG) monitoring following the Caesarean section delivery of 60 newborns.

Global Photoplethysmography (PPG) Biosensors Market – Regional Analysis

On the basis of region, the global photoplethysmography (PPG) biosensors market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America is expected to hold dominant position in the global photoplethysmography (PPG) biosensors market over the forecast period, owing to the product launches and approvals. For instance, on July 19, 2021, Masimo, a global medical technology company headquartered in California, announced the release of MX-7, its most recent and advanced rainbow Signal Extraction Technology (SET) board. MX-7 is designed for integration into the more than 200 multi-parameter monitors available from Masimo's more than 90 original equipment manufacturing (OEM) partners. It supports all 13 of Masimo's SET pulse oximetry and rainbow Pulse CO-Oximetry measurements in an advanced module re-engineered to reduce power requirements.

Moreover, due to product launches or approvals, Asia Pacific region is expected to witness a significant growth in global photoplethysmography (PPG) biosensors market over the forecast period. For instance, on July 13, 2020, Mitocon Biomed, founded by Jinang Dhami, a Biomedical Research Engineer, launched Oxysat, a purely Indian-made pulse oximeter with an 18-month replacement warranty, at an affordable price. Unlike others, the company offered quality assurance because it owns the procurement, manufacturing, and distribution.

Figure 2: Global Photoplethysmography (PPG) Biosensors Market Value (US$ Mn), by Region, 2021

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Global Photoplethysmography (PPG) Biosensors Market – Competitive Landscape

Major players operating in the global photoplethysmography (PPG) biosensors market include MedNet GmbH, Valencell Inc., Maxim Integrated, MediaTek Inc., Silicon Laboratories Inc., Murata Manufacturing Co. Ltd., LifeQ Inc., Texas Instruments Inc., Fitbit, Inc. and Apple Inc.