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
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.
|Base Year:||2020||Market Size in 2021:||US$ 402.5 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||10.8%||2028 Value Projection:||US$ 823.4 Mn|
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.
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
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.
Photoplethysmography (PPG) is an optical technique used for detecting volumetric changes in blood in peripheral circulation. It is a low-cost, non-invasive method used on the skin's surface for taking measurements.
PPG technology is used in a variety of commercially available medical devices to measure oxygen saturation, blood pressure, and cardiac output, as well as to assess autonomic function and detect peripheral vascular disease.
Wearable pulse rate monitors have been developed using PPG technology. These low-cost, small devices use high-intensity green light-emitting diodes (LEDs) and photo detectors to provide non-invasive pulse rate monitoring. Miniaturization, robustness, and user-friendliness are critical design requirements for these systems.
Market players are focused on new product launches and approvals, which could contribute to the growth of the global photoplethysmography (PPG) biosensors market over the forecast period. For instance, on September 28, 2020, Masimo, a global medical technology company, announced that the Rad-G Pulse Oximeter has received U.S. Food and Drugs Administration (FDA) clearance. This rugged handheld device provides clinically proven SET pulse oximetry, respiration rate, and other vital parameters for both spot-checking and continuous monitoring. Rad-G offers the ultimate handheld versatility, and can be used in a variety of settings including but not limited to physicians' offices, outpatient services, long-term care facilities, wellness clinics, first-response scenarios, and limited-resource environments.
Market players are focusing on product launches, which is expected to strengthen their position in the global photoplethysmography (PPG) biosensors market. For instance, on April 07, 2021, MFine, a Bengaluru-based health-tech startup, unveiled 'MFine Pulse,' an app-based SPO2 monitoring tool that can help people to keep track of their oxygen saturation levels using their smartphones. MFine has developed a proprietary algorithm that uses a smartphone camera to measure oxygen saturation. The smartphone camera is used to obtain a photoplethysmogram (PPG) signal from the user's fingertip. The PPG is an optically obtained plethysmogram that can be used to detect changes in blood volume in the tissue's microvascular bed. The LED illuminates the skin, while the smartphone camera detects changes in light absorption.
Market players are involved in expanding their global presence by adopting strategies such as acquisitions and partnerships, this is expected to drive the growth of the global photoplethysmography (PPG) biosensors market. For instance, on November 29, 2018, Huami Corporation, a biometric and activity data-driven company with significant expertise in smart wearable technology, partnered with Timex Group, a global leader in watchmaking. According to the agreement, the companies will investigate opportunities to develop new products and expand their global presence in the smart wearables market, combining Timex's longstanding expertise as watchmakers with Huami's cutting-edge artificial intelligence technology, app design, and manufacturing capabilities, to create a new generation of smart watches that deliver on performance, style, and functionality.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.