PPG Biosensors Market to be dominated by Smartwatches Segment to reach USD 1001.73 Mn by 2030- Says Stellar Market Research

PUNE, India, July 12, 2024 /PRNewswire/ -- Stellar Market Research, a leading Healthcare business research firm has published a report on the "PPG Biosensors Market". The market size for the PPG Biosensors Market was USD 470.49 Mn in 2023 and is expected to grow at a CAGR of 11.4 percent through the forecast period, reaching USD 1001.73 Mn by 2030.

The report on PPG Biosensors provides a detailed analysis of the approaches of the top players in the market with an in-depth analysis of the market segments and regions. A wide-ranging analysis of market dynamics including drivers, restraints, opportunities, and challenges is provided in the PPG Biosensors Market report. It also includes statistics for import/export consumption, supply and demand, price, cost, revenue, and gross margins which makes it an investor's guide.

The information for the PPF Biosensors Market report was collected using primary and secondary research methods, which were combined to make the report reliable. The primary research conducted includes the questionnaire distribution, surveys, and phone interviews with industry experts, market leaders, marketing professionals, and entrepreneurs. The bottom-up methodology has been used to estimate the global and regional market size. SWOT analysis was used to provide the strengths and weaknesses, while PESTEL analysis to deliver micro-economic factors of the key players in the market.

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PPG Biosensors Market Scope

What's New: Recent Additions and Updates

• A detailed analysis of updates on recent regulatory approvals for PPG biosensors, focusing on key markets like the US, Europe, and Asia. Discuss the effects of these approvals on market growth and adoption.
• Highlight recent introductions of advanced PPG biosensors with improved accuracy, reliability, and user-friendliness. Include examples from leading companies and innovative startups.
• Details on new market growths, partnerships, and collaborations within the PPG biosensors industry. Include strategic alliances between technology providers, healthcare institutions, and consumer electronics companies.

PPG Biosensors Market Dynamics

Continuous evolution in the advanced PPF biosensor technology has resulted in the development of many devices that increase the accuracy and efficacy of biosensors. The advanced sensors can detect multiple wavelengths, increasing the precision of metrics like heart rate, blood oxygen levels, and stress indicators. For instance, the incorporation of green, red, and infrared light in the advanced PPG Biosensors has improved the heart monitoring efficiency by about 20%, which has further resulted in fueling the demand with about 50 million PPF-incorporated wearables distributed globally in 2023. Advanced PPG sensors with artificial intelligence are included in products made by companies like Apple and Fitbit, which provides insight into the strong market performance. For Instance, the Apple Watch Series 9 is equipped with the S9 chipset. This watch offers advanced health monitoring features such as ECG, blood oxygen levels, and REM sleep tracking. It also includes an enhanced version of Siri for health-related queries. Additionally, Masimo received FDA approval in 2023 for over-the-counter and prescription use of its new "W1" smartwatch. The Masimo W1 watch combines an integrated optical sensor and electrocardiogram (ECG) electrode pads that can be used to detect physiological signals. The advancement in technology and the non-invasive nature of PPG biosensors are further expected to drive the growth of the PPG Biosensors Market.

PPG Biosensors Market Regional Insights

In 2023, North America dominated the PPG Biosensors Market and is expected to grow significantly during the forecast period. The growing incidence of chronic diseases such as cardiac disorders and diabetes increases the need for continuous health monitoring thereby increasing the demand for the PPG Biosensor Market. According to SMR, around 836,546 Americans lose their lives to cardiovascular disease (CVD) each year, and 92.1 million Americans have some kind of CVD. As low-cost wearable sensors become more widely available, PPG's high-accuracy continuous arrhythmia tracking helps doctors and cardiologists save time and money by reducing the risk of misdiagnosis. The United States and Canada have an advanced healthcare infrastructure providing a strong base for the acceptance and incorporation of PPG Biosensors in medical applications. In 2023, the healthcare expenditure in the United States was about USD 4.3 trillion showcasing the huge market potential for medical technology. The region also has leading healthcare institutes and research facilities which drive the innovation of advanced technologies. The import and export dynamics in the region also support the PPG biosensor market growth. For instance, the United States imports a huge volume of biosensor components from China, and exports the finished devices globally, underlining the efficient supply chain and connectivity. Additionally, the regulatory environment in the region provides fast-track approvals of the devices accelerating the adoption of the PPG Biosensors.

For an in-depth analysis of Import-Export Dynamics

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PPG Biosensors Market Segmentation

By Product

• Pulse Oximeters
• Smart Watches
• Smart Wrist Bands
• Others

By Application

• Heart Rate Monitoring
• Blood Oxygen Saturation
• Blood Pressure
• Others

By Distribution Channel

• Hospitals and Clinics
• Retail Stores
• Online Channels

PPG Biosensors Manufacturers include:

• Apple Inc.
• Fitbit, Inc.
• Garmin Ltd.
• Samsung Electronics Co., Ltd.
• Xiaomi Corporation
• Huawei Technologies Co., Ltd.
• Withings (formerly Nokia Health)
• BioTelemetry, Inc.
• Others

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Key questions answered in the PPG Biosensors Market are:

• What are PPG Biosensors?
• What is the current growth rate of the PPG Biosensors market?
• Who are the key players in the PPG Biosensors Market?
• What are the factors affecting growth in the PPG Biosensors Market?
• Who held the largest market share in the PPG Biosensors Market?
• What is the demand pattern for the PPG Biosensors Market?
• What are the key trends in the PPG Biosensors Market?
• What are the growth prospects in developing countries for the PPG Biosensors Market?
• Which segment is expected to witness the fastest growth and why in the PPG Biosensors Market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segment | 2024−2030
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Product Application, Distribution Channel, and Region.
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Stellar Market Research a leading Healthcare research firm, has also published the following reports:

Blood Glucose Monitoring Devices Market: The market is worth USD 12.27 Billion and is estimated to grow at a CAGR of 9.7% in the forecasted period. The forecasted revenue hints at a growth of around 24.42 billion USD by 2029.

Wearable Smart Device Market: The market is expected to reach US$ 524.89 Bn. in 2030 from US$ 162.44 Bn. in 2023 at a CAGR of 18.24%.

Biostimulants Market: The market size was valued at US$ 3.06 Bn. in 2023 and the total revenue is expected to grow at a CAGR of 10.65% through 2024 to 2030, reaching nearly US$ 6.22 Bn.

Biomedical Temperature Sensor Market: The market is likely to grow to a CAGR of around 7% between 2024 and 2030. The Biomedical Temperature Sensor Market size was worth around USD 12.84 Bn. in 2023 and is estimated to hit approximately USD 20.61 Bn by 2030.

Smartphone Sensors Market: The market size was valued at USD 82.96 Bn. in 2023 and the total Global Smartphone Sensors revenue is expected to grow at a CAGR of 18.3% from 2024 to 2030, reaching nearly USD 269.01 Bn. by 2030.

About Stellar Market Research:

Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems.

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