Optical Pulse & Heart Rate Sensor Market - Forecast(2024 - 2030)
Optical Pulse & Heart Rate Sensor Market Overview
Optical Pulse & Heart Rate
Sensor Market size is forecast to reach $3.13 billion by 2025, growing at a
CAGR of 9.52% during the forecast period 2020-2025. Rising prevalence of diabetes
& cardiovascular diseases among the general population and the rise in the
use of diagnostic wearable medical devices for regular personal health
monitoring are the major factors driving the growth of the market. Increasing geriatric
population base and growing health consciousness people & technological
innovation will further enhance the overall market demand of optical pulse &
heart rate sensor during the forecast period.
Report Coverage
The report: “Optical Pulse & Heart Rate Sensor Market Forecast (2019-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the optical pulse & heart rate sensor Market.
Key Takeaways
- North America dominates the optical pulse & heart rate sensor market owing to increasing prevalence of cardiovascular and diabetes diseases and advancement in technology. The optical pulse & heart rate sensor market scope for different regions will be provided in the final report.
- The increasing prevalence chronic diseases and growing geriatric population and increasing health consciousness among the millennial population in the developed and developing countries is likely to aid in the market growth of optical pulse & heart rate sensor.
- Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the optical pulse & heart rate sensor market report.
- Growing design constraint and trust on the efficacy of the data collected by these portable devices will create hurdles for the optical pulse & heart rate sensor market.
End Products - Segment Analysis
Smart Watches segment held the largest share in the optical pulse & heart rate sensor market in 2019 and is estimated to grow at a CAGR of 6.67% during the forecast period 2020-2025. There is a growing demand for portable devices with higher energy savings and miniaturization. With continuous addition of new features, heart rate monitoring capability are becoming popular among wearable’s, such as smart watches. Smart watches are equipped with miniaturized electronic devices, such as microchips and sensors, which gather data, record activities, and offer and transform information on a real-time basis. Smart watches are wearable devices used to track the real-time exercise, heart rate, sleep statistics, and calorie intake of a person, as well as provide other insights into the health. Introduction of smartphone apps to monitor heart rate has also occupied attentions of many people. Wrist worn pulse oximeter is also being used to track the activities of the patients to measure blood oxygen level and pulse rate without hindering their normal finger movement. Ashkelon, Oxitone Medical, based in Israel, has been granted FDA approval for a wristworn pulse oximeter that doesn't require a finger clip.
Application - Segment Analysis
Patient monitoring holds major
share in the optical pulse & heart rate sensor market in 2019. This is owing
to the increased usage of these portable devices among the geriatric population
and the recommendation by the healthcare professionals for these devices. The
data recorded by these devices are monitored by the healthcare professionals
and are used during the time of treatment of patients. However, fitness and
activity training segment is projected to witness significant growth of CAGR
5.35% during the forecast period 2020-2025. Increasing health awareness among
the millennial group and their concern regarding their lifestyles will be
resulting in the increased adoption of portable devices such as smart watches
and smart phones. Regular analysis of their health based on the data provided
by these devices will decrease the risk of severe diseases. Regular usage of
these devices is also helping the people to change their lifestyles and the
people are adopting healthy ways of living.
Geography - Segment Analysis
North America dominated the optical pulse & heart rate sensor
market with a share of more than 43.5%, followed by Europe. High prevalence
rate of diabetes and cardiovascular diseases in this region due to changing
lifestyle habits and the rising geriatric population are the factors that has
led to the adoption of portable devices contributing in the growth of the pulse
and heart rate sensor market in this region. Rising government support for the
development of advanced portable devices and well developed health care sector
has boosted the growth of the pulse and heart rate sensor market in this
region. New advances in technology, approval for new products by the US
FDA and presence of key players that are in the market. Europe accounted for
the second largest market share for the pulse and heart rate sensors market owing
to the increasing prevalence of cardiovascular diseases & diabetes and
demand for wearable heart rate monitors.
However, Asia-Pacific is estimated to grow at a higher
CAGR during the forecast period. This is because of the rising disposable incomes,
expansion of healthcare infrastructure,
and increasing medical tourism. As most of the countries in Asia Pacific have
large population base, the adoption of these portable devices among the young
generation is growing which will be having a positive impact on the optical pulse
& heart rate sensor market. The growing geriatric population in countries
such as Japan and China is resulting in the increasing prevalence
cardiovascular, diabetes & hypertension disorders. People’s changing lifestyle and increase
healthcare awareness will also contribute in the growth of the optical pulse
& heart rate sensor market in this region.
Optical pulse & heart rate sensor Market
- Growing Prevalence of cardiovascular & diabetic diseases and increasing geriatric population
There is an
increased rate of prevalence of cardiovascular & diabetic diseases among
the general population around the world due to changing lifestyles. According
to World Health Organization, cardiovascular diseases are the number one cause
of death globally with an estimated 17.9 million death each year. According to
IDF statistics, somebody is currently estimated to die of diabetes or its
complications every seven seconds, with 50 percent of those deaths (4 million
in total per year) occurring below 60 years of age. The increasing geriatric
population is also helping in the growth of the market owing to the prevalence
of these disease. According to the American Heart Association, an estimated
85.6 million American adults have 1 or more types of CVD (Cardiovascular
Disease), out of which 43.7 million are estimated to be greater than 60 years
of age.
- Technological Advancements & Upgradation in the portable medical devices & Rising consumer awareness
Manufacturers are
designing smart bands using advanced actuators and sensors to give the
human-computer interaction a more realistic sense of touch. With a growing
demand for smart wearable fitness products, numerous supply chain providers are
developing strategic partnerships to help and promote the growth of wearable
device technology. Advances in certain portable wearable medical devices have
led to increased use of these devices by a number of individuals. Integration
of IT into most diagnostic wearable medical devices is on the rise, and demand
for advanced devices has been fuelled by automated generation of medical
records in digital format [electronic health record (EHR)]. The rising consumer
awareness and growing medical tourism is also contributing in the growth of the
market.
Optical Pulse & Heart Rate Sensors Market
- Growing Design constraint of these devices and trust on the efficacy of the data monitored.
Wearable devices
face design limitations that could hamper market growth. Most of the current
gadgets focus on technology and have several design constraints related to
issues related to the physical shape, scale, and weight of a wearable
monitoring system and its ergonomics. That will have a negative impact on wearable
device adoption, which in turn will hamper the growth of optical pulse &
heart rate sensor market.
Some Healthcare
professionals do not trust data recorded by these devices, as they believe that
data gathered by these devices have been affected by the external factors such
as smudges and various environmental factors.
Optical Pulse & Heart Rate Sensor Industry Outlook
Product launches, acquisitions and R&D activities are
key strategies adopted by players in the optical pulse & heart rate sensor market.
In 2019, optical pulse & heart rate sensor market share is consolidated by the
top ten players present in the market. Optical Pulse & Heart Rate Sensor top
10 companies are Maxim Integrated products, OSRAM Licht Group, ROHM, Texas Instruments
Inc., Silicon Laboratories Inc., Valencell Inc., TE Connectivity Ltd., Microchip
Technology Inc., Fitbit Inc., and Apple among others.
Acquisitions/Product Launches
- In July 2019, Microsoft filed patent for ‘multidimesional ‘optical heart rate sensor that could strengthen accuracy. The heart rate sensor is being called multidimensional because it could theoretically detect heart rate, pulse wave velocity, blood and tissue oxygenation and more, including metrics that can proxy for blood pressures.
- In August 2019, Garmin, in collaboration with the Munich airport retail category, launched a series of innovative smartwatches for athletes, which include a wrist-based heart rate monitor that adapts to altitude and weather conditions. This device also offers features such as ski maps, option to control battery life, option for runners to adjust their pace while training in hilly areas, a longer GPS running time, and an auto-alert function in case of accidents.
- In April 2019, Osram Opto Semiconductors announced that it is part of a new project, which is exploring the principles of high-resolution visualization solutions using µLEDs (micro LEDs). The project, which began in November 2018, is funded by the Bavarian State Ministry for Economic Affairs, Regional Development, and Energy. The project is expected to be completed in October 2021, with an initial demonstrator.
- In June 2018, Texas Instruments announced the addition of new microcontrollers (MCUs) with integrated signal-chain elements and an extended operating temperature range to its MSP430 value line portfolio.