The Optical Pulse Sensors market is expected to witness a CAGR of 9.3%, over the forecast period (2020 - 2025). The capability of the sensors to improve accuracy, and increase functionality and efficiency of several applications, along with the growth in the use of wearable, will produce significant demand for optical pulse sensors.
- The rise in the use of diagnostic wearable medical devices for regular personal health monitoring is expected to drive the global optical pulse sensor market.
- Advances in some diagnostic wearable medical devices have led to an increased number of individuals to use these devices. The integration of IT in most diagnostic wearable medical devices is on the rise, and the automated generation of medical records in digital format [electronic health record (EHR)] has driven the demand for advanced devices.
- Wearable devices and analytical software revolutionized sports and fitness training, by engaging in performance improvement and injury prevention. Companies in the market are implementing strategic initiatives to meet the growing demand in the market.
Scope of the Report
Optical sensors are devices that convert light or infrared rays into electronic signals. They can function in the presence of light or infrared spectrum, and form a part of a huge electronic system. The recent progress in optical technology allows easy integration of these sensors into various systems, with improved performance for new functions in new domains using innovative technologies.
Key Market Trends
Smart Band is expected to hold the Significant Market Share
- Smart bands are portable devices used to monitor a person's real-time fitness, heart rate, sleep statistics, and calorie control, as well as provide other health insights. These bands 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.
- Manufacturers are developing smart bands using advanced actuator and sensors to provide a more natural sense of touch to human-computer interaction. With a rising demand for smart wearable fitness devices, different vendors across the supply chain are making strategic partnerships to support and boost the development of wearable device technology.
- There has been an increasing demand for portable devices with greater energy savings and miniaturization. Among wearables such as smart bands, heart rate monitoring capability has become mainstream, with new functions continually being added. However, the limited battery capacity makes it necessary to reduce power consumption as much as possible in order to prolong operating time. So, several companies are producing optical sensors
North America is Expected to Hold the Largest Market Share
- According to the Centers for Disease Control and Prevention (CDC), approximately 70 million people in the United States had high blood pressure. Further, nearly 600,000 deaths occur every year in the US due to various heart diseases. The increasing need to reduce hospital costs and the launch of new products are expected to drive the demand for activity monitors.
- The demand for diagnostic wearable medical devices is expected to be augmented by factors, such as the increase in the incidences of chronic diseases among people of all ages, prevalence of heart and respiratory disorders, and rise in premature births. The increasing need for continuous diagnosis and growing awareness among the general population will drive the market. New advances in technology, the US FDA approval for new products, and subsequent product launches are driving the market of the optical pulse sensors.
The optical pulse sensors market is moderately competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with the growth in technological innovation across the wearables segment, most of the companies are increasing their market presence by securing new contracts thereby tapping into new markets.
- April 2019 - Osram Opto Semiconductors announced that it is part of a new project that 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 complete in October 2021 when an initial demonstrator will be presented.
- 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.
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