Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Technavio has published a new market research report on the global optical pulse sensor market from 2018-2022. (Graphic: Technavio)
According to Technavio analysts, the global optical pulse sensor market will grow at a CAGR of over 11% during the forecast period. The rising adoption of wearable devices is a major factor driving the market’s growth.
The smart bands market in APAC is growing because of the proliferation of low-cost smart bands in this region and a decline in their ASPs. The increasing disposable income and internet penetration are persuading the smart band vendors to tap the growth potential of the market in the region. The vendors are concentrating on developing countries to expand their revenue and market base. The ASP of these devices is expected to decline further during the forecast period, making them attractive for price-sensitive consumers.
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In this report, Technavio highlights the increasing popularity of diagnostic wearable devices as one of the key emerging trends driving the global optical pulse sensor market:
Increasing popularity of diagnostic wearable devices
The diagnostic wearable medical devices play an essential role in monitoring a range of medical conditions such as hypertension, blood glucose levels, heart rate, body temperature, daily activities, and sleep patterns. Advances in some diagnostic wearable medical devices have led to an increased number of individuals using these devices. The integration of information technology in most of the diagnostic wearable medical devices is increasing. The automated generation of medical records in the digital format (electronic health record) has driven the demand for advanced devices. The increase in the use of diagnostic wearable medical devices for regular personal health monitoring is expected to fuel the growth of the global optical pulse sensor market. Besides, with many potential players entering this industry, the competition is gradually increasing.
The substantial decline in the ASP of smart wearable devices in developed countries between 2012 and 2015 has led to its increased adoption rates among consumers. Initially, the adoption of wearable healthcare devices was confined to developed countries. But, the decline in ASP has positively affected consumers in developing countries. The vendors are shifting their focus toward developing countries to boost their revenue and expand their consumer base as these devices have become affordable to price-sensitive consumers. Thus, the decline in ASP has increased the adoption of advanced wearables and has led to the generation of large volumes of digital health data.
“The decline in the prices of smart wearable devices will reduce the price of heart rate monitoring devices. This will increase the demand for such devices in developing countries such as India and China where the awareness about these products is high, but the affordability is low. Thus, the increased popularity of wearable devices to monitor health is an emerging trend, which is expected to drive the growth of the wearable devices market during the forecast period. This will fuel the demand for optical pulse sensors,” says a senior analyst at Technavio for research on sensors.
Global optical pulse sensor market segmentation
This market research report segments the global optical pulse sensor market into the following applications (smart bands, smartwatch, chest straps, and smart clothing) and key regions (the Americas, APAC, and EMEA).
In 2017, the smart bands segment dominated the market, contributing to a market share of more than 52%. This was due to the high number of shipments. As the demand for smartwatches and smart bands is increasing, the subsequent demand for optical pulse sensors that are integrated into these devices is also increasing.
The Americas held the largest share in the global optical pulse sensor market in 2017, accounting for a share of more than 46%. It was followed by APAC and EMEA. The Americas and APAC will account for more than three-fourths of the market during the forecast period because of the significant demand of wearable device OEMs.
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