Global Optical Pulse Sensor Market - Segmented by Sensor Type (Fiber Optics, Image Sensor, Position Sensor), Application (Smart Bands, Smart Watch, Chest Straps), and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global optical pulse sensor market is projected to grow at a CAGR of 12.12% during the forecast period (2018 - 2023).
The scope of the report includes insights several sensor types offered by major players. The application segment includes smart bands, chest straps, and others. The regions included in this study are North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Rising Adoption of Wearable Devices
The introduction of “wearables 2.0,” the second-generation of products impacts the rapid growth of wearables market. Meanwhile, wearable medical devices, such as electronic cardiogram skin patches, glucose monitors with “smart” alarms, and vital signs sensors, are gaining control across the globe, transforming healthcare, by facilitating personalization and convenience. The growth in wearable medical devices has increased considerably in the US. The market for these devices is beginning to change healthcare in Asia, particularly countries, like Japan, China, and India.
Smart Bands to Occupy Significant Market Share
The smart band market is an emerging key technology market, as vendors are introducing products at competitive prices. The market penetration of wearable technologies, like smart bands, was low due to high prices and low awareness about their potential benefits. The smart band market in APAC is expanding due to the proliferation of low-cost smart bands in this region and a decline in their ASP. Increasing disposable incomes and internet penetration are encouraging smart band vendors to tap into the growth potential of the market in the region.
Growth in Fiber Optic Sensors Segment to Drive the Market
Optical fibers have seen significant in-roads across various sensor applications, because of their small size and the ability to transmit huge amounts of data, by consuming only a minimal or low electrical power for signal transmission. One of the key features of fiber optic sensors is that they do not face any interruption from electromagnetic waves and do not conduct electricity.Major Players : MAXIM INTEGRATED, OSRAM LICHT AG, ROHM, DIGI-KEY, SILICON LABORATORIES INC., VALENCELL, ON SEMICONDUCTOR, MICROCHIP TECHNOLOGY INC., DYNN IMAGE CORPORATION, amongst others.
Key Developments in the Market