- The rise in the use of diagnostic wearable medical devices for regular personal health monitoring is expected to drive the optical pulse sensor market.

- Advancements in some diagnostic wearable medical devices 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 rising demand in the market.

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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 actuators 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 became mainstream, with continuous additions of new functions. However, the limited battery capacity makes it necessary to reduce power consumption as much as possible, in order to prolong operating time.

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 have high blood pressure. Furthermore, nearly 600,000 deaths occur every year in the United States, 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 an increase in the incidences of chronic diseases among people of all ages, prevalence of heart and respiratory disorders, and a rise in premature births. The increasing need for continuous diagnosis and growing awareness among the general population may drive the market. New advances in technology, approval for new products by the US FDA, and subsequent product launches are driving the optical pulse sensors market.

Competitive Landscape

The optical pulse sensor 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 growth in technological innovation across the wearables segment, most of the companies are increasing their market presence by securing new contracts and tapping into new markets.

- 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.

- 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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