LONDON--(BUSINESS WIRE)--The optical pulse sensor market is expected to grow by USD 1.36 billion during 2020-2024, expanding at a CAGR of almost 14%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Optical Pulse Sensor Market: Rising adoption of wearable devices to drive growth
Rising disposable income and rapid internet penetration have increased the adoption of smartphones worldwide. Besides, the proliferation of low-cost smartphones, especially in emerging markets and the steady decline in their ASPs has further increased the sale of smartphones. This is encouraging wearable device manufacturers to introduce a wide range of smartwatches, smart bands, and chest straps to capture the market share. These devices enable users to listen to music, play virtual games, and access social networking websites. Also, they are backed with optical pulse sensors that enable users to monitor daily fitness and health activities. Therefore, the rising adoption of wearables will fuel the growth of the global optical pulse sensor market during the forecast period.
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As per Technavio, the increased awareness for health and fitness will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Optical Pulse Sensor Market: Increased Awareness for Health and Fitness
The rising awareness about the benefits of healthy lifestyle is encouraging people to adopt better food habits and regular exercise routines. This has increased the demand for fitness tracking equipment such as heart rate monitors that help to improve the quality of workouts. For example, heart rate monitors help individuals avoid exceeding their target heart rate, which otherwise could lead to dehydration, dizziness, and fainting. With the rising adoption of heart rate monitors, the demand for optical pulse sensors will increase during the forecast period.
“Increased preference for self-care monitoring devices and the rise in chronic diseases will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Optical Pulse Sensor Market: Segmentation Analysis
This market research report segments the optical pulse sensor market by Application (Smart bands, Smartwatch, Chest straps, and Smart clothing) and Geography (North America, APAC, Europe, South America, and MEA).
The smart bands segment dominated the global optical pulse sensor market in 2019. The average selling price of smart bands is lower compared to smartwatches and smart clothing. This coupled with the health monitoring capabilities of smart bands is fueling the growth of the segment.
The North American region led the optical pulse sensor market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the presence of major end-users such as Fitbit and Apple in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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