The latest trend gaining momentum in the market is the growing popularity of diagnostic wearable devices. Diagnostic wearable medical devices play a significant role in monitoring a range of medical conditions including hypertension, blood glucose levels, heart rate, body temperature, and sleep patterns.
Advances in some diagnostic wearable medical devices have led to an increased number of individuals using these devices.
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The analysts forecast global optical pulse sensors market to grow at a CAGR of 11.28% during the period 2018-2022.
Major key players in the global optical pulse sensor market: Maxim Integrated products, OSRAM Licht Group, and ROHM.
According to the report, one of the major drivers for this market is the rising adoption of wearable devices. The smart bands market in APAC is witnessing considerable growth due to the proliferation of low-cost smart bands in this region and a decline in their ASPs.
Owing to the increase in disposable incomes and internet penetration, smart band vendors are focusing on tapping the growth potential of the market in this region and they have adopted online and offline channels to enter APAC.
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Further, the report states that one of the major factors hindering the growth of this market is the growing design constraints of wearable devices. Wearable devices face design constraints, which could hamper the growth of the market.
Most of the existing gadgets are focused on technology and have several design constraints related to issues associated with the physical shape, size, and weight of a diagnostic wearable device and its ergonomics. This will negatively impact the adoption of wearable devices, in turn, challenging the demand for optical pulse sensors.
Market driver: Rising adoption of wearable devices
Market challenge: Growing design constraints of wearable devices
Market trend: Increasing popularity of diagnostic wearable devices
Key questions answered in this optical pulse sensors market report:
- What will the market size be in 2022 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?