Market Challenges And Opportunities

Global Photoplethysmography (PPG) Biosensors Market - Impact of the Coronavirus (COVID-19) Pandemic

Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 195 million cases and 4.19 million deaths due to coronavirus disease (COVID-19) were reported till July 29, 2021, across the globe.

Impact of COVID-19 on Demand and Supply of Photoplethysmography (PPG) Biosensors

The COVID-19 pandemic and lockdown in various countries across the globe have impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Many countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.

However, the COVID-19 pandemic has highlighted the importance of harnessing and leveraging our digital infrastructure for remote patient monitoring. Thus, impact of the coronavirus (COVID-19) pandemic is expected to boost the growth of the global photoplethysmography (PPG) biosensors market during the forecast period. For instance, a review article published in the journal Frontiers in Digital Health on June 2020, states that COVID-19, like other viral illnesses, is associated with a number of physiological changes that can be tracked with wearable sensors. Many heart rhythm metrics, such as heart rate (HR), heart rate variability (HRV), resting heart rate (RHR), and respiration rate (RR), could be used as potential markers of COVID-19 infection. Electrocardiograms (ECGs) and photoplethysmography (PPGs) are commonly used to monitor cardiac function in wearable technology. PPG can be measured continuously in a variety of body parts including the wrist, fingertips, earlobes, torso, and others. In this regard, PPG is more adaptable and can be used in a wider range of forms such as watches and ear buds.

The emerging prevalence of cardiovascular diseases is the major factor that is expected to drive the growth of global photoplethysmography (PPG) biosensors market over the forecast period.

The increasing cases of cardiovascular diseases is expected to bolster the growth of global photoplethysmography (PPG) biosensors market. For instance, according to World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death throughout the world. In 2019, an estimated 17.9 million people died from CVDs worldwide, accounting for 32% of all global deaths. 85 % of these deaths were caused by a heart attack or a stroke.

Increasing number of clinical trials of pulse oximeters is expected to aid in the growth of the global photoplethysmography (PPG) biosensors market over the forecast period. For instance, on February 9, 2021, Medtronic plc, the world's leading medical technology company, announced the findings of an independent, prospective observational study comparing the efficacy and reliability of two pulse oximeters- the Bedside SpO2 Patient Monitoring System and the Masimo Radical-7 Pulse CO-Oximeter, both set to the highest sensitivity, with electrocardiography (ECG) monitoring following the Caesarean section delivery of 60 newborns.

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