Smart Pulse Oximeters Market Research, 2031
The global smart pulse oximeters market size was $1.6 billion in 2021, and is projected to reach $3.5 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031. Smart pulse oximeters are used to assess the oxygen level in patient’s body. The report includes revenue generated from the sales of the smart pulse oximeter devices. The different types of smart pulse oximeters include fingertip, handheld, wrist-worn, and pediatric pulse oximeters. A handheld smart pulse oximeter is majorly used in medical institutes and hospitals. It is more sophisticated compared to the traditional counterparts. The screen is not attached to the clip, instead a cable is used to attach the clip to the screen. Screen also displays other information related to diagnosis apart from oxygenated blood level. Infrared rays are used to measure the reading in this device.
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Growth of the global smart pulse oximeter industry is majorly driven by rise in prevalence of cardiovascular diseases & respiratory diseases , increase in demand for minimal invasive surgeries, and development of new smart pulse oximeter by large number of key players. According to the International Diabetes Federation, in 2021, approximately 537 million adults were living with diabetes. Total number of people living with diabetes is projected to rise to 643 million by 2045. Thus, rise in burden of diabetes increases the demand for portable monitoring devices, which is anticipated to foster smart pulse oximeters market growth. Furthermore, rise in geriatric population leading to various types of diseases and increase in the number of breathing disorders are additional factors that fuel the growth of the smart pulse oximeters market. Furthermore, technological innovations in smart pulse oximeters is expected to fuel the demand for global pulse oximeters market. In June 2021, DetelPro introduced the Oxy10 pulse oximeter. It is a small device which is attached onto fingertip and shows both oxygen saturation and pulse rate. Thus, increase in number of product approvals is anticipated to provide lucrative smart pulse oximeters market opportunity for expansion in the global market.
In addition, for instance, according to a global initiative for Chronic Obstructive Lung Disease report, in 2020, there were prevalence of chronic obstructive pulmonary disease with 11.8% in men and 8.5% in women. Thus, rise in number of chronic obstructive pulmonary disease drives the market growth.
The smart pulse oximeters market is segmented on the basis of type, end user, and region. By type, the market is categorized into fingertip, handheld, wrist-worn, and pediatric pulse oximeters. On the basis of end user, the market is divided into hospitals & clinics, ambulatory surgical centers, and home environment.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Segment Review
Depending on type, the fingertip segment held largest smart pulse oximeters market share in 2021, and this trend is expected to continue during the forecast period, owing to rise in adoption of fingertip oximeter devices during the COVID-19 pandemic for continuous patient monitoring. However, the wrist worn segment is expected to witness fastest growth during the forecast period, owing to its highly accurate readings, long-time durability, and reduction in difficulties associated with overnight oximeter studies. In addition, wrist-worn pulse oximeters allow patients to measure blood oxygen level and pulse rate without restricting their wrist movement.
Depending on end user, the hospitals and clinics segment dominated the market in 2021, and this trend is expected to continue during smart pulse oximeters market forecast period, owing to rise in number of surgeries and emergency room visits. However, the home environment segment is expected to witness considerable growth during the forecast period, owing to rise in awareness regarding self-monitoring in health management and availability of affordable smart pulse oximeters.
Region wise, North America garnered the major share in the smart pulse oximeter market in 2021, and is expected to continue to dominate during the forecast period, owing to increase in the product launches and surge in number of regulatory approvals. However, Asia-Pacific is expected to register highest CAGR of 9.5% from 2022 to 2031, owing to increase in incidence of respiratory diseases and surge in presence of advance healthcare infrastructure.
The key players that operate in the global smart pulse oximeter market include Contec Medical Systems Co. Ltd, Masimo Corporation, Meditech Equipment Co. Ltd., Medtronic Plc., Nonin Medical Inc., Omron Corporation, Koninklijke Philips N.V, Promed Technology Co.Ltd, Smith Group Plc, and Tenko Medical Systems.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart pulse oximeters market analysis from 2021 to 2031 to identify the prevailing smart pulse oximeters market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart pulse oximeters market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart pulse oximeters market trends, key players, market segments, application areas, and market growth strategies.
Smart Pulse Oximeters Market Report Highlights
Aspects | Details |
By Type |
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By End User |
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By Region |
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Key Market Players | Masimo Corporation, Nonin Medical Inc., Medtronic Plc., Contec Medical Systems Co. Ltd, Koninklijke Philips N.V, Omron Corporation, Smith Group Plc, Promed Technology Co.Ltd, Tenko Medical Systems, Meditech Equipment Co. Ltd. |
Analyst Review
This section provides the opinions of top-level CXOs of companies operating in the global smart pulse oximeters market. Based on the interviews conducted, smart pulse oximeters market has witnessed rapid growth in the recent years, owing to factors such as rise in incidence of chronic respiratory diseases and increase in awareness toward the development of pulse oximeters for personal use. The smart pulse oximeters market has piqued the interest of healthcare professionals, owing to perpetual technological advancement. In addition, these devices have helped physicians to determine the severity of diseases.
Furthermore, increase in geriatric population and rise in prevalence of respiratory ailments, such as chronic obstructive pulmonary disease(COPD) and sleep apnea, are expected to drive the pulse oximeters market. However, lack of awareness about these devices in developing economies is expected to hamper the market growth. Moreover, the adoption of smart pulse oximeter has increased in the recent years, towing to factors such as improvement in reimbursement scenario and high incidence of disorders, such as anemia, lung cancer, and pneumonia, which affect blood oxygen levels. According to the CXOs, these devices have high adoption rate in developed regions, owing to heavy expenditure by the government to improve healthcare and supportive reimbursement policies.
In addition, the market gains interest of healthcare companies, owing to focus on preventive facilities provided to patients who are undergoing critical treatment, which are more complex than other health conditions. This leads to increase in utilization of smart pulse oximeters, driving the growth of the market.
North America is expected to witness highest growth, in terms of revenue, owing to rise in geriatric population, presence of key players, and advancements in healthcare investments. Asia-Pacific is expected to register fastest CAGR during the forecast period, owing to increase in number of diseases such as asthma, diabetes, hypertension, and cardiac arrhythmia. However, trade restrictions across highly COVID-19 impacted countries are expected to hamper the market growth.
The smart pulse oximeters market was valued at $1,639.19 million in 2021 and is expected to reach $3,453.29 million by 2031.
Non-invasive monitoring blood oxygen level and heart rate of patients is the leading application of Smart Pulse Oximeters Market.
Advanced IT enabled features are trending in the global Smart Pulse Oximeters Market.
North America is the largest market for Smart Pulse Oximeters.
Top companies to hold the market share in Smart Pulse Oximeters Market include Contec Medical Systems Co. Ltd, Masimo Corporation, Meditech Equipment Co. Ltd., Medtronic Plc., Nonin Medical Inc., Omron Corporation, Koninklijke Philips N.V, Promed Technology Co.Ltd, Smith Group Plc, and Tenko Medical Systems.
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