The smart pulse oximeters market is encountering dynamic development inside the healthcare innovation area, offering imaginative answers for checking oxygen immersion levels and pulse rates. These conservative gadgets have acquired notoriety for their convenience and capacity to give real-time health data, making them significant instruments for both healthcare experts and people checking their health parameters.
Market elements are impacted by a worldwide pattern towards expanded health cognizance. Smart pulse oximeters take special care of people looking for proactive health observing, permitting them to follow crucial signs advantageously at home. This rising attention to preventive healthcare adds to the developing interest for these smart gadgets.
The shift towards distant patient observing, particularly following the Coronavirus pandemic, has helped the interest for smart pulse oximeters. Healthcare suppliers use these gadgets to screen patients' oxygen levels from a distance, empowering timely intercessions and diminishing the weight on healthcare offices. This application is a vital driver of market development.
The rising commonness of respiratory circumstances, like asthma and constant obstructive respiratory disorder (COPD), drives the market for smart pulse oximeters. People with respiratory issues benefit from customary observing of oxygen immersion levels, considering early recognition of likely intricacies and informed independent direction in regards to their health.
The developing pattern of home healthcare is a huge supporter of the market elements. Smart pulse oximeters enable people to play a functioning job in dealing with their health from the solace of their homes. This shift lines up with the more extensive development towards decentralized healthcare and patient-driven approaches.
The mix of smart pulse oximeters with wearable gadgets further extends their market reach. Smartwatches and health trackers equipped with oximetry capacities give clients an all-encompassing health observing experience. This assembly of advances improves the general utility of smart pulse oximeters in the customer gadgets market.
The Smart Pulse Oximeters Market Size was valued at USD 2.07 Billion in 2023. The Global Smart Pulse Oximeters industry is projected to grow from USD 2.23 Billion in 2024 to USD 4.10 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.11% during the forecast period (2024 - 2032). The several factors boosting the market growth include the increasing prevalence of chronic diseases and lifestyle-related diseases and the growing demand for wearable devices.
Chronic diseases are a leading cause of hospitalization globally. Increasing lifestyle-related diseases, like high tobacco smoking and alcohol consumption, severely affect health. Chronic diseases such as heart disease, stroke, cancer, and respiratory disease along with the ongoing coronavirus (COVID-19) account for a substantial global disease burden. The Center for Disease Control (CDC) in 2019 states that six in ten adults suffer from chronic disease while four in ten suffer from more than two chronic diseases.
Moreover, the increasing cases of COVID-19 also have a significant impact on the growth of the smart pulse oximeters market. In addition, the increasing population of critically ill geriatric population need to be periodically monitored, and their loved ones need to be informed about their health status from time to time. Therefore, the rising geriatric population and increasing prevalence of chronic diseases and lifestyle-related diseases demand effective smart pulse oximeters. Thus, all these factors are anticipated to propel the growth of the market.
The Smart Pulse Oximeters Market segmentation, based on product type, includes fingertip, hand-held, and wrist worn. The fingertip segment held the largest market in 2021, and hand-held expected to register the highest CAGR from 2024 to 2032. Fingertip pulse oximeters are compact devices designed for spot checks. They are more compact, less expensive, and easier to use. These have been found to be majorly effective for Cardiovascular Diseases (CVD), sleep apnea, infants, and heavy snoring. Furthermore, several studies show that since the beginning of the COVID-19 pandemic, the use of fingertip pulse oximeters has increased, and health officials recommend having OTC fingertip pulse oximeters at home. Therefore, cost-effectiveness and high accuracy in remote check-ups are fueling segment growth.
November 2021 Masimo (US), launched Dual SET Pulse Oximetry for Root, a highly versatile patient monitoring and connectivity hub.
The Smart Pulse Oximeters Market data has been segmented, based on application, sleep diagnostics, remote patient care, long-term care, acute care, and respiratory. The acute care segment held the largest market share in 2021, and remote patient care segment is expected to be the fastest-growing segment during the forecast period of 2022-2030. Obstructive Sleep Apnea (OSA) is a type of common disorder whose prevalence has been increasing due to factors such as cardiovascular diseases, hypertension, stroke, hormone abnormalities, and cardiac arrhythmias. According to the Sleep Foundation, 10% to 30% of Americans have OSA. Another sleep-associated disease is Central Sleep Apnea (CSA), which accounts for a lower percentage than OSA globally. Hence, the high prevalence of sleep disorders due to other diseases are further creating opportunities, fueling segment growth.
Figure 2 Smart Pulse Oximeters Market, by Application, 2021 & 2030 (USD Billion)Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on end user, the global smart pulse oximeters industry has been segmented into the hospitals and clinics, ambulatory surgical center, and homecare. The hospitals & clinics segment held the largest market share in 2021, and homecare segment is expected to be the fastest-growing segment during the forecast period of 2024-2032. In hospitals and clinics, smart pulse oximeters have been widely used to take instant decisions and for treatment planning. It has been used tremendously in developed countries in pre-hospital, hospital settings and has become an important part of standard care. The pulse oximeter is used in different clinical areas, including intensive care, anesthesia, respiratory medicine, emergency care, and pediatrics in hospitals and clinics. Hence, the wide range of use of smart pulse oximeters in hospitals and clinics is propelling the segment's growth.
By Region, the study segments the market into North America, Europe, Asia-Pacific, and Rest of the World. North America smart pulse oximeters market accounted for the largest market share in 2021, due to the well-established healthcare system, the high adoption rate of smart medical devices, and the presence of a large number of medical device companies.
Further, the major countries studied are The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3 SMART PULSE OXIMETERS MARKET SHARE BY REGION, 2021 & 2030Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe smart pulse oximeters market is driven by rising R&D expenditure by medical device companies and increased R&D investment. The presence of key market players also contributes significantly to market growth. Furthermore, the Germany smart pulse oximeters market held the largest market share, and the UK smart pulse oximeters market was the second largest to hold the market share in the Europe region.
The Asia-Pacific smart pulse oximeters market is expected to be the fastest-growing, owing to rapidly expanding and improving healthcare infrastructure, rising demand for smart medical devices, and rising oximeter awareness. Moreover, China smart pulse oximeters market held the largest market share, and the Japan smart pulse oximeters market was the fastest growing market in the Asia-Pacific region.
Major market players are spending a lot of money on R&D to increase their product lines, which will help the smart pulse oximeters market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the smart pulse oximeters industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
Medtronic plc (Ireland) is a global healthcare solutions company committed to improving people's lives through medical technologies, services, and solutions. With Covidien (Ireland), the company has accelerated and advanced its ability to create meaningful innovations for hospitals, health systems, and healthcare providers to deliver the best care possible to patients and their families worldwide. In August 2022, the company announced a strategic partnership with BioIntelliSense (US) for exclusive US distribution of multi-parameter BioButton wearable for continuous remote patient monitoring from in-hospital to home. The partnership enables the Medtronic Patient Monitoring business to offer access to a medical grade device.
Key Companies in the Smart Pulse Oximeters Market Includes
Smart Pulse Oximeters Industry Developments
September 2021 Masimo (US), launched Rainbow Super Sensor for single-patient applications. It works with Masimo monitors as well as those from other manufacturers that contain the Masimo rainbow technology.
May 2020 Koninklijke Philips N.V. (Netherlands) partnered with Masimo. (US) to bring measurement technologies to patient monitors and integrate the latter’s additional measurement technologies into a few of its IntelliVue MX-series multiparameter monitors to help assess cerebral oximetry and ventilation status.
North America
Europe
Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)