The smart pulse oximeters market is seeing a surge because of the fast reception of distant patient observing. With the rising accentuation on telehealth and locally situated healthcare arrangements, smart pulse oximeters furnish people and healthcare experts with real-time checking of oxygen immersion levels and pulse rates, upgrading the management of different health conditions.
Smart pulse oximeters are progressively being utilized in ongoing illness management, especially in conditions like constant obstructive aspiratory disorder (COPD), asthma, and cardiovascular breakdown. Patients can screen their oxygen levels at home, empowering timely intercessions and diminishing the requirement for regular medical clinic visits.
Joining with health applications and digital health platforms is a critical pattern in the smart pulse oximeters market. This connectivity permits clients to store and examine their oxygen immersion data over the long haul, working with better following of health measurements and empowering healthcare suppliers to offer customized direction.
The developing spotlight on private health and wellbeing is driving shoppers to embrace smart pulse oximeters as a component of their everyday health checking schedule. These gadgets give significant bits of knowledge into in general prosperity and act as proactive devices for distinguishing potential health issues before they raise.
Makers are focusing in on planning conservative and compact smart pulse oximeters, improving their comfort and ease of use. The accentuation on easy to understand and travel-accommodating gadgets is taking special care of the requirements of people and the individuals who need to screen their health in different settings.
The maturing worldwide populace is adding to the expanded interest for smart pulse oximeters. As older people are more inclined to respiratory issues and constant circumstances, the requirement for nonstop checking of oxygen levels becomes significant, driving the reception of these gadgets.
The development of telehealth administrations and the execution of remote checking programs by healthcare suppliers are energizing the interest for smart pulse oximeters. These gadgets assume a critical part in supporting virtual healthcare drives, empowering healthcare experts to screen patients with respiratory circumstances from a distance.
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
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