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The smart pulse oximeters market size was $1.6 billion in 2021, and is estimated to reach $3.5 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
PORTLAND, OREGON, UNITED STATES, August 25, 2022 /EINPresswire.com / -- Allied Market Research recently published a report, titled, 'Smart Pulse Oximeters Market by Type (Fingertip Pulse Oximeter, Hand held Pulse Oximeter, Wrist worn Pulse Oximeter, pediatric Pulse Oximeter), by End User (Hospitals and Clinics, Ambulatory Surgical Centers, Home Environment): Global Opportunity Analysis and industry Forecast, 2021-2031'. As per the report, the global smart pulse oximeters markets size accounted for $1.6 billion in 2021, and is expected to reach $3.5 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
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Smart pulse oximeters deal in the measurement of vital health parameters, such as respiratory rate, heart rate, and pulse rate. These are used to monitor a patient's status prior to or during diagnosis of health condition. They are used in medical settings, home, or at the site of medical emergency.
Rise in cases of respiratory diseases such as chronic obstructive pulmonary diseases (COPD), asthma, pneumonia drive demand for smart pulse oximeter industry. Furthermore, technologically advancement will be a key smart pulse oximeters market trends in the upcoming years. Nonin Medical Inc. offers NoninConnect, a Bluetooth-enabled wireless finger pulse oximeter, which can be used by athletes, pilots, and quantified-self trackers for measuring arterial blood oxygen saturation and pulse rate. The device possesses advanced features such as pairing ability with Bluetooth-enabled mobile devices and use of Nonin correct check finger placement technology for alerting users about proper finger placement. Thus, the market is expected to witness dynamic growth with the advent of these technologically advanced products. However, low awareness about these products in low and middle income countries hamper the growth of the global smart pulse oximeters market.
Major market players -
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.
Tenko Medical Systems
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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.
The home environment segment to manifest the highest CAGR through 2030
By end user, the home environment segment is projected to register the highest CAGR of 8.7% during the forecast period, owing to rise in easy availability of affordable smart pulse oximeters. However, the hospitals and clinics segment held the largest share in 2020, contributing to more than two-thirds of the global smart pulse oximeters market, due to surge in number of surgeries and emergency room visits.
North America held the largest share
By region, the market across North America held the largest share in 2020, accounting for around two-fifths of the global smart pulse oximeters market, due to rise in product launches and increase in number of regulatory approvals. However, market across Asia-Pacific is expected to showcase the highest CAGR of 9.4% during the forecast period, owing to surge in incidence of respiratory diseases and increase in presence of advance healthcare infrastructure.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of 'Market Research Reports' and 'Business Intelligence Solutions.' AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Analytics LLP
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