Smart Pulse Oximeters Market Size Projected To Reach USD 3.6 Billion By 2032, Growing At A CAGR Of 7.3% - Research By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) The Smart Pulse Oximeters market growth is driven by advancements in healthcare technology, growing demand for remote patient monitoring, and increasing awareness about the management of chronic diseases.

Pune, Dec. 19, 2024 (GLOBE NEWSWIRE) -- Smart Pulse Oximeters Market Size Analysis:

“According to SNS Insider, the Smart Pulse Oximeters Market was valued at USD 1.9 billion in 2023 and is expected to achieve a market size of USD 3.6 billion by 2032, growing at a CAGR of 7.3% during the forecast period 2024-2032.”

Smart Pulse Oximeters Market Growth Outlook

The smart pulse oximeters market is experiencing significant growth due to the rising demand for non-invasive and real-time monitoring of oxygen saturation levels. The integration of advanced sensors and IoT technology in these devices has enabled enhanced data accuracy and connectivity, catering to the growing need for telemedicine solutions. Governments and healthcare organizations worldwide are prioritizing remote healthcare monitoring to address challenges posed by aging populations and the increasing prevalence of respiratory and cardiovascular diseases. For instance, a 2024 report by the World Health Organization (WHO) highlights that chronic respiratory diseases affect approximately 545 million people globally, with an annual increase of 3%. The report underscores the role of smart pulse oximeters in the early detection and management of such conditions, reducing hospital admissions and improving patient outcomes. Additionally, the U.S. Centers for Medicare & Medicaid Services (CMS) announced new reimbursement policies for remote patient monitoring devices, including smart pulse oximeters, in 2023, further propelling market adoption.

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The increasing adoption of wearable health technologies has also contributed to the market's expansion. According to a 2023 survey by the American Telemedicine Association, 70% of healthcare providers now incorporate smart pulse oximeters into their telemedicine offerings, emphasizing their reliability and ease of use. Governments and healthcare organizations worldwide are emphasizing the importance of home-based monitoring solutions. For instance, the U.S. Centers for Disease Control and Prevention (CDC) reported in 2023 that over 35 million adults suffer from chronic respiratory diseases in the United States, highlighting the growing need for continuous oxygen level monitoring. Similarly, the European Respiratory Society noted a 20% increase in chronic lung disease cases across Europe between 2018 and 2023, emphasizing the role of smart pulse oximeters in enhancing patient outcomes.

Major Players Analysis Listed in this Report are:

• Masimo Corporation
• Medtronic plc
• Nonin Medical Inc.
• Koninklijke Philips N.V.
• Beurer GmbH
• Omron Healthcare Inc.
• GE Healthcare
• Welch Allyn (Hillrom)
• ResMed Inc.
• ChoiceMMed

Smart Pulse Oximeters Market Report Scope:

Report Attributes	Details
Market Size in 2023	US$ 1.9 billion
Market Size by 2032	US$ 3.6 billion
CAGR	CAGR of 7.3% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Segment Analysis

By Type

The fingertip segment accounted for the largest market share, at 36%, in 2023. Fingertip pulse oximeters are widely used due to their portability, affordability, and ease of operation, making them popular among both healthcare providers and individual consumers. Technological advancements, such as Bluetooth connectivity and app integration, have further enhanced the usability of fingertip devices.

By End User

Hospitals and clinics dominated the market in 2023 and held the largest share. The high adoption rate of smart pulse oximeters in these settings can be attributed to their critical role in monitoring patients during surgeries, post-operative care, and managing chronic conditions like COPD and asthma. Additionally, the increasing emphasis on patient safety and real-time data monitoring in hospital settings has boosted demand for advanced smart pulse oximeters.

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Smart Pulse Oximeters Market Key Segmentation:

By Product Type

• Finger Pulse Oximeters
  • Ring Type
  • Non-ring Type
• Handheld Pulse Oximeters
• Wrist Pulse Oximeters
• Pediatric Pulse Oximeters

By End User

• Hospitals & Clinics
• Ambulatory Surgical Centers
• Home Care Setting

Regional Analysis

North America led the smart pulse oximeters market in 2023, accounted a 39% revenue share. The region's dominance is driven by robust healthcare infrastructure, widespread adoption of advanced medical technologies, and supportive government policies. For example, in 2023, the U.S. Department of Health and Human Services allocated over USD 700 million to promote the development and deployment of telehealth solutions, including smart pulse oximeters. The aging population and increasing prevalence of chronic diseases, such as heart failure and respiratory disorders, are further propelling market growth.

Asia-Pacific is emerging as the fastest-growing market for smart pulse oximeters. Factors such as improving healthcare infrastructure, rising disposable incomes, and growing government initiatives to promote digital health are driving growth in this region. According to the Asian Development Bank, healthcare spending in Asia-Pacific is expected to rise by 45% by 2025. Countries like India and China are witnessing significant investments in telemedicine and wearable health technologies. For instance, India's National Digital Health Mission aims to create a unified digital health ecosystem, accelerating the adoption of smart medical devices, including pulse oximeters.

Recent Developments

• In February 2024, Masimo Corporation launched the“Masimo W1”, a wearable smart pulse oximeter equipped with advanced AI algorithms to provide continuous and accurate oxygen saturation and pulse rate monitoring. The device is designed to seamlessly integrate with telemedicine platforms, enhancing remote patient care.
• In December 2023, Nonin Medical introduced a new range of portable fingertip pulse oximeters with extended battery life and improved sensor technology for higher accuracy. These devices are specifically tailored for use in extreme environments, making them suitable for emergency responders and outdoor enthusiasts.

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Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Incidence and Prevalence (2023)

5.2 Prescription Trends, (2023), by Region

5.3 Device Volume, by Region (2020-2032)

5.4 Healthcare Spending, by region, (Government, Commercial, Private, Out-of-Pocket), 2023

6. Competitive Landscape

7. Smart Pulse Oximeters Market Segmentation, by Product Type

8. Smart Pulse Oximeters Market Segmentation, by End User

9. Regional Analysis

10. Company Profiles

11. Use Cases and Best Practices

12. Conclusion

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