Smart Pulse Oximeters Market is poised to grow at a CAGR of 7.3% during the forecast period, 2022- 2027.
The smart pulse oximeter market has been significantly impacted by the COVID-19. To check the hypoxia during COVID-19 the demand for pulse oximeters increased. According to the study title "Pulse Oximetry for Monitoring Patients with COVID-19 at Home Potential Pitfalls and Practical Guidance" published in the Annals of The American Thoracic Society, in September 2020, to reduce the risk of complications in COVID-19 patients who are not sick enough to require admission, monitor their arterial oxygenation at home with a pulse oximeter and seek medical attention if they show signs of hypoxemia. As a result, COVID-19 has a propelling impact on the smart pulse oximeter market.
The major factors for the growth of the smart pulse oximeters market include the rising cases of cardiovascular diseases and an increase in the geriatric population, and the growing demand for portable monitoring devices. According to the July 2021 update by the World Health Organization, cardiovascular diseases are the leading cause of death around the world that including diseases like coronary heart disease, cerebrovascular disease, rheumatic heart disease, congenital heart disease, and others. As per the same source, in 2019, 17.9 million people around the world died from cardiovascular diseases, which amounted to about 32% of all global deaths. This high prevalence of cardiovascular diseases and deaths associated with it are expected to drive demand for small pulse oximeters, which will expand the scope of the market studied and boost its market growth over the forecast period.
The geriatric population is expected to have a significant impact on the market studied as people aged above 65 are more prone to chronic diseases. According to the World Health Organization Facts of 2021, the proportion of the global population aged 60 and up will nearly double from 12% to 22% between 2015 and 2050. Furthermore, according to the World Health Organization, by 2030, 1 out of every 6 people on the planet will be 60 years old or older. The number of people aged 60 and up is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of people aged 60 and above will get double to reach 2.1 billion. Between 2020 and 2050, the number of people aged 80 and above is expected to triple, reaching 426 million.
Additionally product launches, merger and acquisition, partnership by the key market players anticipated the market growth over the forecast period. For instance, in June 021, DetelPro introduces the Oxy10 pulse oximeter. The DetelPro Oxy10 incorporates an LED display that allows users to quickly review the results. The pulse oximeter is small enough to attach onto a fingertip and shows both oxygen saturation and pulse rate. The usual range for oxygen saturation is 70-99 percent.
Thus, owing to the rising cases of cardiovascular diseases with geriatric population smart pulse oximeter market is expected to witness high demand over the forecast period.
A small pulse oximeter is a non-invasive medical device that uses spectrophotometry to determine the percentage of oxygenated hemoglobin pulsating through a network of blood capillaries via a sensor typically attached to a finger, toe, or earlobe to measure the oxygen saturation of circulating arterial blood in an individual.
The finger pulse oximeters are expected to hold the largest market share owing to the extensive features associated with the devices. Furthermore, with the rising technological advancement and portability of the devices, the market is expected to witness high growth. Also, the availability of cost-effective pulse oximeters is expected to increase their adoption in the market. The finger pulse oximeter offers fast, accurate readings of blood oxygen saturation and pulse rate.
Additionally, the product launches and approval from the Food and Drug Administration anticipated market growth over the forecast period. For instance, in January 2019, Masimo Corporation announced Food and Drug Administration clearance of the measurement of respiration rate from the pleth (RRp) on the MightySat Rx spot-check fingertip pulse oximeter. Similarly, in January 2021, Tyto Care has launched its United States Food and Drug Administration (FDA)-cleared fingertip Pulse Oximeter (SpO2) medical device for checking blood oxygen saturation levels and heart rate remotely.
Thus, owing to the all above-mentioned factors the market is expected to witness high growth.
The smart pulse oximeter market has been positively impacted by the COVID-19 due to the rise in demand for smart pulse oximeters to monitor the COVID-19 patients in the United States. For instance, according to the study titled "Pulse Oximetry for Monitoring Patients with COVID-19 at Home. Potential Pitfalls and Practical Guidance" published in the Annals of American Thoracic Society in September 2021, during the ongoing coronavirus illness (COVID-19) pandemic, reports on social media and in the lay press indicate that a subset of patients is presenting with severe hypoxia without dyspnea, a condition dubbed "silent hypoxemia" by some. One proposed option to reduce the risk of problems in such individuals is to have those diagnosed with COVID-19 but not unwell enough to require admission monitor their arterial oxygenation at home using pulse oximetry and present for care if they show signs of hypoxemia.
The United States is expected to be the large smart pulse oximeters market owing to the presence of better healthcare infrastructure and the presence of major market players. According to the American Heart Association, statistics published in January 2019, the prevalence of cardiac diseases is expected to boost the growth of the market. Additionally, according to the Centres for Disease Control and Prevention (CDC) in September 2020, heart disease is the leading cause of death in the United States. Every year about 805,000 Americans have a heart attack. Thus increasing the prevalence of cardiovascular diseases the demand for pulse oximeters is expected to increase thereby boosting the market.
Moreover, as the number of the geriatric population in the United States is increasing, there is an increasing need arises for cardiovascular devices. According to the Administration of Community Living’s 2020 Profile of Older Americans, published in May 2021, reports that in 2019, in the United States there are about 54.1 million population of age 65 years or above and count will become 94.7 million by 2060. Since burden of heart failures in the country is also increasing with the increase in older age population it is driving the need for the pulse oximeter devices thus, boosting the market.
Thus, owing to the growing burden of the heart diseases contributed majorly by sedentary lifestyle and increasing geriatric population in the United States the studied market is expected to witness lucrative growth over the forecast period.
The market studied is a fragmented market owing to the presence of various market players. The market players are focusing on the R&D to develop new and efficient products in the market. Some of the market players are Contec Medical Systems Co., Ltd., GE Healthcare, Halma plc, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., Omron Corporation, and Smiths Group plc.
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The smart pulse oximeter market has been significantly impacted by the COVID-19. To check the hypoxia during COVID-19 the demand for pulse oximeters increased. According to the study title "Pulse Oximetry for Monitoring Patients with COVID-19 at Home Potential Pitfalls and Practical Guidance" published in the Annals of The American Thoracic Society, in September 2020, to reduce the risk of complications in COVID-19 patients who are not sick enough to require admission, monitor their arterial oxygenation at home with a pulse oximeter and seek medical attention if they show signs of hypoxemia. As a result, COVID-19 has a propelling impact on the smart pulse oximeter market.
The major factors for the growth of the smart pulse oximeters market include the rising cases of cardiovascular diseases and an increase in the geriatric population, and the growing demand for portable monitoring devices. According to the July 2021 update by the World Health Organization, cardiovascular diseases are the leading cause of death around the world that including diseases like coronary heart disease, cerebrovascular disease, rheumatic heart disease, congenital heart disease, and others. As per the same source, in 2019, 17.9 million people around the world died from cardiovascular diseases, which amounted to about 32% of all global deaths. This high prevalence of cardiovascular diseases and deaths associated with it are expected to drive demand for small pulse oximeters, which will expand the scope of the market studied and boost its market growth over the forecast period.
The geriatric population is expected to have a significant impact on the market studied as people aged above 65 are more prone to chronic diseases. According to the World Health Organization Facts of 2021, the proportion of the global population aged 60 and up will nearly double from 12% to 22% between 2015 and 2050. Furthermore, according to the World Health Organization, by 2030, 1 out of every 6 people on the planet will be 60 years old or older. The number of people aged 60 and up is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. By 2050, the global population of people aged 60 and above will get double to reach 2.1 billion. Between 2020 and 2050, the number of people aged 80 and above is expected to triple, reaching 426 million.
Additionally product launches, merger and acquisition, partnership by the key market players anticipated the market growth over the forecast period. For instance, in June 021, DetelPro introduces the Oxy10 pulse oximeter. The DetelPro Oxy10 incorporates an LED display that allows users to quickly review the results. The pulse oximeter is small enough to attach onto a fingertip and shows both oxygen saturation and pulse rate. The usual range for oxygen saturation is 70-99 percent.
Thus, owing to the rising cases of cardiovascular diseases with geriatric population smart pulse oximeter market is expected to witness high demand over the forecast period.
Key Market Trends
Finger Pulse Oximeter Segment is Expected To Hold Large Market Share Over the Forecast Period
A small pulse oximeter is a non-invasive medical device that uses spectrophotometry to determine the percentage of oxygenated hemoglobin pulsating through a network of blood capillaries via a sensor typically attached to a finger, toe, or earlobe to measure the oxygen saturation of circulating arterial blood in an individual.
The finger pulse oximeters are expected to hold the largest market share owing to the extensive features associated with the devices. Furthermore, with the rising technological advancement and portability of the devices, the market is expected to witness high growth. Also, the availability of cost-effective pulse oximeters is expected to increase their adoption in the market. The finger pulse oximeter offers fast, accurate readings of blood oxygen saturation and pulse rate.
Additionally, the product launches and approval from the Food and Drug Administration anticipated market growth over the forecast period. For instance, in January 2019, Masimo Corporation announced Food and Drug Administration clearance of the measurement of respiration rate from the pleth (RRp) on the MightySat Rx spot-check fingertip pulse oximeter. Similarly, in January 2021, Tyto Care has launched its United States Food and Drug Administration (FDA)-cleared fingertip Pulse Oximeter (SpO2) medical device for checking blood oxygen saturation levels and heart rate remotely.
Thus, owing to the all above-mentioned factors the market is expected to witness high growth.
North America is Expected to Hold Major Market Share Over the Forecast Period
The smart pulse oximeter market has been positively impacted by the COVID-19 due to the rise in demand for smart pulse oximeters to monitor the COVID-19 patients in the United States. For instance, according to the study titled "Pulse Oximetry for Monitoring Patients with COVID-19 at Home. Potential Pitfalls and Practical Guidance" published in the Annals of American Thoracic Society in September 2021, during the ongoing coronavirus illness (COVID-19) pandemic, reports on social media and in the lay press indicate that a subset of patients is presenting with severe hypoxia without dyspnea, a condition dubbed "silent hypoxemia" by some. One proposed option to reduce the risk of problems in such individuals is to have those diagnosed with COVID-19 but not unwell enough to require admission monitor their arterial oxygenation at home using pulse oximetry and present for care if they show signs of hypoxemia.
The United States is expected to be the large smart pulse oximeters market owing to the presence of better healthcare infrastructure and the presence of major market players. According to the American Heart Association, statistics published in January 2019, the prevalence of cardiac diseases is expected to boost the growth of the market. Additionally, according to the Centres for Disease Control and Prevention (CDC) in September 2020, heart disease is the leading cause of death in the United States. Every year about 805,000 Americans have a heart attack. Thus increasing the prevalence of cardiovascular diseases the demand for pulse oximeters is expected to increase thereby boosting the market.
Moreover, as the number of the geriatric population in the United States is increasing, there is an increasing need arises for cardiovascular devices. According to the Administration of Community Living’s 2020 Profile of Older Americans, published in May 2021, reports that in 2019, in the United States there are about 54.1 million population of age 65 years or above and count will become 94.7 million by 2060. Since burden of heart failures in the country is also increasing with the increase in older age population it is driving the need for the pulse oximeter devices thus, boosting the market.
Thus, owing to the growing burden of the heart diseases contributed majorly by sedentary lifestyle and increasing geriatric population in the United States the studied market is expected to witness lucrative growth over the forecast period.
Competitive Landscape
The market studied is a fragmented market owing to the presence of various market players. The market players are focusing on the R&D to develop new and efficient products in the market. Some of the market players are Contec Medical Systems Co., Ltd., GE Healthcare, Halma plc, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., Omron Corporation, and Smiths Group plc.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD million)
6 COMPETITIVE LANDSCAPE
Companies Mentioned
A selection of companies mentioned in this report includes:
- Contec Medical Systems Co., Ltd.
- GE Healthcare
- Halma plc
- Koninklijke Philips N.V.
- Masimo Corporation
- Medtronic plc
- Nihon Kohden Corporation
- Nonin Medical, Inc.
- Omron Corporation
- ICU Medical (Smiths Group plc.)
- iHealth Labs Inc
- Indiegogo, Inc.,
Methodology
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