The smart pulse oximeters market was valued at $1,639.19 million in 2021 and is expected to reach $3,453.29 million by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
Smart pulse oximeter is a non-invasive device used for monitoring oxygen level and heart rate of patients. These devices offer clinically relevant information regarding the health status of patients during diagnosis and post-surgery management. This information plays a vital role in deciding if a patient needs to be kept on a ventilator. Smart pulse oximeters are used during emergencies, pre-and post-surgery, on-going treatment at hospitals, and home healthcare. These devices are useful for people suffering from chronic obstructive pulmonary disease(COPD), asthma, and other respiratory conditions.
Increase in importance of oxygen level monitoring at home care settings and improvement in reimbursement scenario of developed countries, are factors responsible for the growth of the smart pulse oximeters market. In addition, upsurge in geriatric population and rise in chronic health conditions including COPD, and sleep apnea, have fueled the growth of smart pulse oximeters market. Moreover, increase in use of smart pulse oximeters for fitness monitoring and rise in ambulatory surgery centers across various countries that use monitoring devices routinely have fueled the market growth. In addition, increase in prevalence of diseases such as hypertension, asthma, diabetes, and cardiac arrhythmia has significantly uplifted the global demand for smart pulse oximeters. According to the World health Organization, 64 million patients are currently suffering with COPD and is expected to be the major driver for the smart pulse oximeter market during forecast period. Increase in patient pool for the detection of congenital heart defects and respiratory conditions thereby increased the demand for smart pulse oximeter, thus making way for opportunities for the growth of the market. However, lack of awareness toward these devices in the low- and middle-income countries hamper the market growth.
In addition, key industry players are undertaking major initiatives such as agreement, partnership, and acquisition of another companies to strengthen their market presence. For instance, in 2021, Masimo acquired LiDCO, a supplier of non-invasive and minimally invasive hemodynamic equipment expanding its portfolio of patient monitoring. Moreover, for instance, in march 2020, Masimo received the US FDA approval for its fingertip smart pulse oximeter to measure respiration rate. This was the first fingertip smart pulse oximeter which received FDA approval for measuring respiration rate. Thus, these aforementioned factors drive the growth of the market.
Moreover, according to the Worldometer, the virus has affected over 160 million people globally as of May 2021 and resulted in 3,346,760 deaths. This outbreak has led to concerns over timely medical attention leading to increased demand for smart pulse oximeter market.
In addition, growth in preference for homecare patient monitoring. Monitoring of oxygen saturation level helps doctors to diagnose disease, including hypoxemia, reduce healthcare costs, and keep track of the course of treatment. Smart pulse oximeters offer several benefits, such as ease-of-transportation and monitoring patient condition in pre-hospital situations. Furthermore, the Philips offers the smart pulse oximeter namely Pulse Ox. It is a contactless device of monitoring absolute oxygen saturation of arterial blood (SpO2). It used camera based monitoring to determine SpO2 by measuring light reflected from patient’s skin.
Fingertip pulse oximeters are commonly used in all healthcare settings including homecare, clinical settings, and hospitals. Patients with breathing disorders, such as chronic obstructive pulmonary disease (COPD), can monitor blood-oxygen levels themselves using these pulse oximeters. Fingertip pulse oximeters is a non-invasive and safe way of monitoring oxygen level in blood.
The global smart pulse oximeters market is segmented on the basis of type, end user, and region. Depending on the type, the market is segmented into fingertip pulse oximeters, handheld pulse oximeters, wrist-worn pulse oximeters, and pediatric pulse oximeters. By end user it is divided into hospitals & clinics, ambulatory surgical centers, and home environment.
Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Technological advancement in pulse oximeters such as transfer of data, extensive memory, alarm system and Bluetooth increase the efficiency of these devices. Rise in demand for smart pulse oximeter for the detection of heart rate, is also trending among geriatric population further expanding of the global market.
The key players operating in the smart pulse oximeter market include 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, and Tenko Medical Systems.
Smart pulse oximeter is a non-invasive device used for monitoring oxygen level and heart rate of patients. These devices offer clinically relevant information regarding the health status of patients during diagnosis and post-surgery management. This information plays a vital role in deciding if a patient needs to be kept on a ventilator. Smart pulse oximeters are used during emergencies, pre-and post-surgery, on-going treatment at hospitals, and home healthcare. These devices are useful for people suffering from chronic obstructive pulmonary disease(COPD), asthma, and other respiratory conditions.
Increase in importance of oxygen level monitoring at home care settings and improvement in reimbursement scenario of developed countries, are factors responsible for the growth of the smart pulse oximeters market. In addition, upsurge in geriatric population and rise in chronic health conditions including COPD, and sleep apnea, have fueled the growth of smart pulse oximeters market. Moreover, increase in use of smart pulse oximeters for fitness monitoring and rise in ambulatory surgery centers across various countries that use monitoring devices routinely have fueled the market growth. In addition, increase in prevalence of diseases such as hypertension, asthma, diabetes, and cardiac arrhythmia has significantly uplifted the global demand for smart pulse oximeters. According to the World health Organization, 64 million patients are currently suffering with COPD and is expected to be the major driver for the smart pulse oximeter market during forecast period. Increase in patient pool for the detection of congenital heart defects and respiratory conditions thereby increased the demand for smart pulse oximeter, thus making way for opportunities for the growth of the market. However, lack of awareness toward these devices in the low- and middle-income countries hamper the market growth.
In addition, key industry players are undertaking major initiatives such as agreement, partnership, and acquisition of another companies to strengthen their market presence. For instance, in 2021, Masimo acquired LiDCO, a supplier of non-invasive and minimally invasive hemodynamic equipment expanding its portfolio of patient monitoring. Moreover, for instance, in march 2020, Masimo received the US FDA approval for its fingertip smart pulse oximeter to measure respiration rate. This was the first fingertip smart pulse oximeter which received FDA approval for measuring respiration rate. Thus, these aforementioned factors drive the growth of the market.
Moreover, according to the Worldometer, the virus has affected over 160 million people globally as of May 2021 and resulted in 3,346,760 deaths. This outbreak has led to concerns over timely medical attention leading to increased demand for smart pulse oximeter market.
In addition, growth in preference for homecare patient monitoring. Monitoring of oxygen saturation level helps doctors to diagnose disease, including hypoxemia, reduce healthcare costs, and keep track of the course of treatment. Smart pulse oximeters offer several benefits, such as ease-of-transportation and monitoring patient condition in pre-hospital situations. Furthermore, the Philips offers the smart pulse oximeter namely Pulse Ox. It is a contactless device of monitoring absolute oxygen saturation of arterial blood (SpO2). It used camera based monitoring to determine SpO2 by measuring light reflected from patient’s skin.
Fingertip pulse oximeters are commonly used in all healthcare settings including homecare, clinical settings, and hospitals. Patients with breathing disorders, such as chronic obstructive pulmonary disease (COPD), can monitor blood-oxygen levels themselves using these pulse oximeters. Fingertip pulse oximeters is a non-invasive and safe way of monitoring oxygen level in blood.
The global smart pulse oximeters market is segmented on the basis of type, end user, and region. Depending on the type, the market is segmented into fingertip pulse oximeters, handheld pulse oximeters, wrist-worn pulse oximeters, and pediatric pulse oximeters. By end user it is divided into hospitals & clinics, ambulatory surgical centers, and home environment.
Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Technological advancement in pulse oximeters such as transfer of data, extensive memory, alarm system and Bluetooth increase the efficiency of these devices. Rise in demand for smart pulse oximeter for the detection of heart rate, is also trending among geriatric population further expanding of the global market.
The key players operating in the smart pulse oximeter market include 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, and Tenko Medical Systems.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart pulse oximeters market analysis from 2021 to 2031 to identify the prevailing smart pulse oximeters market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart pulse oximeters market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart pulse oximeters market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
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
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Australia
- India
- South Korea
- Rest of Asia-Pacific
- Japan
- China
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- Rest of LAMEA
Key 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
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART PULSE OXIMETERS MARKET, BY TYPE
CHAPTER 5: SMART PULSE OXIMETERS MARKET, BY END USER
CHAPTER 6: SMART PULSE OXIMETERS MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Smart Pulse Oximeters Market,' 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.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.
In addition, prevalence of cardiovascular diseases in China has been increasing continuously. As per the report published in the Journal of Geriatric Cardiology by Li-Yuan Ma, in China, in 2020, over 290 million individuals suffered from cardiovascular diseases and nearly 2 out of every 5 fatalities occurred as a result of cardiovascular disease(CVD). Therefore, rise in number of cardiovascular diseases results in increase in number of surgeries. This has led to increase in usage of smart pulse oximeters for diagnosis of cardiovascular diseases that further boosts smart pulse oximeters market growth. Moreover, in January 2021, Tyto Care introduced its first fingertip pulse oximeter for monitoring the blood oxygen level. In addition, in December 2021, Zynex Inc, acquired Kestrel Labs Inc., a patient monitoring technology company. This acquisition will help Zynex Inc., add several laser-based pulse oximetry monitoring products to its portfolio. Thus, rise in number of product launch by various key players boosts the market growth.
Moreover, development of pharmaceutical and medical device industries and improvement in healthcare expenditure are anticipated to drive the growth of the smart pulse oximeter market.
Depending on type, the market is classified into, fingertip pulse oximeters, handheld pulse oximeters, wrist-worn pulse oximeters, and pediatric pulse oximeters.
The fingertip smart pulse oximeter segment market holds the largest smart pulse oximeters market share, owing to rise in demand and adoption of fingertip oximeter devices during the COVID-19 pandemic for continuous patient monitoring. Launch of new fingertip smart pulse oximeter by large number of key players are the major factor driving the market growth. However, the wrist worn segment is expected to witness considerable growth during the forecast period, owing to its accurate readings, long-time durability, and reduction in difficulties associated with overnight oximetry studies. By end user, the hospitals and clinics segment dominated the market, owing to rise in number of surgeries and emergency room visits. However, the home environment segment is expected to witness considerable growth during the forecast period, owing to increase in awareness regarding the importance of monitoring oxygen levels by own at home and spot checking. Moreover, self-monitoring helps patients actively participate in the management of their health.
Region wise, North America and Asia-Pacific are the most lucrative markets. The growth of these markets is mainly due to the rise in geriatric population and increase in prevalence of respiratory diseases.
In North America,. smart pulse oximeter market in the U.S. has garnered a dominant share, due to the technological advancements, government regulations, rise in incidences of healthcare associated infections (HAI), and increase in awareness among the patients and the caregivers. In Asia-Pacific, China and India collectively constitute large patient-bases of chronic obstructive pulmonary diseases, which boost the volume growth of the smart pulse oximeters market. In addition, increase in healthcare expenditure, improvement in healthcare infrastructure, and growth in medical tourism fuels the growth of the smart pulse oximeters market in this region. Key strategies deployed by major market players to gain smart pulse oximeter market share include product launches/approval.
Key findings of the Study
- By type, the fingertip smart pulse oximeter segment was the highest contributor to the market in 2021.
- North America accounted for a majority of the smart pulse oximeter market share in 2021, and is anticipated to remain dominant during the forecast period.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 150 |
| Published | May 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 1639.19 million |
| Forecasted Market Value ( USD | $ 3453.29 million |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
