Smart Pulse Oximeters Market to Garner $3.5 Bn, Globally, by 2031 at 7.7% CAGR: Allied Market Research
Increase in prevalence of cardiovascular diseases & respiratory diseases, surge in demand for minimal invasive surgeries, and development of new smart pulse oximeter by key market players in the future.
PORTLAND, Ore., June 8, 2022 /PRNewswire/ -- 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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Major determinants of the market growth
Increase in prevalence of cardiovascular diseases & respiratory diseases, surge in demand for minimal invasive surgeries, and development of new smart pulse oximeter by key market players have boosted the growth of the global smart pulse oximeters market. However, low awareness about these products in low and middle income countries hampers the market growth. On the contrary, development of pharmaceutical and medical device industries and increase in healthcare expenditure would open new opportunities in the future.
Covid-19 scenario:
- The Covid-19 pandemic had a positive impact on the market growth due to surge in demand for remote monitoring solutions for both in hospital and homecare settings.
- Increased use of smart pulse oximeter for patient monitoring is expected to help the market post-pandemic as well.
The fingertip pulse oximeter segment dominated the market growth
By type, the fingertip pulse oximeter segment held the largest share in 2020, accounting for more than two-fifths of the global smart pulse oximeters market, due to rise in adoption of fingertip oximeter devices during the pandemic. However, the wrist worn pulse oximeter segment is expected to manifest the highest CAGR of 10.2% during the forecast period, due to its highly accurate readings, long-time durability, and reduction in difficulties associated with overnight oximetry studies.
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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.
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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