Smart Pulse Oximeters Market Poised to Surge Ahead: Forecast to Grow at a CAGR of 7.4% during 2022-2028
Published | 25 January 2022
The smart pulse oximeters market is growing at a high CAGR because of the increasing prevalence of cardiovascular and respiratory diseases. Moreover, the growing elderly population under home care is also driving the market forward..
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the smart pulse oximeters market was worth USD 1,206.9 million in the year 2021. The market is estimated to grow at a CAGR of 7.4%, generating revenue of around USD 1,973.3 million during 2022-2028. The smart pulse oximeter market is growing at a fast rate due to the prevalence of cardiovascular and respiratory diseases and the rising geriatric population in home care settings. Additionally, the surging demand for remote and portable patient monitoring devices, especially after the COVID-19 pandemic, also presented lucrative opportunities for the market. However, the high cost of the reusable smart pulse oximeters market and limited awareness regarding these medical devices may act as a huge restraining factor for the growth of smart pulse oximeters market.
Expanding Online Sales Channels Driving Smart Pulse Oximeters Market
Online stores account for the majority of sales of smart pulse oximeters because they have a very small market penetration in offline stores. Therefore, the manufacturers of this medical device make their products available to almost all the pharmacy stores to boost its sales. They also opt for popular consumer websites, such as Amazon.com, to increase the penetration of smart pulse oximeters among consumers. Furthermore, with the increasing availability of smart pulse oximeters on online stores, the market is forecast to flourish during the forecast period.
Increasing Demand for Home Care Settings Propelling Market Growth
Patients in home-care settings are the major end-users of smart pulse oximeters. Geriatrics, who are under the care of home health agencies, are driving demand for remote patient monitoring devices. Smart pulse oximeters allow patients to consistently monitor their blood oxygen levels as well as share their vital information with their physician. As the number of patients in home-care settings surged due to the COVID-19 pandemic, the demand for smart pulse oximeters is expected to rise during the forecast period.
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Smart Pulse Oximeters Market - By Product-Type
Based on product types, the smart pulse oximeters market is segmented into finger pulse oximeters, handheld pulse oximeters, wrist pulse oximeters, wireless pulse oximeters, and others. Among these, the finger pulse oximeters segment holds the largest market share. The increasing use of smart pulse oximeters in hospitals is fueling the growth of the finger segment. The wrist pulse oximeters segment, on the other hand, is expected to grow at the highest rate during the forecast period due to their rising integration into smartwatches.
Smart Pulse Oximeters Market - Regional Insights
Geographically, the smart pulse oximeters market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, North America dominates the smart pulse oximeters market. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. The increasing investment towards the adoption of advanced medical technologies and expanding patient base owing to the high population of emerging economies are expected to play a crucial factor in propelling the market growth. Following Asia-Pacific, Europe is also growing at a substantial rate.
Impact of COVID-19 on Smart Pulse Oximeters Market
The COVID-19 pandemic outbreak provided tremendous growth opportunities to the smart pulse oximeters market. As with regular pulse oximeters, the smart pulse oximeters were used to monitor the COVID-19 patients' blood oxygen levels. Nevertheless, smart pulse oximeters can generate data that can be remotely transmitted to the healthcare provider or supervisor, allowing for greater social distancing and the prevention of the spread of infection. These advantages over ordinary ones led to a spike in demand for smart pulse oximeters during the period of COVID-19.
Smart Pulse Oximeters Market - Competitive Landscape
The leading players in the global smart pulse oximeters market are Contec Medical Systems Co., Ltd., GE Healthcare, Halma PLC, Koninklijke Philips N.V., Masimo Corporation, Smiths Group PLC, Medtronic PLC, Omron Corporation, Nihon Kohden Corporation, Nonin Medical, Inc., Beurer GmbH, iHealth Labs Inc., Mindray, Shenzhen Creative Industry Co. Ltd., HealthSense, Dr Trust, K Life Health Care, Beijing Choice Electronic Tech Co., Ltd., and other prominent players.
The global smart pulse oximeters market is extremely competitive due to the presence of various global and regional market players. Moreover, global companies, such as Philips, GE Healthcare, Masimo, etc., dominates the market. However, the regional players received significant growth opportunities after the COVID-19 pandemic outbreak. The companies significantly invest in research and development activities to boost the accuracy of their products. They also prominently adopt competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead in the market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the smart pulse oximeters market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the smart pulse oximeters market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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Publish Date: January 2022
The global smart pulse oximeters market is flourishing at a high rate owing to the rapid technological advancements in the medical industry. Additionally, increasing penetration of smartphones, along with increasing geriatric population and the increasing need for home health care, especially after the COVID-19 pandemic outbreak are propelling the market forward.
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