Smart Pulse Oximeters Market Expected to Reach $3.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, 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.
• By end user, the hospitals and clinics segment dominate the market.
• 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.