The smart pulse oximeters market is projected to reach USD 1,849.0 million at 7.8% CAGR by 2027. Pulse oximetry is a painless and noninvasive test that determines your oxygen saturation level, or the amount of oxygen in your blood. It can detect even little variations in the efficiency with which oxygen is transported to the extremities farthest from the heart, such as the legs and arms. Pulse oximetry is a test that determines how well your heart pumps oxygen throughout your body. It can be used to track the health of people suffering from any ailment that affects blood oxygen levels, especially in the hospital. In COVID cases, every person who tests positive for COVID-19 will not develop low oxygen levels.
With an older population, the chance of developing cardiovascular and respiratory problems rises significantly. The rise in the senior population will result in a higher need for smart oximeters in the future. In addition, cardiovascular disease is the leading cause of death worldwide. The increased hospitalization rate is estimated to promote the expansion of the smart pulse oximeter market in the duration of the forecast period.
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Several smart pulse oximeters are available on the market as over the counter (OTC) goods, which have not been reviewed by the FDA. These oximeters are not meant for medical use and are offered directly to consumers in stores or online as general wellness products or for sports use.
The global market for smart pulse oximeters market can be considered for product type as well as end user.
Some of the key product types listed in the MRFR report are handheld pulse oximeters, finger pulse oximeter, pediatric pulse oximeters, and wrist pulse oximeters. The highest share belongs to the finger pulse oximeter segment in the global market, since these are easy to use, and offer faster results compared to other products.
With respect to end user, the smart pulse oximeters industry caters to hospitals & clinics, home care settings, and ambulatory surgery centers. The hospitals & clinics segment owns the biggest portion of the global market. However, with the consistently expanding elderly patient base and its high preference for at home health monitoring, the home care settings segment should capture the fastest growth rate between 2021 and 2027.
The smart pulse oximeters industry can be geographically considered for Asia Pacific or APAC, Europe, North America, and RoW (rest of the world).
The North American industry for smart pulse oximeter is in the lead, given the region’s well-developed healthcare industry and the escalating use of smart medical devices. With a huge number of medical device manufacturers present in the region, and the mounting prevalence of respiratory and cardiovascular diseases in the region, the demand for smart pulse oximeters has risen considerably in recent years. The affluent firms in the region contribute significantly to the market growth, given their focus on mergers & acquisitions as well as product launches. The region is proving to be highly opportune for both established and emerging smart pulse oximeters manufacturers. A notable rivalry can be noted between the manufacturers, who are increasingly adopting strategies and R&D techniques to further their businesses in the region. To cite a reference, in February 2021, Masimo Corporation designed an advanced theiSpO2companion application for use on android phones.
The Asia Pacific market for smart pulse oximeters will experience the fastest growth in the next few years, in view of the advances in the healthcare infrastructure and the huge demand generated for smart medical devices. The rising public awareness about different oximeters, thriving medical device sector, surge in government support, and the improving R&D infrastructure should also add to the APAC market value in the ensuing years.
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iHealth Labs Inc. (US), Masimo Corporation (US), Nihon Kohden Corporation (Japan), Smiths Medical (US), Mindray (US), Contec Medical Systems Co. Ltd. (China), Shenzhen Creative Industry Co. Ltd. (China), GE Healthcare (US), Nonnin Medical (US), Beurer GmbH (Germany), Koninklijke Philips N.V. (Netherlands) are the top manufacturers of smart pulse oximeters in the worldwide market.
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