Smart Pulse Oximeters Market Size to Reach USD 2.3 billion by 2031 at 4.6% CAGR | Report by Transparency Market Research Inc.
The rise in the senior population, the prevalence of chronic illnesses including asthma and COPD, and the rising use of home healthcare equipment are propelling the global market for smart pulse oximeters.
Wilmington, Delaware, United States, Nov. 07, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global smart pulse oximeters market was estimated to have acquired US$ 1.7 billion in 2021. It is anticipated to register a 4.6% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 2.3 billion.
Improvements in sensor technology have resulted in the development of pulse oximeters that are more precise and effective. Bluetooth or Wi-Fi make it simple to link smart pulse oximeters to smartphones as well as other digital devices. This enables patients to keep an eye on their oxygen levels and communicate the information to their medical professionals from a distance.
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Key Findings of Market Report
- The forecast period is expected to witness a surge in demand for sophisticated healthcare equipment like smart oximeters, owing to the global aging population.
- The use of remote monitoring technology in smart pulse oximeters enables elderly people to get care in their own homes.
- This lowers healthcare expenses while also enhancing their quality of life.
- Older people have a higher risk of developing chronic illnesses including asthma as well as COPD.
- This is fueling the market expansion for smart pulse oximeters.
Market Trends for Smart Pulse Oximeters Market
- Based on the distribution channel, there are two market categories for smart pulse oximeters: offline mode and online mode. Throughout the projected term, the offline mode sector is probably going to rule the market. It consists of hospitals and retail medical outlets.
- It is possible that persons in remote locations or older adults won’t have access to or feel comfortable ordering medical equipment online. Offline distribution channels are becoming more and more popular globally.
- Before making a purchase, shoppers can also physically examine and handle the product through offline channels. The confidence and faith of the customers in the product may grow as a result. Clients receive practical support and instruction from a medical expert on how to operate and maintain the equipment. This is what drives the offline mode section.
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Global Market for Smart Pulse Oximeters: Regional Outlook
Various reasons are propelling the growth of the smart pulse oximeters market in different regions. These are:
- In 2021, the market for smart pulse oximeters globally was dominated by North America. Given the growing number of elderly people in the United States and Canada, it is expected to take the lead in the near future.
- The area boasts a highly advanced healthcare system, a significant number of healthcare professionals, and widespread access to cutting-edge medical technologies. Both patients and healthcare professionals are more aware of the advantages of smart pulse oximeters.
- The smart pulse oximeter market is predicted to develop at a rapid pace in Asia Pacific. The regional market share is being driven by an increase in the incidence of chronic diseases, an aging population, and increased awareness of home healthcare. The governments of the nations in the region are making large investments in the infrastructure of healthcare and encouraging the use of innovative medical technologies. In the near future, the Asia Pacific market is anticipated to be driven by the growing trend of telemedicine and the increased acceptance of digital health solutions.
Global Smart Pulse Oximeters Market: Key Players
The focus of manufacturers in the global market for smart pulse oximeters is on innovation as well as technological developments. They are creating linked, portable gadgets that provide remote data exchange, improved user experience, and real-time health monitoring.
One major development is integration with healthcare ecosystems and smartphones. In order to meet the increasing demand for at-home health monitoring solutions, manufacturers are also working to increase accuracy and diversify their product offerings. The following companies are well-known participants in the global smart pulse oximeters market:
- Koninklijke Philips N.V.
- Contec Medical Systems Co. Ltd.
- Meditech Equipment Co. Ltd (Meditech Group)
- Masimo Corporation
- Nonin Medical Inc.
- Omron Corporation
- Promed Technology Co. Limited
- Smith Group Plc
- Tenko Medical Systems
Few of key developments by the players in this market are:
|Company name||Key Development|
|Nonin Medical Inc.||
Global Smart Pulse Oximeters Market Segmentation
- Finger Pulse Oximeter
- Handheld Pulse Oximeter
- Wrist Pulse Oximeter
- Offline Mode
- Online Mode
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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