Smart Pulse Oximeters Market to Exceed US$ 2.3 Billion by 2031: Transparency Market Research, Inc. Study

WILMINGTON, DE / ACCESSWIRE / February 1, 2023 / Transparency Market Research Inc. - The Smart Pulse Oximeters Market size stood at US$ 1.7 Bn in 2021 and is projected to surpass US$ 2.3 Bn by the end of 2031. Easy-to-use and cost-effective pulse oximeters are gaining traction among athletes and mountaineers. The rise in demand for smart and connected pulse oximeters is likely to offer lucrative opportunities for medical device manufacturers in the global smart pulse oximeters market.

The surge in the utilization of digital health solutions among the population of developing countries has accelerated the smart pulse oximeters market development. The increase in the trend of telemedicine across the globe has bolstered the adoption of smart pulse oximeters. Furthermore, companies are tapping into the demand for smart and easy-to-use, low-cost pulse oximeters in order to gain market share during the forecast period.

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Key Findings of Study -

• Rise in Usage of Smart Pulse Oximeters for Respiratory Diseases: Rise in the prevalence of COPD, asthma, and other chronic respiratory diseases globally is a key factor ascribed to the commercialization of smart pulse oximeters. Patients with cardiovascular risks are likely to utilize smart pulse oximeters to monitor oxygen saturation level or blood oxygen levels. Hence, the usage of advanced and connected healthcare technologies to monitor health in chronic conditions is expected to fuel market growth in the near future. An increase in R&D on smart and connected monitoring technology for home care has created significant opportunities for market players. The smart pulse oximeter is connected via apps to a smartphone or similar mobile device, which enables patients to share data with caregivers and physicians.
  
• Significant Demand for Portable and Affordable Finger Pulse Oximeters: Medtech companies are unveiling portable and low-cost devices to expand their customer base. These players offer portable finger pulse oximeters in order to meet consumer demand. Finger pulse oximeters are available in offline and online distribution channels. As per TMR market research, the offline segment is expected to account for the leading market share during the forecast period, as the offline distribution channel is preferred by the geriatric population.

Key Drivers -

• The high prevalence and subsequent health burden of chronic respiratory diseases across the world is a key factor likely to present attractive opportunities in the smart pulse oximeters market. The rate of adoption of the products in hospitals and clinics has increased in the past few years.
• A rapidly aging population in several countries is a key driver of the global smart pulse oximeters market
• An increase in awareness about smart healthcare technologies for homecare is augmenting the smart pulse oximeters market

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Regional Growth Dynamics -

The market in Asia Pacific is projected to grow at a rapid pace from 2022 to 2031. A rise in the prevalence of chronic respiratory diseases has increased the demand for smart pulse oximeters in the region. This can be partly ascribed to the presence of a large elderly population in the Asia Pacific. As per the smart pulse oximeters market trend, the surge in government spending on healthcare infrastructure is bolstering market growth in the region.

Competition Landscape -

Merger & acquisition, product innovation, and product portfolio restructuring are the key growth strategies adopted by leading players operating in the smart pulse oximeters market. Prominent companies in the industry are

• Koninklijke Philips N.V.,
• CONTEC medical,
• Meditech Technologies,
• Nonin Medical,
• Masimo,
• Omron,
• Promed Technology Co., Ltd., and Tenco Group.

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Smart Pulse Oximeters Market: Segmentation -

Type

• Finger Pulse Oximeter
• Handheld Pulse Oximeter
• Wrist Pulse Oximeter

Distribution Channel

• Offline Mode
• Online Mode

Region

• North America
• South America
• Middle East & Africa
• Asia Pacific
• Europe

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SOURCE: Transparency Market Research inc.