The coronavirus outbreak is of respiratory illness and therefore there is an increased demand for respiratory devices including pulse oximeters and spirometers. Oxygen therapy is a major intervention for patients with severe COVID-19 infection and healthcare providers need to ensure the availability of pulse oximeters and other medical oxygen systems. The market for these devices is expected to surge as they contribute to the early detection of the disease as well as remote monitoring of patients.
The global pulse oximeters and spirometers market is expected to grow from $2.6 billion in 2019 to about $6.5 billion in 2020 due to the increase in demand for such respiratory function monitoring equipment for COVID-19 patients. The market is expected to stabilize and reach $3.9 billion at a rate of 10.7% through 2023.
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Pulse Oximeters And Spirometers Market Segmentation
The pulse oximeters and spirometers market covered in this report is segmented by product type into pulse oximeters, spirometers. It is also segmented by end-use into hospitals, home care settings, clinical laboratories, industrial settings and by application into diagnostic, treatment monitoring. North America had the largest share in the pulse oximeters and spirometers industry in 2019.
COPD And Aging Population To Drive Market Growth
Apart from the COVID-19 pandemic, the market growth is to be affected by the increasing incidence of Chronic Obtrusive Pulmonary Disease (COPD) globally due to an increase in the aged population over 65 years of age, air pollution, and high smoking prevalence. There is a five-fold increased risk for COPD among the population over 65 years than the population below 40 years. Smoking and air pollution damage the lungs, which increases the risk of COPD as well. Indoor air pollution increases the risk of COPD by 2.65% and smoking increases it by 90%. This increased prevalence of COPD in the population will increase the demand for medical equipment like pulse oximeters and spirometers for diagnosis and therapy maintenance.
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Integration Of Wireless Technology Is A Major Trend In The Market
Companies in the pulse oximeters and spirometer market are increasingly focusing on developing smart and wireless oximeters and spirometers. The use of wireless technology in the monitoring devices is trending nowadays, which enhances their ease of usage and data analysis. The integration of wireless technology allows the transfer of data from the device to a smartphone or a wireless device through Bluetooth or cellular connection for data processing, and then to display the results.
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