MRFR (Market Research Future) expects the smart pulse oximeters market to achieve a growth rate of around 7.8?tween 2021 and 2027. The market value by the end of 2017 should be nearly USD 1,849.0 million, reveals MRFR.
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Primary Boosters and Challenges
High-quality smart pulse oximeters have become quite critical for faster detection as well as treatment of COVID-19 affected patients. Supply chains of smart pulse oximeters are experiencing challenges at present, with most of the vendors working at reduced production capacities. Also, trade restrictions in several countries have curbed timely supply of products. On the bright side, manufacturers are striving to maintain continuous supply of a variety of smart pulse oximeters to places that are gravely hit by COVID-19, which should favor the global market to a large extent.
Furthermore, the surging burden of several target diseases like hyperlipidemia, asthma, diabetes, hypertension, cardiac arrhythmia, ischemic conditions, COPD, and sleep apnea has also fostered the need for effective smart pulse oximeters worldwide. The WHO reveals that nearly 70 million people are currently affected by COPD across the globe, with roughly 90% of deaths occurring throughout low- and middle-income economies.
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.
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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.
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.
MFine, an Indian digital health startup has launched a new app-based tool that assesses the oxygen saturation or SpO2 levels with the use of just a fingertip, a flash, and a smartphone camera. This SpO2 tool makes use of a signal known as photoplethysmogram (PPG), which is in the reflected light form to collect data based on the user’s wrist or fingertip for evaluating the blood oxygen levels.
Tyto Care has introduced a fingertip Pulse Oximeter that enables the users to monitor blood oxygen saturation levels on their own. They can also assess their heart rate at home. With prime focus on bolstering its clinical remote capacity, TytoCare has launched this device that facilitates remote monitoring of blood oxygen levels, which helps clinicians pay attention to patients affected by COVID-19 as well as chronic heart and lung conditions.
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