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Report Code: LS11135
Category : Medical Devices
Smart Pulse Oximeters Market Overview
Smart pulse oximeters are non-invasive medical devices that are used to measure various health parameters such as pulse rate, heart rate and oxygen saturation level. These devices help in the early detection of various diseases such as sleep problems, respiratory diseases, and cardiac diseases. However, smart pulse oximeters readings may get affected by low blood pressure, cold fingers, nail polish, and artificial nails. The smart pulse oximeters market is expected to have a considerable growth during the forecast period. According to the World Health Organization (WHO), around 3 million people died of chronic obstructive pulmonary disease (COPD), in 2015. It further reported that COPD is likely to increase in coming years due to higher smoking prevalence and aging populations in many countries. Therefore, the increasing prevalence of the respiratory diseases is expected to drive the growth of the global smart pulse oximeters market.
Based on product type, the smart pulse oximeter market is segmented into fingertip pulse oximeters, hand-held pulse oximeters, wrist-worn pulse oximeters, and pediatric pulse oximeters. Fingertip pulse oximeters held the largest share of the smart pulse oximeters market, in 2016, and is expected to maintain its position during the forecast period, mainly due to its light weight, ease of use, and rising prevalence of respiratory diseases. Moreover, WHO safety pulse oximetry project for the improvement in the health of the people in middle-income countries is also expected to further boost the growth of the smart pulse oximeters market
Based on end user, the smart pulse oximeter market is segmented into hospitals & clinics, ambulatory surgery centers, and home environment of which hospitals & clinics held the largest share of the global market in 2016.
Smart Pulse Oximeters Market Dynamics
Smart pulse oximeters market is expected to grow significantly during the forecast period. Some of the major factors driving growth of the global market are growing geriatric population, technological advancements, rise in prevalence of respiratory diseases, and growing demand for portable monitoring devices.
According to the United Nations Department of Economic and Social Affairs (UNDESA) report the number of people aged 60 years or over is projected to grow by 56%, globally, i.e. from 901 million in 2015 to 1.4 billion by 2030. Also, the global aging population is projected to reach nearly 2.1 billion, by 2050. Thus, with the rise in aging population, the use of smart pulse oximeters has been increasing for early detection of diseases.
The growing prevalence of respiratory diseases, such as allergic disease and asthma, has been increasing rapidly due to increasing air pollution and rapidly growing number of smokers. According to the WHO, approximately 250,000 people die of asthma every year, globally. It has been observed that, chronic obstructive pulmonary disease (COPD), a group of progressive lung disease which interferes with normal breathing and obstructs airflow, is caused mainly due to tobacco smoke. Thus, increasing prevalence of respiratory diseases is also expected to increase the demand of smart pulse oximeters for early detection and management of respiratory disease supporting the growth of the market.
The lack of awareness with respect to the use of smart pulse oximeters in developing countries act as major barriers for the growth of the smart pulse oximeters market. In developing countries, people are yet not familiar with many advanced technologies, and pulse oximeter is one of them. Patients in developing countries are considerably less aware of the smart pulse oximeters as compared to the developed countries and are dependent on the doctors for all kind of treatments and check-ups. Therefore, the adoption rate of the smart pulse oximeters is very less in the developing countries, thereby hindering the growth of the smart pulse oximeters market.
The increase in healthcare expenditure in emerging economies and proactive monitoring of the health status are creating ample opportunities for the players in the smart pulse oximeters market. In emerging economies such as India, China, Brazil, and Mexico, government is increasingly spending on the healthcare. According to the World Bank, Brazil spent 8.3% of its $2.5 trillion GDP on healthcare in 2014. Similarly, China spent 5.5% of its GDP on healthcare, whereas, Mexico spent 6.3% of GDP on healthcare, in 2014. Moreover, increasing government spending on healthcare leads to the increase in the number of hospitals and clinics, and improved healthcare infrastructure. Additionally, proactive monitoring of the health status improves productivity and reliability, and save time which is creating opportunity for the growth of the market.
Smart Pulse Oximeters Market Insights by Geography
Geographically, North America held the largest market of smart pulse oximeters industry, in 2016. The North American smart pulse oximeters market is primarily driven by the rising incidences of respiratory disorders, high disposable income, developed healthcare infrastructure, and growing awareness about the smart pulse oximeters. Asia-Pacific is expected to witness the fastest during the forecast period (2017-2023), due to continuously improving healthcare infrastructure in the emerging markets.
Smart Pulse Oximeters Market Competitive Landscape
Some of the key players in the global Smart pulse oximeters market are Contec Medical Systems Co., Ltd., General Electric Company, Halma PLC, Koninklijke Philips N.V., Masimo Corporation, Medtronic PLC, Nonin Medical, Inc., Omron Corporation, Smiths Group PLC, and Technocare Medisystems.
The key players are investing in the research and development activities to develop and introduce various technological advanced smart pulse oximeters.
In June 2017, Masimo Corporation announced limited market release of Rad-67 rainbow pulse co-oximeter with next generation SpHb. It offers improved motion tolerance and a faster time to display SpHb results (in as few as 30 seconds). In addition, field performance has been enhanced in lower hemoglobin ranges.
In June 2016, Nonin Medical introduced Apple iOS-compatible NoninConnect elite model 3240 Bluetooth smart wireless finger pulse oximeter. It measures arterial blood oxygen saturation and pulse rate.
By Product Type
By End User