“Final Report will add the analysis of the impact of COVID-19 on industry.”
Report Ocean has recently published a comprehensive study on the Smart Pulse Oximeters Market, covering the prediction period of 2023-2031. Throughout the years, this report has diligently examined the industry, taking into account various factors such as macroeconomic parameters, consumer buying patterns, microeconomic parameters, GDP growth rate, inflation rate, and market demand-supply scenarios.
market players, such as [Contec Medical Systems Co., Ltd., GE Healthcare, Halma PLC, Koninklijke Philips N.V., Masimo Corporation, Smiths Group PLC, Medtronic PLC, Omron Corporation, Nihon Kohden Corporation, Nonin Medical, Inc., Beurer GmbH, iHealth Labs Inc., Mindray, Shenzhen Creative Industry Co. Ltd., HealthSense, Dr Trust, K Life Health Care, Beijing Choice Electronic Tech Co., Ltd.]
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Smart Pulse Oximeters Market Poised to Surge Ahead: Forecast to Grow at a CAGR of 7.4% during 2022-2028
The smart pulse oximeters market is growing at a high CAGR because of the increasing prevalence of cardiovascular and respiratory diseases. Moreover, the growing elderly population under home care is also driving the market forward..
A recent study conducted by the strategic consulting and market research firm,Report Ocean revealed that the smart pulse oximeters market was worth USD 1,206.9 million in the year 2021. The market is estimated to grow at a CAGR of 7.4%, generating revenue of around USD 1,973.3 million during 2022-2028.The smart pulse oximeter market is growing at a fast rate due to the prevalence of cardiovascular and respiratory diseases and the rising geriatric population in home care settings. Additionally, the surging demand for remote and portable patient monitoring devices, especially after the COVID-19 pandemic, also presented lucrative opportunities for the market. However, the high cost of the reusable smart pulse oximeters market and limited awareness regarding these medical devices may act as a huge restraining factor for the growth of smart pulse oximeters market.
Expanding Online Sales Channels Driving Smart Pulse Oximeters Market
Online stores account for the majority of sales of smart pulse oximeters because they have a very small market penetration in offline stores. Therefore, the manufacturers of this medical device make their products available to almost all the pharmacy stores to boost its sales. They also opt for popular consumer websites, such as Amazon.com, to increase the penetration of smart pulse oximeters among consumers. Furthermore, with the increasing availability of smart pulse oximeters on online stores, the market is forecast to flourish during the forecast period.
Increasing Demand for Home Care Settings Propelling Market Growth
Patients in home-care settings are the major end-users of smart pulse oximeters. Geriatrics, who are under the care of home health agencies, are driving demand for remote patient monitoring devices. Smart pulse oximeters allow patients to consistently monitor their blood oxygen levels as well as share their vital information with their physician. As the number of patients in home-care settings surged due to the COVID-19 pandemic, the demand for smart pulse oximeters is expected to rise during the forecast period.
Smart Pulse Oximeters Market – By Product-Type
Based on product types, the smart pulse oximeters market is segmented into finger pulse oximeters, handheld pulse oximeters, wrist pulse oximeters, wireless pulse oximeters, and others. Among these, the finger pulse oximeters segment holds the largest market share. The increasing use of smart pulse oximeters in hospitals is fueling the growth of the finger segment. The wrist pulse oximeters segment, on the other hand, is expected to grow at the highest rate during the forecast period due to their rising integration into smartwatches.
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Smart Pulse Oximeters Market – Regional Insights
Geographically, the smart pulse oximeters market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, North America dominates the smart pulse oximeters market. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. The increasing investment towards the adoption of advanced medical technologies and expanding patient base owing to the high population of emerging economies are expected to play a crucial factor in propelling the market growth. Following Asia-Pacific, Europe is also growing at a substantial rate.
Impact of COVID-19 on Smart Pulse Oximeters Market
The COVID-19 pandemic outbreak provided tremendous growth opportunities to the smart pulse oximeters market. As with regular pulse oximeters, the smart pulse oximeters were used to monitor the COVID-19 patients’ blood oxygen levels. Nevertheless, smart pulse oximeters can generate data that can be remotely transmitted to the healthcare provider or supervisor, allowing for greater social distancing and the prevention of the spread of infection. These advantages over ordinary ones led to a spike in demand for smart pulse oximeters during the period of COVID-19.
Market Segment:
By Product Type(Finger Pulse Oximeters, Handheld Pulse Oximeters, Wrist Pulse Oximeters, Wireless Pulse Oximeters, Other)
By End-User(Hospitals & Clinics, Ambulatory Surgical Centers, Home Healthcare)
By Region(North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)
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The global smart pulse oximeters market is extremely competitive due to the presence of various global and regional market players. Moreover, global companies, such as Philips, GE Healthcare, Masimo, etc., dominates the market. However, the regional players received significant growth opportunities after the COVID-19 pandemic outbreak. The companies significantly invest in research and development activities to boost the accuracy of their products. They also prominently adopt competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead in the market.
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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