The global smart pulse oximeters market is expected to register a CAGR of ~7.8% from 2021 to 2027 and hold a value of ~USD 1,849.0 million by 2027.
The booming geriatric population and rise in prevalence of cardiovascular and respiratory diseases drive the growth of the smart pulse oximeters market. The growing awareness of chronic diseases and the rise in demand for smart medical devices for home care settings is further driving the market’s growth. WHO estimated that the world population above 60 years would almost double from 12% to 22% by 2050. Moreover, cardiovascular diseases are the majo cause of death globally, taking about 17.9 million lives each year. This increase in the geriatric population and cardiovascular diseases will ultimately drive the demand for smart oximeters.
Many market players are dominating the global smart pulse oximeters market. The prominent players are involved in strategic agreements, product launches, and joint ventures to sustain their market positions. For instance, in February 2021, Masimo Corporation (US) launched the iSpO2 companion application for android. This launch further strengthens its product offering.
By region, North America is anticipated to dominate the global smart pulse oximeters market, owing to the well-established healthcare system, the high adoption rate of smart medical devices, and the presence of a high number of medical device companies. Furthermore, the high prevalence of cardiovascular and respiratory also drive the growth of the market.
On the other hand, the European smart pulse oximeters market is driven by the rising R&D expenditure by medical device companies, increasing investments in the R&D sector, and the presence of key market players.
Asia-Pacific is anticipated to be the fastest-growing regional market over the assessment period due to rapidly improving healthcare infrastructure, increasing demand for smart medical devices, growing awareness of oximeters, and the rapidly developing medical device sector in the region.
Furthermore, the growth of the market in the Rest of the World is attributed to the rising per capita expenditure of the population in the healthcare sector and the increasing presence of key medical device companies in the region.
The global smart pulse oximeters market has been segmented into product type and end user.
By product type, the market has been segregated into finger pulse oximeter, handheld pulse oximeters, wrist pulse oximeters, and pediatric pulse oximeters. The finger pulse oximeter segment held a significant share of the market in 2020due to the high popularity of these devices.
Based on the end user, the global smart pulse oximeters market has been classified as hospitals & clinics, ambulatory surgery centers, and home care settings. The hospitals& clinics end user was estimated to be the largest segment in 2020.
Some of the key players in the global smart pulse oximeters market are GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Masimo Corporation (US), Nihon Kohden Corporation (Japan), Nonnin Medical (US), Smiths Medical (US), Contec Medical Systems Co., Ltd. (China), Shenzhen Creative Industry Co.,Ltd. (China), and Beurer GmbH (Germany).