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Smart Pulse Oximeters Market Research Report—Global Forecast till 2027

Smart Pulse Oximeters Market Information by Product Type (Finger Pulse Oximeters, Handheld Pulse Oximeters, Wrist Pulse Oximeters, Pendiatric Pulse Oximeters) By End User (Hospitals & Clinics, Ambulatory Surgical Centers, Home Care Setting), By Region (North America, Europe, Asia Pacific, Rest of the World) Forecast till 2027

ID: MRFR/HC/9164-HCR | December 2022 | Region: Global | 120 Pages         

Smart Pulse Oximeters Market

smart pulse oximeters market is expected to cross ~USD 1,849.0 million by 2027 at a CAGR of~7.8%

Segmentation

By Product Type Finger Pulse Oximeters Handheld Pulse Oximeters Wrist Pulse Oximeters Pendiatric Pulse Oximeters
By End User Hospitals & Clinics Ambulatory Surgical Centers Home Care Setting

Key Players

  • Masimo Corporation (US)
  • GE Healthcare (US)
  • Koninklijke Philips N.V. (Netherlands)
  • Nihon Kohden Corporation (Japan)
  • Nonnin Medical (US)
  • Smiths Medical(US)
  • Mindray Medical International Limited (China)
  • iHealth Labs Inc(US)
  • Beurer GmbH (Germany)

Drivers

  • Booming geriatric population an drise in prevalence of cardiovascular and respiratory diseases
  • Growing awareness for chronic diseases and rise in demand for smart medical devices for home care setting
  • Rising number of players entering the market
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Market Overview:


The global smart pulse oximeters market is expected to cross ~USD 1,849.0 million by 2027 at a CAGR of~7.8%. A pulse oximeter is a device that is used to measure a person’s oxygen saturation. It is a non-invasive method and uses light beams to estimate theblood oxygen saturation level and the pulse rate. Individuals with respiratory conditions, including pneumonia, emphysema, lung cancer and infections, and cardiovascular conditions, including congestive heart failure, high blood pressure, coronary artery disease, and cardiac arrest, may benefit from pulse oximetry. Moreover, these are also used for very young infants and individuals suffering from sleep apnea to keep track of blood oxygen saturation levels.The ongoing COVID-19 pandemichas significantly boosted the demand for smart pulse oximeters as the infection causes a drop in blood oxygen saturation levels and requires a check on it through pulse oximeters.


COVID-19 Analysis:


The rising occurrence of COVID-19 is projected to influence market growth over the forecast period. In the initial phase of the pandemic, the majority of the medical device companies had restricted or halted their manufacturing and supply operations,which led to significant losses, thus hampering the smart pulse oximeters market. However, as the coronavirus outbreak continued, there has been a huge demand for smart pulse oximeters. Several new companies have entered the market to fill the demand-supply gap to reap the benefit of the upsurge in demand and have gained significant market share.For instance, in January 2021, TytoCare, Ltd. (US),a telehealth company, launched its US FDA-cleared fingertip pulse oximeter (SpO2) medical device for checking blood oxygen saturation levels and heart rate remotely. Likewise, in July 2020, Opto Circuits India Ltd.(India)relaunched its FDA-approved pulse oximeters in India to meet the rising demand for smart pulse oximeters.


Market Dynamics:


Market Drivers


  • Booming geriatric population an drise in prevalence of cardiovascular and respiratory diseases


An increase in age is accompanied by an increase in risk for cardiovascular and respiratory diseases. According to WHO, it is estimated that the world population above 60 years will almost double from 12% to 22% by 2050. This increase in the geriatric population will ultimately result in an increased demand for smart oximeters. Moreover, cardiovascular diseasesare the leading cause of death globally, taking about 17.9 million lives each year. Furthermore, Chronic Obstructive Pulmonary Disease (COPD) is the third-leading cause of death worldwide, causing 3.23 million deaths in 2019. These factors are predicted to boost the growth of the global smart oximeters market during the forecast period.



  • Growing awareness for chronic diseases and rise in demand for smart medical devices for home care setting

  • Rising number of players entering the market


Market Restraints


  • Risk of inaccuracy


Several of the smart pulse oximeters available in the market as over-the-counter (OTC) products that donot go through the FDA review. These oximeters are sold directly to consumers in stores or online as general wellness products or for sports use and are not intended for medical use. Often, these devices lack accuracy,which leads to misdiagnosis and self-treatment. Moreover, several counterfeit products in the market further raise the risk of inaccuracy in diagnosis. Thus, the risk of inaccuracy restrains the growth of the smart pulse oximeters market.



  • Privacy and security concerns for the healthcare data and increasing incidents of data breaches


Market Opportunities


  • Emerging technological advancements and portability in the devices


Advances in sensor technology have brought considerable improvement in the accuracy of the smart pulse oximeter. Moreover, it has brought many smart features to the device. For instance, in March 2020, Masimo (US) received the US FDA clearance for their fingertip pulse oximeter to measure respiration rate.This was the first fingertip pulse oximeter to receive FDA clearance for measuring respiration rate.


Furthermore, there have been significant advances in AI technology and IoT that has made these small devices powerfully smart. In recent years, there has been a considerable increase in demand for smart medical devices for health wellness. Thus,emerging technological advancement and portability in the devicesprovide significant growth opportunities for the smart pulse oximeter market.

Value Chain Analysis



  • The global smart pulse oximeters market is growing steadily due to the rising number of players coming forward with new and better products. The value chain analysis of the smart pulse oximeters market comprises four major components starting with the R&D and designing, followed by manufacturing the products, distribution & sales, and ends with post-sales services.

  • R&D and designing start with conceptualizing, followed by design, then development, and lastly, testing. The R&D segment comprises 25-30% of the value chain. After the product designs are final, the manufacturing of the product starts. Manufacturing consists of 35-40% of the value chain. The sourcing of raw material is the initial phase in the manufacturing of the products. The manufacturing components are sometimes outsourced. Outsourcing eliminates manufacturing process activities of some parts and helps to improve the efficiency of the process. Then comes distribution and sales, which is essential for any industry. Here, awareness about the products is spread across the market to get interested customers for the product. It consists of20-25% of the value chain. Lastly comes post-sales services, which account for around 5-10% of the value chain. In this step, customer feedback is taken into consideration to improve upon their existing product portfolio.


Segment Overview

By Product Type



  • Finger Pulse Oximeters

    • A finger pulse oximeter is a small clamp-like device that is placed on a finger, earlobe, or toe to measure the blood oxygen saturation level. Thesedevices usually have a small screen to give the readouts and measure blood oxygen saturation, heart rate, breathing rate, and otherparameters. These smart devices also come with connectivity options such as Bluetooth that allow easy tracking and sharing of readings.These are the most popular and widely used types of oximeters. The finger pulse oximeters hold the largest share of the smart pulse oximeters market.



  • Handheld Pulse Oximeters

    • Handheld pulse oximeters usually feature a larger display toprovide easy visualization of patient status. A separate reusable sensor is clipped onto the finger and connected via a cable plugged into the handheld oxygen saturation monitor.These devices may contain additional features such as audible alarms, data storage memory, and rechargeable batteries.



  • Wrist Pulse Oximeters

    • These types of pulse oximeters are worn by the patient on the wrist and offer a more consumer-friendly form factorthana bulky finger pulse oximeter.



  • Pediatric Pulse Oximeters

    • These types of pulse oximeters are used for checking the vitals of newborn patients and offer better response time and sensitivity for pediatric patientscompared toadult pulse oximeters.




By End User


  • Hospitals & Clinics

    • A largenumber of patients get monitored with chronic diseases in hospitals & clinics. Since advanced and complete treatments are available in the hospital, patients normally prefer to get treated at the hospital & clinics. According to the American Hospital Association, there were 6,146 hospitals in the US in 2019, which consisted of 36,353,946 hospital admissions. A large number of available facilities is anticipated to drive the segmental growth.



  • Ambulatory Surgical Centers

    • Ambulatory Surgery Centers, or ASCs, are modern healthcare facilities where surgeries do not require hospital admission and provide same-day surgical care, including diagnostic and preventive procedures. The emergency medical services provided by ASCs for cardiovascular and respiratory diseasesare anticipated to increase the number of patients during the forecast period. Moreover, the rise in demand for ASCs has led to a significant increase in the number of ASCs, which is further anticipated to drive the growth of the market.



  • Home Care Setting

    • This segment is one of the fastest-growing end user segments. This is attributed to the increasing adoption of smart oximeters for home care settings and increasing awareness among patients especially owing to the COVID-19 pandemic.




By Region


  • North America:

    • The North American market accounted for the largest share in 2020,owing to the well-established healthcare system,the high adoption rateof smart medical devices, and the presence of a high number of medical device companies. Moreover, the high prevalence of cardiovascular and respiratory diseases and increasing awareness ofsmart pulse oximeters among the patients also drive the growth of the market. Furthermore, the major market players in this region and their contribution through mergers&acquisitionsand product launches is also boosting the market growth.



  • Europe:

    • The European smart pulse oximetersmarket is driven by the rising R&D expenditure by medical device companies and increasing investment in the R&D sector. The presence of key market players also playsa significant role in contributing to market growth. Moreover, the increasing geriatric population and increasing prevalence of cardiovascular and respiratory diseases further drive the growth of the smart pulse oximeters market.



  • Asia-Pacific:

    • The Asia-Pacific smart pulse oximetersmarket is expected to be the fastest-growing due to rapidly growing and improving healthcare infrastructure, increasing demand for smart medical devices, and growing awareness for oximeters. In addition, factors such as the growing medical device industry, increasing government support, significant investments by key market players, and developing R&D infrastructure also support the growth of this market.



  • Rest of the World:

    • Rising per capita expenditure of the population in the healthcare sector and increasingawareness for oximeters are major factors contributing to the growth of the smart pulse oximetersmarket in this region.Moreover, the increasing presence of key medical device companies in the region further drives the growth of the market.




Competitive Landscape


  • The smart pulse oximeters market is profitable, both for existing players as well as new entrants. A substantial rivalry exists among the manufacturers in the market. Our analysis revealed that these players have adopted several strategies and innovative R&D techniques to expand their business and secure their position in the global smart pulse oximetersmarket. For instance, in February 2021, Masimo Corporation (US) launched theiSpO2companion application for android.

  • Masimo Corporationhasstrong industry experience and is one of the leading companies in the smart pulse oximeters market. High customer satisfaction levels, exceptional performance in new markets, and a diverse product portfolio add to the company’s advantage. Moreover, the company also has a strong clientele and is well established in the industry. It is also continuously involved in seminars, conferences, and trade fairs in several countries to generate awareness about its products.

  • 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.


List of Key Companies Covered in this report:



  • Masimo Corporation (US)

  • GE Healthcare (US)

  • Koninklijke Philips N.V. (Netherlands)

  • Nihon Kohden Corporation (Japan)

  • Nonnin Medical (US)

  • Smiths Medical(US)

  • Mindray Medical International Limited (China)

  • Contec Medical Systems Co., Ltd. (China)

  • Shenzhen Creative Industry Co.,Ltd. (China)

  • iHealth Labs Inc(US)

  • Beurer GmbH (Germany)

  • Others


Recent Developments


  • In March 2021, Nonnin Medical (US) launched two new disposable products – a single-use wristband and a sensor for use with Nonin’s WristOx2 3150 wrist-worn pulse oximeter (SpO2).These new disposables offer immediate and cost-effective solutions to reduce healthcare provider and patient exposure to infectious agents.

  • In January 2021, TytoCare, Ltd. (US),a telehealth company, had launched its US FDA-cleared fingertip pulse oximeter (SpO2) medical device for checking blood oxygen saturation levels and heart rate remotely.


Report Overview:


  • The study covers the existing short-term and long-term market effects, as well as helps decision-makers to draught short-term and long-term plans for businesses by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter’s Five Forces, value chain, and impact of COVID-19 on the market.


Scope of the Report


  • The scope of the global smart pulse oximetersmarket study includes a market size analysis and a detailed analysis of the manufacturer’s products and strategies. The market has been segmented based on product type, end user, and region.


Market Segmentation

Global Smart Pulse Oximeters, by Product Type



  • Finger Pulse Oximeters

  • Handheld Pulse Oximeters

  • Wrist Pulse Oximeters

  • Pediatric Pulse Oximeters


Global Smart Pulse Oximeters, by End User


  • Hospitals & Clinics

  • Ambulatory Surgical Centers

  • Home Care Setting


Global Smart Pulse Oximeters, by Region


  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East&Africa

    • Latin America





Report Scope:

Report Attribute/Metric Details
  Market Size   2027:~USD 1,849.0 Million
  CAGR   7.8%
  Base Year   2020
  Forecast Period   2021-2027
  Historical Data   2018 & 2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Product Type, End User, and Region
  Geographies Covered   North America, Europe, Asia-Pacific, Rest of the World
  Key Vendors   • GE Healthcare (US) • Koninklijke Philips N.V. (Netherlands) • Masimo Corporation (US) • Nihon Kohden Corporation (Japan) • Nonnin Medical (US) • Smiths Medical (US) • Mindray (US) • Contec Medical Systems Co., Ltd. (China) • Shenzhen Creative Industry Co.Ltd. (China) • iHealth Labs Inc. (US) • Beurer GmbH (Germany)
  Key Market Opportunities   Emerging technological advancement and portability in the devices
  Key Market Drivers   • Booming geriatric population and rise in prevalence of cardiovascular and respiratory diseases • Increasing awareness for chronic diseases and rise in demand for smart medical devices for home care setting • Growing number of players entering the market


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Frequently Asked Questions (FAQ) :

smart pulse oximeters market is expected to cross USD 1,849.0 million by 2027 at a CAGR of 7.8%.

smart pulse oximeters marketareGE 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) are the key players in the market of smart pulse oximeters

North America is predicted to lead the the market of smart pulse oximeters

Booming geriatric population an drise in prevalence of cardiovascular and respiratory diseases is the major market driver of smart pulse oximeters

Privacy and security concerns for the healthcare data and increasing incidents of data breaches may limit the market growth of smart pulse oximeters