According to a new report published by Allied Market Research titled, Smart Pulse Oximeter Market by Product Type, and Geography: Global Opportunity Analysis and Industry Forecast, 2014-2022, the global smart pulse oximeter market is poised to reach $1,268 million by 2022, registering a CAGR of 7.2% from 2016 to 2022. Fingertip pulse oximeters segment is expected to dominate the global smart pulse oximeters market in 2015.
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Smart pulse oximeters measure vital health parameters, such as oxygen saturation level, heart rate, and pulse rate. These devices can be used to monitor a patients status prior or during the diagnosis of a disease. These oximeters are used in a medical setting, home environment, or at the site of medical emergency.
Rise in geriatric population and chronic health conditions such as, COPD and obesity, increase in preference for home monitoring, and growth in awareness among patients about smart pulse oximeters are expected to drive the market growth. However, lack of awareness and adoption of these devices in low- and middle-income economies are projected to hamper the market growth.
Fingertip pulse oximeters market anticipated to dominate the global smart pulse oximeters market in 2015 and expected to maintain its dominance throughout the analysis period. This is owing to the ease of use and lightweight features, wide adoption at home settings and increase in the global incidence of respiratory disorders, such as COPD.
The global smart pulse oximeters by product type is further segmented by end users into hospitals & clinics, ambulatory surgery centers (ASCs), and home care settings. The hospitals & clinics segment was the highest revenue contributor to the fingertip pulse oximeters market in 2015, and is expected to maintain its dominance during the analysis period. Smart pulse oximeters facilitate early detection of a disease and thereby allows faster intervention and diagnosis.
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North America dominated the global smart pulse oximeters market in 2015, and is expected to maintain its dominance during the forecast period. This is attributed to the rise in respiratory disorders, growth in awareness among patients regarding cost-effective pulse oximeters, high purchasing power, and availability of advanced healthcare facilities in the North American countries.
Key findings of the Smart Pulse Oximeters Market
- Based on product type, the fingertip pulse oximeters segment was the highest revenue contibutor, growing at a CAGR of 7.5% during the analysis period.
- The ASCs segment for fingertip pulse oximeters market is estimated to grow at the highest CAGR of 8.6% from 2016 to 2022, as fingertip pulse oximeters can be used easily by patients and do not require trained professional for operating the device.
- Developing regions are projected to be the fastest growing region until 2022, owing to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of COPD, sleep apnea, and other respiratory disorders in this region, and increase in disposable income of the population.
- Russia is projected to be the fastest growing country in the European region, growing at a CAGR of 9.2% during the analysis period.
Key players in the global pulse oximeters market include Contec Medical Systems Co., Ltd., General Electric Company, Halma plc, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nonin Medical, Inc., Omron Corporation, and Smiths Group plc.
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