London, July 23, 2020 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the Pulse Oximeters And Spirometers market, the rising number of respiratory diseases is driving the demand for the pulse oximeters and spirometers market. Spirometry is a recognized method of definitively diagnosing chronic obstructive pulmonary disease (COPD). Asthma and COPD are the most common chronic respiratory diseases globally, and rising cases of COPD across the globe due to an increase in the population aged over 65 years of age, air pollution, and high smoking prevalence will contribute to the market growth.
Since COVID-19 is a respiratory illness, there is an increased demand globally for respiratory devices – including pulse oximeters and spirometers. Oxygen therapy is a major intervention for patients with severe COVID-19 infections, and healthcare providers need to ensure the availability of pulse oximeters and other medical oxygen systems. The market for these devices is expected to surge as they contribute to the early detection and remote monitoring of patients.
The Business Research Company‘s report titled Pulse Oximeters And Spirometers Market Global Report 2020-30: COVID-19 Implications And Growth covers the global market and its segments. The pulse oximeters and spirometers market is segmented by product type into pulse oximeters, spirometers, by end use into hospitals, home care settings, clinical laboratories, industrial settings, and by application into diagnostic, treatment monitoring.
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The global pulse oximeters and spirometers market is expected to grow from $2.6 billion in 2019 to about $6.5 billion in 2020 due to an increase in demand for such respiratory function monitoring equipment for COVID-19 patients. The market is then expected to stabilize and reach $3.9 billion at a rate of 10.7% through 2023.
Low healthcare access in developing countries restrains the growth of the pulse oximeters and spirometers market. Globally, the disease burden is significantly high in low- and middle-income countries. The low access to healthcare services, insufficient number of hospitals and healthcare professionals have a negative impact on the market growth in many developing nations.
Although healthcare access is low in developing countries as compared to developed countries, the surge in healthcare expenditure worldwide supports the pulse oximeters and spirometers market. The surge in healthcare spending provides more expenditure on pulse oximeters and spirometers, which in turn, drives the revenues generated from these devices. Companies in the pulse oximeters and spirometer market are also increasingly focusing on developing smart and wireless oximeters and spirometers, which enhances the ease of usage and data analysis. The integration of wireless technology allows the transfer of data from the device to a smart phone or a wireless device through Bluetooth or cellular connection for data processing and then to display the results.
Pulse Oximeters And Spirometers Market Global Report 2020-30: COVID-19 Implications And Growth is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2400 market segments and 56 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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