New York, USA, Aug. 11, 2021 (GLOBE NEWSWIRE) -- Smart Pulse Oximeters Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Smart Pulse Oximeters Market Information by Type, End User, and Region - Forecast till 2027” the market is estimated to cross USD 1,849.0 Million in income by 2027 while developing at a CAGR of 7.8%.
Market Scope:
Pulse oximetry is a painless and noninvasive test that determines your oxygen saturation level, or the amount of oxygen in your blood. It can detect even little variations in the efficiency with which oxygen is transported to the extremities farthest from the heart, such as the legs and arms. Pulse oximetry is a test that determines how well your heart pumps oxygen throughout your body. It can be used to track the health of people suffering from any ailment that affects blood oxygen levels, especially in the hospital. In COVID cases, every person who tests positive for COVID-19 will not develop low oxygen levels.
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Smart Pulse Oximeters Market Competitive Landscape:
The eminent companies in the smart pulse oximeters market are
- Masimo Corporation (US)
- Nonnin Medical (US)
- Shenzhen Creative Industry Co., Ltd. (China)
- GE Healthcare (US)
- Koninklijke Philips N.V. (Netherlands)
- Nihon Kohden Corporation (Japan)
- iHealth Labs Inc(US)
- Smiths Medical(US)
- Mindray Medical International Limited (China)
- Beurer GmbH (Germany)
- Contec Medical Systems Co., Ltd. (China)
Market Drivers:
With an older population, the chance of developing cardiovascular and respiratory problems rises significantly. The rise in the senior population will result in a higher need for smart oximeters in the future. In addition, cardiovascular disease is the leading cause of death worldwide. The increased hospitalization rate is estimated to promote the expansion of the smart pulse oximeter market in the duration of the forecast period.
Market Restraints:
Several smart pulse oximeters are available on the market as over-the-counter (OTC) goods, which have not been reviewed by the FDA. These oximeters are not meant for medical use and are offered directly to consumers in stores or online as general wellness products or for sports use.
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COVID 19 Analysis
COVID-19's increasing prevalence is expected to have an impact on market growth throughout the projection period. During the early stages of the pandemic, the bulk of medical device businesses limited or stopped their manufacturing and supply activities, resulting in considerable losses and hampered the market for smart pulse oximeters. Smart pulse oximeters have been in high demand. Several new companies have joined the market to cover the demand-supply gap and profit from the increase in demand, gaining considerable market share in the process. Recently, MFine, a digital health business, was one of the first to take up the challenge, developing an app that uses a fingertip, a smartphone camera, and a flash to monitor oxygen saturation (SpO2) levels. The technology, named MFine ‘Pulse,' is currently in beta testing for Android users and will be for iOS in a few weeks. Despite the fact that clinical trials for the instrument are still ongoing, the tool appears to be promising, with an accuracy rate of 80%.
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Market Segmentation
In the product type segment, the finger pulse oximeters are the most prevalent and extensively used types of oximeters.
In the end user segment, hospitals & clinics segment is estimated to hold a large number of available facilities which is anticipated to drive the smart pulse oximeters market growth.
Smart Pulse Oximeters Market Regional Insights
Due to its high well-established healthcare system, high adoption rate of smart medical devices, and big number of medical device businesses, the North American market accounted for the greatest share in 2020. Furthermore, the increased prevalence of cardiovascular and respiratory disorders, as well as growing patient awareness of smart pulse oximeters, are driving the expansion of the market. The market for smart pulse oximeters in Europe is being pushed by rising medical device R&D expenditure and increased R&D investment. Due to quickly rising and improving healthcare infrastructure, increasing demand for smart medical devices, and growing awareness for oximeters, the Asia-Pacific smart pulse oximeters market is likely to be the fastest-growing. For instance, GOQii has released a smartwatch that has a pulse oximeter and a thermometer. The key to managing the virus's numbers, according to GOQii, is early discovery and containment of suspected cases, given the virus's nature and quick transmission. With the wristwatch, a person can rapidly detect changes in their vital signs and correlate them to a larger health issue. A significant worry among COVID-19 patients is a lower oxygen rate. The integrated pulse oximeter in the GOQii Smart Vital monitors blood oxygen levels and provides real-time information. Body temperature, heart rate, and blood pressure can all be monitored using this device.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
