Market Trends of Global Smart Pulse Oximeters Industry
This section covers the major market trends shaping the Smart Pulse Oximeters Market according to our research experts:
Finger Pulse Oximeter Segment is Expected To Hold Large Market Share Over the Forecast Period
A small pulse oximeter is a non-invasive medical device that measures an individual's blood oxygen saturation by attaching a sensor to a finger, toe, or earlobe and using spectrophotometry to calculate the percentage of oxygenated hemoglobin pulsating through a network of blood capillaries. Due to the devices' numerous capabilities, finger pulse oximeters are anticipated to have the biggest market share. The healthcare system is burdened by the rising incidence of heart disorders.
The market expansion is projected over the forecast period due to new introductions and FDA approval. For instance, in January 2021, Tyto Care introduced its fingertip pulse oximeter (SpO2). This medical equipment allows users to check their heart rate and blood oxygen saturation levels remotely.
Furthermore, the advancement in technology is expected to propel the growth of the market segment. For Instance, in August 2021, Masimo received CE marking for Masimo SafetyNet Alert and launched it in western Europe. It is an arterial blood oxygen saturation monitoring and alert system designed for use at home. Masimo SafetyNet Alert features a Signal Extraction Technology wearable fingertip pulse oximetry sensor that communicates wirelessly to an accompanying Home Medical Hub and smartphone app. Masimo SafetyNet Alert monitors blood oxygen saturation (SpO2) and pulse rate (PR).
Thus, as a result of all the aforementioned factors, the market segment is anticipated to rise rapidly over the forecast period.
North America is Expected to Hold the Maximum Market Share Over the Forecast Period
The North American region is expected to hold a significant share in the market. Due to the increase in demand for smart pulse oximeters to monitor COVID-19 patients in the region, COVID-19 has had a beneficial effect on the market for smart pulse oximeters. For instance, the research paper titled "Using Pulse Oximetry to Monitor COVID-19 Patients at Home. Reports on social media and in the general press during the ongoing coronavirus illness (COVID-19) pandemic show that a subset of patients is presenting with severe hypoxia without dyspnea, a condition known as "silent hypoxemia," which was published in the Annals of the American Thoracic Society in September 2021 "by a few. One suggestion to lessen the risk of complications in such patients is to have those with COVID-19 who are not yet sick enough to need admission monitor their arterial oxygenation at home using pulse oximetry and seek medical attention if they exhibit symptoms of hypoxemia.
Due to its improved healthcare infrastructure and the presence of significant market players, the region is anticipated to have a sizable market for smart pulse oximeters. According to the Centers for Disease Control and Prevention (CDC), July 2022 update, around 805,000 Americans experience a heart attack each year. The need for pulse oximeters is anticipated to rise as the prevalence of cardiovascular disorders rises, which will help the market.
Additionally, the approval from the regulatory authority is driving the growth of the market. For Instance, in September 2020, Masimo received United States Food and Drug Administration clearance for the Rad-G Pulse Oximeter, a rugged handheld device that provides clinically proven SET pulse oximetry, respiration rate from the pleth (RRp), and other vital parameters for both spot-checking and continuous monitoring.
Therefore, the studied market is anticipated to experience profitable growth throughout the forecast period due to the growing burden of cardiac illnesses, which is primarily caused by a sedentary lifestyle and the expanding geriatric population in the region.
