The major factors for the growth of the smart pulse oximeters market include the rising cases of cardiovascular diseases and an increase in the geriatric population, and the growing demand for portable monitoring devices.
The smart pulse oximeters are used to monitor the oxygen saturation of hemoglobin in the arterial blood non invasively. These devices use infrared light to measure the oxygen level and heart rate. The rising prevalence of cardiovascular diseases is expected to boost the demand for smart pulse oximeters.
According to the American College of Cardiology, cardiovascular disease (CVD) accounted for about 800,000 deaths in the United States in 2016. Among Americans, an average of one person dies from cardiovascular disease, every 40 seconds. Coronary heart disease (CHD) accounts for the majority of CVD deaths, followed by stroke and heart failure. Thus, owing to the rising cases of cardiovascular diseases the market is expected to witness high demand over the forecast period.
Key Market Trends
Finger Pulse Oximeter is the Segment by Product Type which is expected to hold Largest Market Share over the Forecast Period
The finger pulse oximeters are expected to hold the largest market share owing to the extensive features associated with the devices. Furthermore, with the rising technological advancement and portability in the devices, the market is expected to witness high growth. Also, the availability of cost-effective pulse oximeters is expected to increase the adoption in the market. The finger pulse oximeter offers fast, accurate readings of blood oxygen saturation and pulse rate.
Recently in January 2019, Masimo Corporation announced FDA clearance of the measurement of respiration rate from the pleth (RRp) on the MightySat Rx spot-check fingertip pulse oximeter. Thus, owing to the all above-mentioned factors the market is expected to witness high growth.
North America is Expected to Hold Largest Market Share over the Forecast Period
The United States is expected to be the largest smart pulse oximeters market owing to the presence of better healthcare infrastructure and the presence of major market players. According to the Centers for Disease Control and Prevention 2018, heart disease is the leading cause of death for both men and women in the United States. It is responsible for 1 in every 4 deaths and more than 610,000 people die every year from the disease. Also, there is a high demand for portable pulse oximeters in the market. The rising prevalence of cardiovascular diseases is expected to increase the demand for a smart pulse oximeter.
The market studied is a fragmented market owing to the presence of various market players. The market players are focusing on the R&D to develop new and efficient products in the market. Some of the market players are Contec Medical Systems Co., Ltd., GE Healthcare, Halma plc, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., Omron Corporation, and Smiths Group plc.
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