Smart Pulse Oximeters Market
Market Overview
The Global "Smart Pulse Oximeters Market" is expected to grow at a high CAGR during the forecasting period (2021-2028).
A smart pulse oximeter is a non-invasive clip-like medical device, also known as a probe used to measure the oxygen saturation level and heart rate in humans. It uses infrared light to measure the oxygen level and heart rate. The measurement of oxygen level and heart rate while performing surgeries and injecting anesthesia are very important because the changes in the oxygen level in such a condition might cause life-threatening effects. Smart pulse oximeters help in the diagnosis and management of chronic respiratory illnesses, such as chronic obstructive pulmonary disease (COPD), cardiopulmonary disease, sleep problems, cardiac diseases, and acute severe chest pain. A smart pulse oximeter is one of the fastest-growing vital sign monitoring devices. The readings of smart pulse oximeter may not be accurate in peripheral vascular diseases as they might get affected by low blood pressure, cold fingers, nail polish, and artificial nails.
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Market Drivers
The market is driven by rising incidences of chronic diseases, an increase in the geriatric population, rapid technological advancements, and efforts by many government and non-government organizations. Leading companies in this segment are continuously working on manufacturing technologically advanced devices such as using featuring BlueTooth which displays the readings in the smartphone. The wireless pulse oximeter has been developed for its easy usage and custom software which can be used in laptops, smartphones, or computers. The user-friendly software enables signal processing algorithms for heart rate, respiratory rate, and oxygen saturation from the plethysmography waveform. In 2016, Nonin Medical, Inc. launched Apple iOS-compatible NoninConnect Elite Model 3240 Bluetooth Smart Wireless Finger Pulse Oximeter. This oximeter is used to treat respiratory conditions such as COPD by measuring the arterial blood oxygen saturation and pulse rate. This helped the company to expand its product offerings for respiratory disorders such as COPD.
The growing prevalence of respiratory diseases, such as allergic disease and asthma, has been increasing rapidly due to increasing air pollution and a rapidly growing number of smokers. According to the World Health Organization (WHO), approximately 250,000 people die of asthma every year, globally. COPD is caused mainly due to tobacco smoke. Thus, the increasing prevalence of respiratory diseases is expected to increase the demand for smart pulse oximeters for early detection and management of respiratory diseases.
Market Restraints
Lack of awareness in the developing regions and the availability of high-end devices to measure the heart rate is anticipated to hamper the market growth during the period of forecast.
Market Segmentation
The global smart pulse oximeters market can be segmented by product type as a fingertip, hand-held, and wrist-worn and by end-user as hospitals and clinics, ambulatory surgical centers, and home care.
Finger pulse oximeters are expected to hold the majority of the market share in the period of forecast. These devices measure the oxygen saturation level in blood by a sensor connected to the finger. These devices are smaller in size as compared to other product types of smart pulse oximeters. Finger pulse oximeters can be used in any setting, be it hospitals, clinics, ambulatory surgical centers, or home care. These oximeters are easy to use as there is no need to attach any external probe or sensor. They are comparatively having low cost among all types of smart pulse oximeters, so finger pulse oximeters have the highest demand in the global smart pulse oximeters market. The Onyx series by Nonin and CMS series by Contec Medical Systems are a few of the prominent finger pulse oximeters in the market. The Nellcor series by Medtronic are reusable SpO2 sensors.
On the basis of product type, hand-held smart pulse oximeters are the preferred type of smart pulse oximeters by clinicians and are recommended for sports persons and athletes for regular checkups of oxygen blood saturation levels. These devices are useful for pilots to check the oxygen level when they are operating at above 10,000 feet. These devices are also useful to mountaineers and athletes to check their oxygen levels. These devices measure the SpO2 level, arterial blood pressure, and pulse rate of an individual sensor connected to a finger or an ear lobe or forehead. Handheld series by Nonin such as Model 8500 and Model 9847 are very popular in the segment.
Geographical Share
Geographically, the global smart pulse oximeters market is divided into North America, Europe, South America, Asia-Pacific, the Middle East, and Africa.
Asia-Pacific region offers a lot of opportunities for the major companies operating in the smart pulse oximeters market due to its high population base, increase in disposable incomes and improvement in patient awareness about smart pulse oximeters. The prevalence of chronic diseases is also high in this region. According to WHO, in 2017, around 3 million people died of COPD in the Asia-Pacific region. It is further expected that COPD is likely to increase in the coming years due to higher smoking prevalence and aging populations in many Asian countries like Japan.
According to the United Nations Department of Economic and Social Affairs (UNDESA) report the number of people aged 60 years or above is projected to grow by 56%, globally, i.e. from 901 million in 2015 to 1.4 billion by 2030. Also, the global aging population is projected to reach nearly 2.1 billion, by 2050. Japan has the highest population of elderly in the world and it is expected that by 2030 around 62% of Japan’s population will be above 60. Aging population boosts the market of Pulse Oximeters.
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Market Competition
Some of the major key players in the market are Halma plc, Koninklijke Philips N.V., Contec Medical Systems Co. Ltd., Masimo Corporation, Medtronic plc, Nonin Medical, Inc., General Electric Company, Smiths Group plc, Omron Corporation, Shenzhen Creative Industry Co.,Ltd, iHealth Labs Inc., Indiegogo, Inc., and Technocare Medisystems. Few companies for forming strategies to enhance sales and marketing capabilities. In April 2019, Nonin Medical announced that starting May it will sell its own pulse oximeters which for the last 30 years were sold by Philips Respronics.
Most of the key companies are also focused on launching products with advanced features. Few of the recent approvals of the key companies include –
In March 2019, Masimo got FDA clearance of the Rad-67™ Pulse CO-Oximeter® with Spot-check Next Generation SpHb® monitoring technology and the rainbow® DCI®-mini Reusable Sensor.
In January 2019, Masimo Announces FDA Clearance of RRp®, Respiration Rate from the Pleth, on the MightySat™ Rx Spot-Check Fingertip Pulse Oximeter.
In October 2018, Masimo Announces FDA Clearance for Masimo RD Sensors with Improved Accuracy Specifications for SET® Pulse Oximetry.
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