Smart Pulse Oximeters Market Size, Share, Industry, Forecast and outlook (2024-2031)

Smart Pulse Oximeters Market is segmented By Product Type (Fingertip, Hand-held, Wrist-worn), By End-User (Hospitals and Clinics, Ambulatory Surgical Centers, Homecare), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Report Overview

Global Smart Pulse Oximeters Market is estimated to grow at a CAGR of 3.4% during the forecast period 2024-2031.

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 is very important because the changes in the oxygen level in such a condition might cause life-threatening effects. Smart pulse oximeters help diagnose and manage chronic respiratory illnesses, such as chronic obstructive pulmonary disease (COPD), cardiopulmonary disease, sleep problems, cardiac diseases, and acute severe chest pain.

Smart Pulse Oximeters Market Summary

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Smart Pulse Oximeters Market Dynamics

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 are the factors the market is expected to drive in the forecast period.

Technological advancement of Pulse Oximeters is expected to drive market growth.

Since the COVID-19 epidemic, there has been a growing need for new, creative medical instruments to analyze and monitor the situation. A portable and cost-effective IOT-based heart rate and SpO2/level sensor device with high performance has been designed. The salient advantages are its portability, user compatibility, and unique method of transferring collected data online, allowing it to outperform available solutions in various ways. The system includes a MAX30100 sensor (Pulse Oximeter sensor) and an IOT-based microcontroller (WeMos D1 small) that allows the facility to monitor the real-time health data of patients via an HTML page. Therefore, there is an increased demand for technologically advanced pulse oximeters. Thus, from the above factors, the market is expected to drive in the forecast period.

The inaccuracy of pulse oximeters is expected to hamper the market growth.

Poor circulation, skin temperature, skin thickness, current cigarette use, usage of fingernail polish, and dark skin pigmentation are all factors that can impair pulse oximeter accuracy. Furthermore, recent research has indicated that some oximeters may not provide correct readings to Black patients, and several counterfeit devices on the market increase the possibility of inaccuracy in diagnosis. As a result, misdiagnosis and self-treatment are common. Therefore, it leads to misdiagnosis and self-treatment. Thus, from the above factors, the market is expected to get hampered in the forecast period.

COVID-19 Impact Analysis on Smart Pulse Oximeters Market

The COVID-19 epidemic had a positive impact on the smart pulse oximeters industry. Pulse oximeters allow healthcare personnel to quickly detect and treat hypoxia and aid in the distribution of scarce hospital beds and oxygen resources. Pulse oximeters help providers identify who is healthy enough to go home, who needs oxygen, and who needs to be admitted to the ICU by measuring the blood's oxygen level (oxygen saturation). Early diagnosis of COVID-19 patients is critical for the greatest outcomes in low-income nations with limited intensive care facilities. Moreover, Several new companies have joined the market to cover the demand-supply gap and capitalize on the increase in demand, gaining considerable market share. For instance, On June 03, 2021, DetelPro launched the pulse oximeter Oxy10. It has an LED display that allows the users to check the results. Therefore, there was an increase in the adoption of smart pulse oximeters worldwide. Thus, from the above factors, the market drives in the forecast period.

Smart Pulse Oximeters Market Segmentation Analysis

Fingertip Pulse Oximeters segment is expected to hold the largest market share in smart pulse oximeters

The fingertip pulse oximeters segment accounted for the largest market share in 2021. The segment benefits because these devices measure the oxygen saturation level in blood by a sensor connected to the finger. These devices are smaller in size compared to other smart pulse oximeters product types. Finger pulse oximeters can be used in any setting, either ambulatory surgical centers, hospitals, clinics, or home care. These oximeters are easy to use as there is no need to attach any external probe or sensor. They have comparatively low cost among all types of smart pulse oximeters, so finger pulse oximeters have the highest demand in the global smart pulse oximeters market. For instance, 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. Thus, from the above factors, the market segment accounted for the largest market share in the forecast period.

Global Smart Pulse Oximeters Market Geographical Share

North America region holds the largest market share in the global smart pulse oximeters  

North America region accounted for the largest market share in 2021. The increasing prevalence of Coronavirus cases and respiratory diseases, the well-established healthcare system, the high adoption of smart pulse oximeters, technological advancement in the pulse oximeters and mergers acquisitions and product launches are the factors to drive the market in the forecast period. For instance, the coronavirus first appeared in the United States in mid-March 2020, and cases began to rise at an alarming rate. The government has conducted many COVID-19 tests, which are required to manage the outbreak. However, new coronavirus cases in the United States have surged numerous times since the pandemic began, most notably at the end of 2022. As of October 4, 2022, around 95.1 million confirmed cases of COVID-19 have been reported by the World Health Organization (WHO) in the United States. The pandemic has impacted all 50 states, with vast numbers of cases recorded in California, Texas, and Florida.

Additionally, Sensor technological advancements have significantly improved the accuracy of the smart pulse oximeter. Furthermore, it has added several smart functions to the smartphone. For instance, Masimo (US) gained US FDA certification for its fingertip pulse oximeter to assess respiration rate in March 2020. This was the first FDA-approved fingertip pulse oximeter for measuring breathing rate. Thus, from the above factors, the North American region accounted for the largest market share in the forecast period.      

Smart Pulse Oximeters Companies and Competitive Landscape

Major key players in the smart pulse oximeters are Koninklijke Philips N.V., Halma Plc., Medtronic plc, iHealth Labs Inc., Masimo Corporation, Contec Medical Systems Co. Ltd., General Electric Company, Smiths Group plc, Nonin Medical, Inc., Omron Corporation, Shenzhen Creative Industry Co.,Ltd, Indiegogo, Inc. and Technocare Medisystems.

In January 2021, TytoCare, Ltd. launched its US FDA-cleared fingertip pulse oximeter (SpO2) medical device for checking blood oxygen saturation levels and heart rate remotely.

Medtronic Plc:

Overview:

Medtronic plc is an American-Irish registered medical device company primarily operating in the United States. It has an operational and executive headquarters in Fridley, Minnesota, in the US. Moreover, it develops and manufactures devices and therapies to treat more than thirty chronic diseases, including heart failure, Parkinson’s disease, urinary incontinence, Down syndrome, obesity, spinal disorders, chronic pain, and diabetes. It is operated in 140 countries and employs over 104,950 people.

­Product Portfolio:

Nellcor Portable SpO₂ Patient Monitoring System: The Nellcor PM10N portable SpO2 patient monitoring system is a portable, handheld monitor excellent for spot checks or continuous monitoring in various healthcare and home usage situations. Its ergonomic shape and simple design make it easy to use and operate.

The global smart pulse oximeters report would provide an access to an approx. 45+market data table, 40+figures and 180pages.