Wearable Pulse Oximeter Market is Slated to Witness Tremendous Growth in Coming Years | by Covidien (Medtronic), CareFusion Corp (Vyaire), GE Healthcare

New Jersey, United States - Analysis of Wearable Pulse Oximeter Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The Wearable Pulse Oximeter Market will grow from USD 2.8 billion in 2022 to USD 4.3 billion in 2028, at a projected CAGR of 8.8%,. The rising incidence of respiratory illnesses, the rising incidence of congenital heart disease (CHD) in children, the rising number of surgeries and hospitalizations, the growing geriatric population and the resulting rise in chronic illnesses, the technological advancements in pulse oximeter devices, the expanding investments in healthcare infrastructure, and the outbreak of infectious respiratory diseases are the main factors driving Wearable Pulse Oximeter market growth.

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Among the most common respiratory illnesses worldwide are pneumonia, asthma, and chronic obstructive pulmonary disease (COPD). The lungs' airways get blocked in conditions including COPD, asthma, and pneumonia, making it challenging for air to enter and exit the lungs. This eventually results in low blood oxygen levels.

Patients needing additional oxygen when they have hypoxia brought on by COPD, asthma, or pneumonia (oxygen therapy). The noninvasive test of pulse oximetry measures oxygen saturation in individuals who are critically unwell and have trouble breathing. The amount detected and displayed on the pulse oximeter's screen corresponds to the oxygenation of red blood cells.

OTC medical items are those that have received approval from the appropriate medical authorities to be sold directly to consumers without a prescription. OTC pulse oximeters do not require FDA approval and can be purchased without a prescription from any pharmacy. However, there are issues with the reliability and safety of over-the-counter pulse oximeters.

Segment Analysis:

The COVID-19 pandemic heightened the need for effective patient detection, monitoring, and care in order to stop the pandemic's spread. As a result, the US FDA issued a warning to patients and healthcare professionals warning that while pulse oximetry is effective for assessing blood oxygen levels, there are some limits and risks of inaccuracy, which is projected to constrain market growth.

Players in the Wearable Pulse Oximeter market for medical devices can anticipate tremendous development potential due to emerging economies. Governments in countries like China and India are consistently increasing their expenditures on value-based care and healthcare modernization. Additionally, manufacturing hubs for medical equipment and generic medications are emerging in emerging nations.

The worldwide Wearable Pulse Oximeter market is divided into smart and conventional categories based on technology. In 2021, the traditional segment contributed a sizable portion of revenue. Even while new smartwatches have the same features as traditional ones, wearing them is becoming more popular. Blood oxygen saturation (SpO2) smartwatches are more accurate than traditional oximeters, nevertheless. According to research, standard pulse oximeters aid in the diagnosis of hypoxia, and recent advancements have made it possible for such instruments to also detect other factors, such as levels of methemoglobin and carboxyhemoglobin. For anaesthetic patients, a traditional pulse oximeter is highly recommended for parameter monitoring. In an emergency room, intensive care unit, or regular hospital, the majority of medical personnel prefer pulse oximeters to measure patients' oxygen saturation levels.

One of the main reasons influencing the Wearable Pulse Oximeter market's growth is the rising prevalence of chronic medical conditions as well as the growing global elderly population. The choice of patients and healthcare professionals for non-invasive medical equipment and procedures is also boosting market expansion. The demand for the product is being influenced by the widespread use of portable and wearable oximeter versions, particularly among patients with chronic obstructive pulmonary disease (COPD). Another element that is stimulating growth is a variety of technological developments, such as innovations in microprocessor, LED, and photoelectric sensor technologies for improved pulse oximeter accuracy and dependability.

Regional Analysis:

Due to rising public awareness of the value of keeping an eye on respiratory vitals, North America dominated the pulse oximeter market and held the greatest revenue share of 49.1% in 2020. Medicare views the use of a Wearable Pulse Oximeter as supplementary, therefore it is often funded in conjunction with a primary service.

All medical device manufacturers are anticipated to be impacted by recent changes in regulatory standards in Europe. Even though variables like revisions to labelling specifications and new laws governing the distribution of medical devices may hold down the clearance process, they could ultimately benefit authorised items by improving their quality and lowering the frequency of product recalls.

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Competitive Analysis:

Covidien (Medtronic) CareFusion Corp (Vyaire) GE Healthcare Koninklijke Philips NV Masimo CASMED (Edwards Lifesciences Corporation.) Opto Circuits India Ltd. Nonin Medical, Inc. Smiths Medical Welch Allyn Spacelabs Healthcare Zensorium Meditech Equipment Co., Ltd. NIHON KOHDEN CORPORATION

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