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Smart Pulse Oximeters Market Actual Need Outlook, Supportive Judgment | Medtronic PLC, Omron Corporation, Nihon Kohden Corporation, Nonin Medical, Inc

02-16-2023 12:26 PM CET | Health & Medicine

Press release from: Report Ocean

Smart Pulse Oximeters Market Actual Need Outlook, Supportive

The smart pulse oximeters market is growing at a high CAGR because of the increasing prevalence of cardiovascular and respiratory diseases. Moreover, the growing elderly population under home care is also driving the market forward..

A recent study conducted by the strategic consulting and market research firm, Report Ocean revealed that the smart pulse oximeters market was worth USD 1,206.9 million in the year 2021. The market is estimated to grow at a CAGR of 7.4%, generating revenue of around USD 1,973.3 million during 2022-2028. The smart pulse oximeter market is growing at a fast rate due to the prevalence of cardiovascular and respiratory diseases and the rising geriatric population in home care settings. Additionally, the surging demand for remote and portable patient monitoring devices, especially after the COVID-19 pandemic, also presented lucrative opportunities for the market. However, the high cost of the reusable smart pulse oximeters market and limited awareness regarding these medical devices may act as a huge restraining factor for the growth of smart pulse oximeters market.

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Expanding Online Sales Channels Driving Smart Pulse Oximeters Market

Online stores account for the majority of sales of smart pulse oximeters because they have a very small market penetration in offline stores. Therefore, the manufacturers of this medical device make their products available to almost all the pharmacy stores to boost its sales. They also opt for popular consumer websites, such as Amazon.com, to increase the penetration of smart pulse oximeters among consumers. Furthermore, with the increasing availability of smart pulse oximeters on online stores, the market is forecast to flourish during the forecast period.

Increasing Demand for Home Care Settings Propelling Market Growth

Patients in home-care settings are the major end-users of smart pulse oximeters. Geriatrics, who are under the care of home health agencies, are driving demand for remote patient monitoring devices. Smart pulse oximeters allow patients to consistently monitor their blood oxygen levels as well as share their vital information with their physician. As the number of patients in home-care settings surged due to the COVID-19 pandemic, the demand for smart pulse oximeters is expected to rise during the forecast period.

Smart Pulse Oximeters Market - By Product-Type

Based on product types, the smart pulse oximeters market is segmented into finger pulse oximeters, handheld pulse oximeters, wrist pulse oximeters, wireless pulse oximeters, and others. Among these, the finger pulse oximeters segment holds the largest market share. The increasing use of smart pulse oximeters in hospitals is fueling the growth of the finger segment. The wrist pulse oximeters segment, on the other hand, is expected to grow at the highest rate during the forecast period due to their rising integration into smartwatches.

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Smart Pulse Oximeters Market - Regional Insights

Geographically, the smart pulse oximeters market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Among these, North America dominates the smart pulse oximeters market. However, the Asia-Pacific region is projected to witness the highest growth rate during the forecast period. The increasing investment towards the adoption of advanced medical technologies and expanding patient base owing to the high population of emerging economies are expected to play a crucial factor in propelling the market growth. Following Asia-Pacific, Europe is also growing at a substantial rate.

Impact of COVID-19 on Smart Pulse Oximeters Market

The COVID-19 pandemic outbreak provided tremendous growth opportunities to the smart pulse oximeters market. As with regular pulse oximeters, the smart pulse oximeters were used to monitor the COVID-19 patients' blood oxygen levels. Nevertheless, smart pulse oximeters can generate data that can be remotely transmitted to the healthcare provider or supervisor, allowing for greater social distancing and the prevention of the spread of infection. These advantages over ordinary ones led to a spike in demand for smart pulse oximeters during the period of COVID-19.

Smart Pulse Oximeters Market - Competitive Landscape

The leading players in the global smart pulse oximeters market are Contec Medical Systems Co., Ltd., GE Healthcare, Halma PLC, Koninklijke Philips N.V., Masimo Corporation, Smiths Group PLC, Medtronic PLC, Omron Corporation, Nihon Kohden Corporation, Nonin Medical, Inc., Beurer GmbH, iHealth Labs Inc., Mindray, Shenzhen Creative Industry Co. Ltd., HealthSense, Dr Trust, K Life Health Care, Beijing Choice Electronic Tech Co., Ltd., and other prominent players.

Market Segment:
By Product Type (Finger Pulse Oximeters, Handheld Pulse Oximeters, Wrist Pulse Oximeters, Wireless Pulse Oximeters, Other)
By End-User (Hospitals & Clinics, Ambulatory Surgical Centers, Home Healthcare)
By Region (North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa (MEA)

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The global smart pulse oximeters market is extremely competitive due to the presence of various global and regional market players. Moreover, global companies, such as Philips, GE Healthcare, Masimo, etc., dominates the market. However, the regional players received significant growth opportunities after the COVID-19 pandemic outbreak. The companies significantly invest in research and development activities to boost the accuracy of their products. They also prominently adopt competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., to stay ahead in the market.

Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

Key Reasons to Buy this Report:

Access to date data compiled by means of our researchers. These grant you with historic and forecast data, which is analyzed to inform you why your market is set to change
This allows you to expect market adjustments to continue to be in advance of your competitors
You will be in a position to replica information from the Excel spreadsheet straight into your advertising plans, commercial enterprise presentations, or different strategic documents
The concise analysis, clear graph, and desk structure will allow you to pinpoint the records you require quickly
Provision of market cost (USD Billion) records for every phase and sub-segment
Indicates the area and section that is predicted to witness the quickest increase as nicely as to dominate the market
Analysis through geography highlighting the consumption of the product/service in the area as nicely as indicating the elements that are affecting the market inside every region
Competitive panorama which contains the market rating of the predominant players, alongside with new service/product launches, partnerships, commercial enterprise expansions, and acquisitions in the previous 5 years of organizations profiled
Extensive business enterprise profiles comprising of business enterprise overview, employer insights, product benchmarking, and SWOT evaluation for the primary market players
The cutting-edge as nicely as the future market outlook of the enterprise regarding current traits which contain boom possibilities and drivers as properly as challenges and restraints of each rising as nicely as developed regions
Includes in-depth evaluation of the market from quite a number views via Porter's 5 forces analysis
Provides perception into the market via Value Chain
Market dynamics scenario, alongside with boom possibilities of the market in the years to come, 6-month post-sales analyst help

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About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.

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