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Smart Pulse Oximeters Market Trends, Growth Drivers, and Key Players | Forecast 2024-2031
Smart Pulse Oximeters Market - DataM Intelligence
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, also referred to as a probe, is a non-invasive medical device that resembles a clip. It's designed to monitor the oxygen saturation level and heart rate in humans, utilizing infrared light for these measurements. The importance of monitoring oxygen levels and heart rate becomes critical during surgical procedures and anesthesia administration, as any fluctuations in oxygen levels could potentially lead to life-threatening consequences.
This device plays a crucial role in diagnosing and managing chronic respiratory diseases like chronic obstructive pulmonary disease (COPD), cardiopulmonary disorders, sleep disturbances, heart conditions, and acute severe chest pain.
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Smart Pulse Oximeters Market Trends
The market growth is anticipated to be driven by the technological advancements in Pulse Oximeters.
In the wake of the COVID-19 pandemic, there has been an escalating demand for innovative medical devices for analysis and monitoring. A high-performing, cost-effective, and portable IoT-based device for heart rate and SpO2/level sensing has been developed. Its standout features include portability, user-friendliness, and a unique method for online data transfer, which gives it an edge over existing solutions.
The system comprises a MAX30100 sensor (a Pulse Oximeter sensor) and an IoT-based microcontroller (WeMos D1 mini), enabling healthcare facilities to monitor patients' real-time health data via an HTML page. Consequently, there's a surge in demand for technologically advanced pulse oximeters. Therefore, these factors are expected to propel the market in the forecast period.
The market growth is likely to be hindered by the inaccuracy of pulse oximeters.
Factors such as poor circulation, skin temperature, skin thickness, current cigarette use, use of fingernail polish, and dark skin pigmentation can all affect the accuracy of pulse oximeters. Moreover, recent studies have suggested that some oximeters might not give accurate readings for Black patients.
The presence of numerous counterfeit devices in the market further escalates the risk of diagnostic inaccuracies. Consequently, this leads to common occurrences of misdiagnosis and self-treatment. Therefore, these factors are expected to impede the market growth in the forecast period.
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Smart Pulse Oximeters Market Segmentation
By Product Type
Wrist Worn Pulse Oximeters
Fingertip Pulse Oximeters
Handheld Pulse Oximeters
Paediatric Pulse Oximeter
By End user
Hospitals and Clinics
Ambulatory Surgical Centers
Homecare
Market Key Players
Major players 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.
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