Global Smart Pulse Oximeters Market Size

Smart Pulse Oximeters Market Analysis

The Global Smart Pulse Oximeters Market size is estimated at USD 1.34 billion in 2024, and is expected to reach USD 1.79 billion by 2029, growing at a CAGR of 6.15% during the forecast period (2024-2029).

The COVID-19 virus has had a substantial influence on the market for smart pulse oximeters. The need for pulse oximeters rose to monitor the hypoxia during COVID-19. To lower the risk of complications in COVID-19 patients who are not sick enough to require admission, pulse oximeters assisted in monitoring their arterial oxygenation at home and seeking medical attention if they show signs of hypoxemia. According to a study titled "Pulse Oximetry for Monitoring Patients with COVID-19 at Home Potential Pitfalls and Practical Guidance" published in the Annals of The American Thoracic Society in September 2020, During the ongoing coronavirus disease (COVID-19) pandemic, several patients are presenting with severe hypoxemia in the absence of dyspnea. To decrease the risk of complications in such patients, the one proposed solution has been to have those diagnosed with COVID-19 but not sick enough to warrant admission monitor their arterial oxygenation by pulse oximetry at home and present for care when they show evidence of hypoxemia. Though the ease of use and low cost of pulse oximetry makes this an attractive option for identifying problems at an early stage. Therefore, COVID-19 has a driving influence on the market for smart pulse oximeters market.

The increasing prevalence of cardiovascular diseases, the growing geriatric population, and the rising need for portable monitoring devices are the main drivers of the expansion of the market for smart pulse oximeters. The World Health Organization's July 2021 update states that cardiovascular illnesses, which include conditions including coronary heart disease, cerebrovascular disease, rheumatic heart disease, congenital heart disease, and others, are the main cause of mortality worldwide. The demand for small pulse oximeters is anticipated to be driven by the rising prevalence of cardiovascular diseases and the deaths that are linked to them, which will broaden the market under study and accelerate its global expansion throughout the forecast period. Given that those over 65 are more likely to develop chronic diseases, the geriatric population is anticipated to have a substantial impact on the market under study. According to the World Health Organization, 2021, one in six persons on the earth will be 60 or older by 2030. It also reported that by 2050, there will be 1.4 billion persons in this age group, up from 1 billion in 2020. The number of individuals in the world who are 60 or older will double by 2050 to reach 2.1 billion. The number of people 80 and older is projected to triple between 2020 and 2050, reaching 426 million.

Additionally, the major market participants are responsible for the market's expansion during the forecast period by product launches, mergers, and acquisitions, and partnerships. For instance, in June 2021, DetelPro releases the Oxy10 pulse oximeter. Users of the DetelPro Oxy10 can immediately review the outcomes thanks to the LED display that is built-in. The pulse oximeter, which displays both oxygen saturation and pulse rate, is small enough to be attached to a fingertip.

Therefore, the market for smart pulse oximeters is anticipated to have considerable demand over the forecast period due to the rising incidences of cardiovascular disorders among the geriatric population. However, high cost coupled with limited reimbursement is likely to hinder the market growth.