According to a new report published by Allied Market Research titled, Smart Pulse Oximeter Market by Product Type, and Geography: Global Opportunity Analysis and Industry Forecast, 2018-2026, the global smart pulse oximeter market is poised to reach $1,268 million by 2026, registering a CAGR of 7.2% from 2018 to 2026. Fingertip pulse oximeters segment is expected to dominate the global smart pulse oximeters market in 2019.
Rise in geriatric population and chronic health conditions such as, COPD and obesity, increase in preference for home monitoring, and growth in awareness among patients about smart pulse oximeters are expected to drive the market growth. However, lack of awareness and adoption of these devices in low- and middle-income economies are projected to hamper the market growth.
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COVID-19 scenario analysis:
1) The COVID-19 impact on the Smart pulse oximeters market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
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Key findings of the Smart Pulse Oximeters Market
•Based on product type, the fingertip pulse oximeters segment was the highest revenue contibutor, growing at a CAGR of 7.5% during the analysis period.
•The ASCs segment for fingertip pulse oximeters market is estimated to grow at the highest CAGR of 8.6% from 2016 to 2022, as fingertip pulse oximeters can be used easily by patients and do not require trained professional for operating the device.
•Developing regions are projected to be the fastest growing region until 2022, owing to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of COPD, sleep apnea, and other respiratory disorders in this region, and increase in disposable income of the population.
•Russia is projected to be the fastest growing country in the European region, growing at a CAGR of 9.2% during the analysis period.
North America dominated the global smart pulse oximeters market in 2018 and is expected to maintain its dominance during the forecast period. This is attributed to the rise in respiratory disorders, growth in awareness among patients regarding cost-effective pulse oximeters, high purchasing power, and availability of advanced healthcare facilities in the North American countries.
List of Key Players Profiled in the Report: