Pulse Oximeters, Spirometers Market Definition And Segments
Pulse oximeters, spirometers are used in the diagnosis of respiratory diseases. A pulse oximeter is a non-invasive medical device that is used to monitor the amount of oxygen carried by the body. A spirometer is an apparatus used to measure the volume of air inhaled and exhaled by the lungs and the rate of exhalation.
The main types of pulse oximeters and spirometers are pulse oximeters and spirometers. Pulse oximeters are medical devices that measure blood oxygen saturation levels and pulse rate. Pulse oximeters and spirometers are used by a variety of end-users, including hospitals, home care settings, clinical laboratories, and industrial settings, for diagnostic and treatment monitoring.
The pulse oximeters, spirometers market covered in this report is segmented –
1) By Product Type: Pulse Oximeters, Spirometers
3) By Application: Diagnostic, Treatment Monitoring
The pulse oximeters, spirometers market size has grown steadily in recent years. It will grow from $4.95 billion in 2023 to $5.06 billion in 2024 at a compound annual growth rate (CAGR) of 2.2%. The growth in the historic period can be attributed to healthcare diagnostics, hospital and clinical settings, home healthcare, technological advancements.
The pulse oximeters, spirometers market size is expected to see steady growth in the next few years. It will grow to $5.58 billion in 2028 at a compound annual growth rate (CAGR) of 2.5%. The growth in the forecast period can be attributed to telemedicine and remote monitoring, chronic disease management, aging population, personalized medicine. Major trends in the forecast period include wearable pulse oximeters, telehealth integration, data connectivity, patient-centric care, advanced spirometry features, respiratory rehabilitation.
Surge In Pulse Oximeters, Spirometers Market In Response To COVID-19
COVID-19 infection is a respiratory illness and therefore there is an increased demand for respiratory devices including pulse oximeters and spirometers. Oxygen therapy is a major intervention for patients with severe COVID-19 infection, and the healthcare providers need to ensure the availability of pulse oximeters and other medical oxygen systems. Pulse oximeters and spirometers are valuable tools in monitoring and managing COVID-19, helping to assess oxygen levels and lung function. For instance, in October 2023, according to the World Health Organization, a Switzerland-based agency of the United Nations responsible for international public health, there were 771,191,203 confirmed cases of COVID-19, with 6,961,014 reported deaths. The market for these devices is expected to surge as they contribute to the early detection and remote monitoring of patients.
Growing Incidence Of Chronic Obtrusive Pulmonary Disease (COPD) Fuels Growth Of Pulse Oximeters, Spirometers Market
Increasing incidence of chronic obtrusive pulmonary disease (COPD) globally due to an increase in aged population over 65 years of age, air pollution, and high smoking prevalence are expected to contribute to the market growth of pulse oximeters and spirometers. There will be a five-fold increased risk for COPD among the population over 65 years than the population below 40 years. Smoking and air pollution damage the lungs, which increases the risk for COPD. Indoor air pollution increases the risk of COPD by 2.65% and smoking by 90%. For instance, in September 2022, according to the Forum of International Respiratory Societies (FIRS), a US-based respiratory health advocacy organization, reported that in 2022, approximately 200 million people worldwide were afflicted with chronic obstructive pulmonary disease (COPD), leading to an estimated 3.2 million deaths annually. Therefore, the increased prevalence of COPD among the population will increase the demand for medical equipment like pulse oximeters and spirometers for diagnosis and therapy maintenance, thus driving the growth of pulse oximeters, spirometers market during the period.
Major companies operating in the pulse oximeters, spirometers market include Smiths Medical Inc., Koninklijke Philips N.V., Vyaire Medical Inc., Schiller AG, General Electric Company, Masimo Corporation, Medtronic PLC, Opto Circuits (India) Ltd., Fukuda Denshi Co. Ltd., Hill-Rom Holdings Inc., MGC Diagnostics Corporation, Messe Düsseldorf GmbH, Omron Healthcare Inc., Nonin Medical Inc., Edwards Lifesciences Corporation, Drägerwerk AG & Co. KGaA, Spacelabs Healthcare Inc., Halma PLC, SDI Diagnostics Inc., nSpire Health Inc., SIBELMED, Labtech Ltd., CareFusion Corporation, NDD Medical Technologies Inc., Vitalograph Ltd., COSMED srl, Philips Benelux, Contec Medical System Co. Ltd., Smiths Group PLC, TytoCare Ltd.
Inadequate Respiratory Symptom Awareness Hinders Market Growth
Lack of awareness among the global population about respiratory signs and symptoms has hindered the growth of the market. For instance, in according to a research study published on npj Primary care respiratory medicine, the COPD awareness among the respondents from India was less than 1%. Therefore, lack of awareness has a negative impact on the pulse oximeters and spirometers market growth.
Developments In Wireless Technology Transforming The Pulse Oximeters And Spirometers Market
Companies in the pulse oximeters, spirometer market are increasingly focusing on developing smart and wireless oximeters and spirometers. The use of wireless technology in monitoring devices is trending nowadays, which enhances its ease of usage and data analysis. The integration of wireless technology allows the transfer of data from the device to a smartphone or a wireless device through Bluetooth or cellular connection for data processing and then to display the results. For instance, in November 2021, Cipla Ltd., an India-based pharmaceutical company, introduced Spirofy, a portable and wireless spirometer, on World COPD Day. Cipla's Spirofy guarantees precise results and ensures individual patient safety through the use of bacterial viral filters (BVF). Spirofy is entirely wireless and offers reliable battery backup, making it ideal for outdoor camps, remote regions with power limitations, and providing physicians with enhanced flexibility and convenience.
Increasing Focus On Introducing Simultaneous Monitoring Oximeters To Gain A Competitive Edge
Major companies operating in the pulse oximeters, spirometers market are focused on developing simultaneous monitoring oximeters to gain a competitive edge in the market. Simultaneous monitoring oximeters are devices that can measure both oxygen saturation and pulse rate simultaneously. For instance, in November 2021, Masimo Corporation, a US-based medical technology company, launched Dual SET Pulse Oximetry for its Roo patient monitoring and connectivity hub. This innovative technology enables healthcare professionals to concurrently monitor various measurements alongside dual oximetry, offering a more comprehensive perspective on a patient's health status. The initial application of Dual SET Pulse Oximetry is in the screening process for critical congenital heart disease (CCHD). This method optimizes the CCHD screening process and enhances clinical workflows, which is advantageous for both patients and healthcare providers.
North America was the largest region in the pulse oximeters, spirometers market in 2023. Asia-Pacific was the second largest region in the pulse oximeters, spirometers market. The regions covered in the pulse oximeters, spirometers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the pulse oximeters, spirometers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
The pulse oximeters, spirometers market consists of sales of handheld, fingertip, and other pulse oximeters, spirometers. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pulse oximeters, spirometers market research report is one of a series of new reports from The Business Research Company that provides pulse oximeters, spirometers market statistics, including pulse oximeters, spirometers industry global market size, regional shares, competitors with a pulse oximeters, spirometers market share, detailed pulse oximeters, spirometers market segments, market trends and opportunities, and any further data you may need to thrive in the pulse oximeters, spirometers industry. This pulse oximeters, spirometers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.