The Pulse Oximeters And Spirometers Market Will See A Boost In 2020 As COVID-19 Cases Rise
Covid-19 (corona virus) 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. The market for these devices is expected to surge as they contribute to the early detection and remote monitoring of patients.
The pulse oximeters and spirometers market consist of sales of pulse oximeters and spirometers that are used as respiratory care devices in the healthcare industry. The market includes the sales of handheld, tabletop or fingertip pulse oximeters that are used to monitor the oxygen saturation levels of blood and pulse rate, and handheld, desktop or tabletop spirometers that are used to measure the air capacity of lungs. The pulse oximeters and spirometer companies are primarily engaged in the manufacturing and developing of these devices used to monitor respiration-related parameters that aid in detection of respiratory disorders.
The global pulse oximeters and spirometers market is expected to grow from $2.6 billion in 2019 to about $6.5 billion in 2020 due to an increase in demand for such respiratory function monitoring equipment for Covid-19 patients. The market is expected to stabilize and reach $3.9 billion at a compound annual growth rate (CAGR) of 10.7% through 2023.
The pulse oximeters and spirometers market is segmented by product type into pulse oximeters, and spirometers. It is also segmented by end use into hospitals, home care settings, clinical laboratories, and industrial settings, and by application it is segmented into diagnostic, and treatment monitoring.
Increasing incidence of Chronic Obtrusive Pulmonary Disease (COPD) globally due to increase in aged population over 65 years of age, air pollution, and high smoking prevalence will contribute to the market growth. There will be a five-fold increased risk for COPD among 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%. In 2019, globally there were 703 million persons aged 65 years or over, and it is expected to double in the forthcoming decades. Around 19% adults smoke tobacco globally and 91% of the population reside in the areas where air quality levels exceeds the World Health Organization (WHO) limits. Increased prevalence of COPD among the population will increase the demand for the medical equipment like pulse oximeters and spirometers for diagnosis and therapy maintenance.