Pulse Oximeters And Spirometers Market Definition
The pulse oximeters and spirometers market consists of sales of pulse oximeters and spirometers that are used as respiratory care devices, and to check on general health, 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 the blood and pulse rate, as well as handheld, desktop or tabletop spirometers that are used to measure the air capacity of lungs.
Pulse oximeters and spirometers companies are primarily engaged in the manufacturing and developing of these devices used to monitor the respiration-related parameters that aid in the detection of respiratory disorders.
Pulse Oximeters And Spirometers Market Size
The global pulse oximeters and spirometers market reached a value of nearly $2,603.8 million in 2019, having grown at a compound annual growth rate (CAGR) of 7.5% since 2015, and is expected to grow at a CAGR of 10.9% to nearly $3,939.0 million by 2023. The market is expected to reach $4,563 million by 2025, and $6,607.4 million by 2030.
Growth in the historic period resulted from rapid growth in the elderly population, increased prevalence of respiratory diseases, increased number of surgical procedures, strong economic growth in emerging markets, and increased healthcare expenditure. Factors that negatively affected growth in the historic period were lack of awareness, low healthcare access, low penetration of pulse oximeters and spirometers, stringent regulatory approval processes for medical devices, unfavorable reimbursement scenario, and lack of awareness and training.
Going forward coronavirus pandemic rise in healthcare expenditure, increasing geriatric population, technological advances, demand for consistent vital stats monitoring, rising adoption of pulse oximeters in critical care and child care, and easy to use pulse oximeters are expected to drive the market. Low per capita healthcare expenditure, lack of awareness and training, queries regarding the accuracy of readings, and insufficient information about spirology are major factors that could hinder the growth of the pulse oximeters and spirometers market in the future.
Pulse Oximeters And Spirometers Market Drivers
The key drivers of the pulse oximeters and spirometers market include:
Increased Prevalence Of Respiratory Diseases
Rise in number of respiratory diseases drove the demand for pulse oximeters and spirometers market during the historic period. Spirometry is a recognized method of definitively diagnosing chronic obstructive pulmonary disease (COPD). Asthma and chronic obstructive pulmonary disease (COPD) are the most common chronic respiratory diseases globally. Number of patients with COPD rose due to several factors including increase in the population aged over 65 years of age, air pollution and high smoking prevalence. Smoking and air pollution damage the lungs, increasing 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. In addition to this, around 19% of adults smoke tobacco globally and 91% of the population reside in the areas where air quality levels exceed WHO limits. Also, according to the United for Lung Health, a forum of international respiratory societies, chronic obstructive pulmonary disease (COPD) is the third leading cause of death with 384 million people suffering from COPD each year. Lung cancer is the deadliest cancer with 1.76 million deaths annually. Moreover, 10 million people develop tuberculosis, and 334 million people suffering from asthma every year. The increased respiratory disease prevalence increased the demand for pulse oximeters and spirometers, driving the market.
Pulse Oximeters And Spirometers Market Restraints
The key restraints on the pulse oximeters and spirometers market include:
Stringent Regulatory Approval Processes For Medical Devices
During the historic period, the long approval processes for medical devices restrained the growth of the pulse oximeters and spirometers market. In the USA, the FDA`s Center for Devices and Radiological Health (CDRH) is responsible for regulating firms who are engaged in manufacturing, relabelling, repackaging, and importing of medical devices. The medical device manufacturers must comply with Establishment Registration - 21 CFR Part 807 and Quality System Regulation (QS regulation) - 21 CFR Part 820. Moreover, in India, medical devices manufacturers are mandated to register their medical devices with the Central Drugs Standard Control Organization (CDSCO), part of the Ministry of Health and Family Welfare. Stringent regulations imposed by the various countries’ governments slowed the entry of new medical devices into the market and restrained the market growth.
Pulse Oximeters And Spirometers Market Trends
Major trends influencing the pulse oximeters and spirometers market include:
Smart And Wireless Pulse Oximeters And Spirometers
Companies in the pulse oximeters and spirometers market are increasingly focusing on developing smart and wireless oximeters and spirometers. Use of wireless technology in health monitoring devices is increasing, which enhances the ease of usage, connectivity and data analysis. The integration of wireless technology allows the transfer of data from the device to a smart phone or a wireless device through Bluetooth or cellular connection for data processing and then to display the results, which can be used for further study and to check the health condition of the individual. In 2018, the FDA approved the Masimo MightySat Rx fingertip pulse oximeter by Masimo Corporation, Smart One by Medical International Research (MIR) and in 2019, Loop system by Spry Health, Inc., B.O.L.T. by American Megatrends India Private Limited, etc., which are used to monitor vital parameters which include respiratory parameters. The intermittent data collected by the loop system is transferred to the clinician by web server, data communication by Smart One and Masimo MightySat Rx Fingertip Pulse Oximeter are done through Bluetooth pairing and B.O.L.T. is operated by a connection with Bluetooth enabled smart devices.
Wearable Pulse Oximeters
Wearable pulse oximeters are gaining more attention, as they can be used for the continuous monitoring of blood oxygen levels especially during cases such as sleep apnea . For instance, in February 2020, Maxim unveiled a wrist-based solution that can monitor SpO2 levels, heart rate, and heart-rate variability (HRV) continuously, this contains FDA-grade SpO2 algorithms (ARMS of <3.5%), sensors, optical design hardware, software design files, and access to raw data its algorithms can cover cases involving very low perfusion (perfusion index as low as 0.05% vs. 0.1% for competition). In March 2020, Spry Health, a leader in health management technologies and remote patient monitoring, launched Loop Signal which is a wrist-worn wearable that tracks heart rate, pulse oximetry (SpO2), and respiratory rate and helps care systems in the close monitoring of patients’ vitals.
Opportunities And Recommendations In The Pulse Oximeters And Spirometers Market
Opportunities – The top growth potential in the pulse oximeters and spirometers market by product type will arise in the pulse oximeters market, which will gain $964.8 million in global annual sales by 2023. The top growth potential in the pulse oximeters and spirometers market by application will arise in the diagnostics market, which will gain $1,146.1 million in global annual sales by 2023. The top growth potential in the pulse oximeters and spirometers market by end-use will arise in the hospitals market, which will gain $906.9 million in global annual sales by 2023. The top growth potential in the pulse oximeters and spirometers market by patient type will arise in the other general & surgical practice market, which will gain $904.9 million in global annual sales by 2023.The pulse oximeters and spirometers market size will gain the most in the USA at $495.9 million.
Recommendations- To take advantage of the opportunities, The Business Research Company recommends the pulse oximeters and spirometers companies to focus on wearable pulse oximeters, invest in developing wireless devices, expand in emerging economies, and leverage e-commerce to maximize revenues, provide competitively priced offerings in low-income countries, and focus on educating healthcare professionals
Pulse Oximeters And Spirometers Market Segmentation
The pulse oximeters and spirometers market is segmented by product type, by type of device, by application, by end-use, and by patient type.
Pulse Oximeters And Spirometers Market Segmentation By Product Type-
The pulse oximeters and spirometers market can be segmented by product type into
- a. Pulse Oximeters
- b. Spirometers
The pulse oximeters market was the largest segment of the pulse oximeters and spirometers market by product type, accounting for $1,848.3 million or 71.0% of the total market in 2019 and is expected to be the fastest-growing segment going forward at a CAGR of 11.1% during 2019-2023.
Pulse Oximeters Market Segmentation Type Of Device –
The pulse oximeters market can be segmented by type of device into
- a. Handheld
- b. Fingertip
- c. Others
The handheld market was the largest segment of the pulse oximeters market by type of device, accounting for $785.9 million or 42.5% of the total market in 2019.
Spirometers Market Segmentation Type Of Device –
The spirometers market can be segmented by type of device into
- a. Handheld
- b. Fingertip
- c. Others
The table top market was the largest segment of the spirometers market by type of device, accounting for $396.0 million or 52.4% of the total market in 2019.
Pulse Oximeters And Spirometers Market Segmentation By Application
The pulse oximeters and spirometers market can be segmented by application into
- a. Diagnostic
- b. Treatment Monitoring
The diagnostic market was the largest segment of the pulse oximeters and spirometers market by application, accounting for $2,230.1 million or 85.6% of the total market in 2019 and is expected to be the fastest-growing segment going forward at a CAGR of 10.9% during 2019-2023.
Pulse Oximeters And Spirometers Market Segmentation By End-Use
The pulse oximeters and spirometers market can be segmented by application into
- a. Hospitals
- b. Clinical Laboratories
- c. Home Care
The hospitals market was the largest segment of the pulse oximeters and spirometers market by end-use, accounting for $1,766.0 million or 67.8% of the total market in 2019. The home care market is expected to be the fastest-growing segment going forward at a CAGR of 10.93% during 2019-2023.
Pulse Oximeters And Spirometers Market Segmentation By Patient Type
The pulse oximeters and spirometers market can be segmented by patient type into
- a. Asthma
- b. COPD
- c. Other General & Surgical Practice
- d. Other Respiratory Diseases
The other general & surgical practice market was the largest segment of the pulse oximeters and spirometers market by patient type, accounting for $1,739.5 million or 66.8% of the total market in 2019 and is expected to be the fastest-growing segment going forward at a CAGR of 11.0% during 2019-2023.
By Geography-
The pulse oximeters and spirometers market is segmented into
- o North America
- o Western Europe
- o Asia Pacific
- Australia
- China
- India
- Indonesia
- Japan
- South Korea
- o Eastern Europe
- o South America
- o Middle East
- o Africa
North America was the largest region in the pulse oximeters and spirometers market, accounting for 45.2% of the global market in 2019. It was followed by Asia Pacific, Western Europe and the other regions. Going forward, the fastest growing regions in the pulse oximeters and spirometers market will be Asia Pacific and the Middle East, where growth will be at CAGRs of 14.2% and 11.7% respectively during 2019-2023.Page Break
Pulse Oximeters And Spirometers Competitive Landscape
Major Competitors are:
- • Masimo Corporation
- • Medtronic plc
- • Koninklijke Philips N.V.
- • Halma plc
- • Vyaire Medical
Other Competitors Include:
- • Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
- • Nihon Kohden Corporation
- • Nonin Medical, Inc.
- • Omron Corporation
- • SDI Diagnostics
- • Siemens Healthcare
- • Medke
- • Meditech group
- • Schiller AG
- • GE Healthcare
- • Smiths Medical Inc
- • Fukuda Denshi CO, LTD
- • Fukuda Sangyo Co. Ltd
- • Opto Circuits Limited
- • Spacelabs Healthcare Inc
- • Edwards Lifesciences
- • Carefusion Corporation
- • NDD Medizintechnik AG
- • Medikro
- • Mindray Medical International Limited
- • Airehealth
- • Honeywell
- • Sibelmed
- • Medical International Research
- • Inofab Health
- • Drägerwerk AG & Co. KGaA
- • Merck & Co
- • ResMed
- • Invacare Corporation
- • Hamilton Medical