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The global wearable pulse oximeters market size is estimated to grow by USD 275.59 million, at a Compound annual growth rate (CAGR) of 7.54% between 2023 and 2028.
Early detection of diseases like Asthma, Lung cancer, and COPD is crucial for reducing treatment costs. Innovative smart wearable technology enables early disease detection, particularly beneficial for regular monitoring of oxygen levels and heart rate. Embracing value-based healthcare, these cost-effective wearables, combined with cloud-based monitoring, significantly reduce hospital charges. Regulatory approvals and increasing acceptance worldwide contribute to the growing popularity of oximeters, expected to become integral in individual fitness routines as their costs decline over time.
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The market share growth by the fingertip and ring oximeters segment will be significant during the forecast period. Fingertip pulse oximeters are controllers that are integrated with fingertip probes, which incorporate a display to record the results. These devices are very economical for end-users and are majorly used in non-clinical applications as they only provide basic saturation of peripheral oxygen (SpO2) (blood oxygenation) functionalities. The utility of fingertip pulse oximeters in the management of patients with respiratory and/or chronic diseases is minimal due to the lack of clinical studies on their effectiveness or regulatory approvals, as well as the lack of standardized device specifications.
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The fingertip and ring pulse oximeters segment was valued at USD 364.60 million in 2018. Furthermore, the adoption of oximeters by patients with chronic respiratory diseases, such as COPD, asthma, and other lung diseases, is also increasing to monitor their SpO2 at home, during exercise, and social activities. A wearable ring pulse oximeter is particularly useful when monitoring oxygen levels during the day, during exercise, and at night while sleeping. A ring pulse oximeter is extremely useful for assisting those who have sleep breathing problems (like sleep apnea). A blood oxygen sleep monitor enables the user to see trends that may impact their sleep. Employing a suitable oxygen sensor, such as a wearable ring pulse oximeter, guarantees that the gadget does not interfere with sleep or comfort. Thus, such factors will boost the growth of the market during the forecast period.
Hospitals, clinics, and nursing homes dominate the market due to rising respiratory and sleep disorders, favorable reimbursement policies, and a focus on early disease diagnosis. Equipped with skilled professionals and advanced equipment, these facilities are well-suited for patient care. Major vendors like Masimo Corp. and Medtronic Plc establish exclusive agreements with hospitals, leveraging their ability to promptly detect hypoxemia. Increasing healthcare infrastructure globally, with a 7.40% rise in US community hospitals since 2018, and emerging economies like India and Malaysia contribute to the growing demand . Thus, such developments in healthcare infrastructure across developing economies will foster the growth of the market through the hospitals and other healthcare facilities segment during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. North America dominates the market, with the United States and Canada generating the most revenue. Moreover, owing to readmissions of patients for the treatment of chronic health conditions, the US government pays extra to patients as part of reimbursements, which increases its cost burden in healthcare. Hence, for respiratory and other chronic conditions, the government has started to charge penalties from hospitals, which are calculated based on readmissions of patients for COPD. Such government initiatives have compelled hospitals to opt for integrated and advanced respiratory monitoring devices, which, in turn, boost the regional market growth.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Apple Inc.: The company offers wearable pulse oximeters such as Apple watch, which helps to screen blood and oxygen levels within 6 seconds.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth analysis. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges.
The increasing prevalence of chronic respiratory diseases is a major cause for the use of oximeters. They are used to monitor various indications of respiratory diseases such as asthma/chronic obstructive pulmonary disease (COPD), endotracheal intubation, cardiac arrest, procedural sedation, respiratory complaints, acute respiratory distress syndrome (ARDS), sleep disorders/sleep apnea, and shunts in cyanotic heart disease.
Further, the rising incidence of chronic respiratory disorders such as COPD, asthma, and obstructive sleep apnea (OSA) is growing at a significant rate in both developed and developing regions which as a result driving the demand to easily diagnose these diseases and take proper precaution and care according to it.
Miniaturization of wearable pulse oximeters is the primary trend in the market growth. There is an increasing development of miniature wearable medical devices for diagnostics, including portable pulse oximeters. Vendors are focused on developing products that are smaller, more reliable, and more energy efficient than previous generations without compromising efficiency. The market for portable/mini diagnostic wearable medical devices is growing rapidly due to the miniaturization of electronic components.
Furthermore, IoT technology is an emerging digital platform that follows a unified approach and can transform medical equipment into an effective real-time healthcare-related data-sharing system. Hence, aligned with market trends and analysis, the commercial availability of miniature diagnostic wearable medical devices, which will create consumer enthusiasm and further increase the demand for such products, which will propel market growth during the forecast period.
Limitations and complications associated with this are a major challenge to the growth of the market.They have been associated with various complications and limitations. Wearable pulse oximeters have been found to provide inaccurate readings and measurements in different situations. For instance, the presence of abnormal hemoglobin such as carboxyhemoglobin and methemoglobin; anemia; reduced peripheral circulation due to vasoconstriction or peripheral vascular diseases, venous congestion; bright ambient light; and the presence of nail varnish can affect the accuracy of the readings in oximeters.
Moreover, many low-priced oximeters sold in the market have been demonstrated to have highly inaccurate saturation readings during hypoxia. Also, the majority of them do not meet the standards for clinical use set by the World Federation of Societies of Anesthesiologists. Despite being a simple technique, there is a high chance that wearable pulse oximeter readings can be interpreted wrongly without adequate training. Such limitations and complications discourage end-users from adopting which, in turn, will impede market growth during the forecast period.
The market analysis and report includes the adoption lifecycle of the market growth and forecasting, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
The global wearable pulse oximeters market is witnessing rapid growth driven by rising respiratory conditions such as asthma and COPD, alongside increased demand during surgical procedures and hospitalizations. Technological advancements, including FDA-cleared pulse oximetry sensor chipsets, are enhancing accuracy and reliability. Collaborations between private and public organizations, like the American Hospital Association and research institutions such as the UCSF Center for Health Equity in Surgery and Anesthesia and the UCSF Hypoxia Laboratory, are driving innovation. Initiatives like the Open Oximetry Project focus on newborn screening. Companies offer disposable sensors and reusable probes, catering to both conventional and connected devices for continuous patient monitoring in ambulatory settings, ensuring improved patient care and outcomes.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market growth and trends opportunities from 2018 to 2028.
Wearable Pulse Oximeters Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.54% |
Market Growth 2024-2028 |
USD 275.59 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.19 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 42% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., American Diagnostic Corp., Apple Inc., Contec Medical Systems Co. Ltd., Garmin Ltd., GE Healthcare Technologies Inc., GOQii, Heal Force Biomeditech Holdings Ltd., Isansys Ltd., Konica Minolta Inc., Lepu Medical Technology Beijing Co. Ltd., Masimo Corp., Medtronic Plc, Mindray Bio medical Electronics Co. Ltd., MTEC Global Co. Ltd., Nonin Medical Inc., OMRON Corp., Oxitone medical LTD, Vyaire Medical Inc., and Wellue Health |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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