Global Market for Pulse Oximeters and Spirometers; Expected to More Than Double in Size from 2019 to 2020 due to the Surge in Demand for Treating COVID-19 Patients
DUBLIN, May 6, 2020 /PRNewswire/ -- The "Pulse Oximeters and Spirometers Global Market Report 2020-30: Covid 19 Implications and Growth" report has been added to ResearchAndMarkets.com's offering.
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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 CAGR of 10.7% through 2023. North America was the largest region in the pulse oximeters and spirometers market in 2019.
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. The market for these devices is expected to surge as they contribute to the early detection and remote monitoring of patients.
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 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.
Lack of awareness among the global population about the respiratory signs and symptoms has hindered the growth of the market in the historic period. For instance, in 2018, a survey conducted in Danish general population found that 28% of the test population did not even consider COPD as a serious condition. 13% smokers and 15.5% of never smokers did not know about the signs and symptoms of the disease. In 2019, in another study in Ethiopia, it was found that COPD which is a major respiratory disease is neglected by the population of low-income countries and its prevalence, signs and symptoms are unknown among them. Many patients with respiratory diseases like COPD are under-diagnosed leading to under-reporting of the disease. 17.8% of the study population were diagnosed with COPD. Lack of awareness has a negative impact on the pulse oximeters and spirometers market growth.
Companies in the pulse oximeters and spirometer market are increasingly focusing on developing smart and wireless oximeters and spirometers. Use of wireless technology in the 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 smart phone or a wireless device through Bluetooth or cellular connection for data processing and then to display the results. In 2018, FDA approved Masimo MightySat Rx Fingertip Pulse Oximeter by Masimo Corporation, Smart One by 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 and 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.
In August 2018, Royal Philips, a Netherlands-based health technology company that develops diagnostic imaging, image-guided therapy, patient monitoring and health informatics as well as focuses on home care and consumer health acquired Xhale Assurance Inc. for an undisclosed amount. The deal will broaden and differentiate Philips oxygen saturation monitoring solutions and will currently make the company a key clinical player. Xhale Assurance Inc. is a US-based company which develops and commercializes next generation sensor technologies in patient monitoring devices like pulse oximetry.
Major players in the pulse oximeters and spirometers market are Smiths Medical Inc., Koninklijke Philips N.V., Vyaire Medical, Schiller AG, General Electric Company, Masimo Corporation, Medtronic PLC, and Opto Circuits Limited.
Report Scope
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider pulse oximeters and spirometers market, and compares it with other markets
-- The market characteristics section of the report defines and explains
the market
-- The market size section gives the market size ($b) covering both the
historic growth of the market, the influence of the Covid 19 virus and
forecasting its growth
-- Market segmentations break down market into sub markets
-- The regional and country breakdowns section gives an analysis of the
market in each geography and the size of the market by geography and
compares their historic and forecast growth. It covers the growth
trajectory of Covid 19 for all regions, key developed countries and
major emerging markets
-- Competitive landscape gives a description of the competitive nature of
the market, market shares, and a description of the leading companies.
Key financial deals which have shaped the market in recent years are
identified
-- The trends and strategies section analyses the shape of the market as it
emerges from the crisis and suggests how companies can grow as the
market recovers
-- The pulse oximeters and spirometers market section of the report gives
context. It compares the pulse oximeters and spirometers market with
other segments of the pulse oximeters and spirometers market by size and
growth, historic and forecast. It analyses GDP proportion, expenditure
per capita, pulse oximeters and spirometers indicators comparison
Reasons to Purchase
-- Gain a truly global perspective with the most comprehensive report
available on this market covering 12+ geographies
-- Understand how the market is experiencing rapid growth due to the
coronavirus and how it is likely to stabilize as the impact of the virus
abates
-- Create regional and country strategies on the basis of local data and
analysis
-- Identify growth segments for investment
-- Outperform competitors using forecast data and the drivers and trends
shaping the market
-- Understand customers based on the latest market research findings
-- Benchmark performance against key competitors
-- Utilize the relationships between key data sets for superior
strategizing
-- Suitable for supporting your internal and external presentations with
reliable high quality data and analysis
Companies Mentioned
-- 3M Company
-- BD
-- C. R. Bard
-- Circa Scientific
-- Cosinuss GmbH
-- Draegerwerk AG & Co. KGaA
-- Exsense
-- Helen of Troy Limited
-- Koninklijke Philips N.V.
-- Measurement Specialties
-- Med-link Electronics
-- Medline Industries
-- Medtronic
-- Microlife Corporation
-- NOVAMED USA
-- Omron Healthcare
-- Rongrui
-- Terumo Corporation
-- Truer Medical
-- Welch Allyn, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/jtsb1b
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