Pulse Oximeters, Spirometers Market Forecast and Analysis: Key Insights into Growth, Trends, and Emerging Opportunities
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How Will the Growth Rate of the Pulse Oximeters, Spirometers Market Shape Industry Trends by 2034?
In recent times, there has been significant growth in the market size of pulse oximeters and spirometers. The market value is predicted to increase from $4.12 billion in 2024 to $4.4 billion in 2025, at a compound annual growth rate (CAGR) of 6.9%. This past growth can be attributed to factors like healthcare diagnostics, a rise in hospital and clinical settings, growth in home healthcare, along with technological advancements.
In the forthcoming years, the market for pulse oximeters and spirometers is projected to witness considerable increase, expanding to a value of $6.12 billion in 2029 with a compound annual growth rate (CAGR) of 8.6%. The predicted growth during this period can be linked to factors such as remote monitoring and telemedicine, management of chronic diseases, an aging population, and personalized medicine. Some of the emerging trends during this forecast period are wearable pulse oximeters, integration of telehealth, data connectivity, patient-centric care, progressed spirometry attributes, and respiratory rehabilitation.
What External and Internal Drivers Are Contributing to the Growth of the Pulse Oximeters, Spirometers Market’s Growth?
The spike in demand for respiratory apparatus such as pulse oximeters and spirometers has been triggered by COVID-19, a disease predominantly affecting the respiratory system. For individuals with severe cases of COVID-19, oxygen therapy plays an indispensable role, necessitating healthcare providers to confirm the supply of medical oxygen systems, including pulse oximeters. These tools are crucial in tracking and managing COVID-19, as they provide insight into oxygen saturation and lung functionality. For example, the World Health Organization, a Switzerland-based United Nations agency committed to international health, reported 771,191,203 confirmed cases of COVID-19 and 6,961,014 fatalities in October 2023. It’s predicted that the market for these devices will experience robust growth due to their role in early detection and distant patient monitoring.
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Who Are the Key Market Players Influencing the Growth of the Pulse Oximeters, Spirometers Industry?
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.
How Are the Latest Trends Influencing the Growth of the Pulse Oximeters, Spirometers Market?
There is an emerging trend where firms operating in the pulse oximeters and spirometer market are focusing on innovating smart and wireless versions of the devices. This reflects the rising use of wireless technology in monitoring devices that improves their ease of use and capability to analyze data. Incorporating wireless technology permits these devices to transmit data to smartphones or other wireless devices via Bluetooth or a cellular connection, where the data is processed and results displayed. An example is the Indian pharmaceutical firm, Cipla Ltd., that unveiled Spirofy, a portable and wireless spirometer on World COPD Day. The Spirofy by Cipla is known for delivering accurate results while maintaining each patient’s safety via employing bacterial viral filters (BVF). Notably, Spirofy is completely wireless, carries reliable battery backup, and is suitable for usage in outdoor camps, remote areas with limited power, and provides doctors with added flexibility and convenience.
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How Are the Key Segments of the Pulse Oximeters, Spirometers Market Impacting Its Expansion and Revenue Streams?
The pulse oximeters, spirometers market covered in this report is segmented –
1) By Product Type: Pulse Oximeters, Spirometers
3) By Application: Diagnostic, Treatment Monitoring
Subsegments:
1) By Pulse Oximeters: Fingertip Pulse Oximeters, Handheld Pulse Oximeters, Wrist-Worn Pulse Oximeters, Tabletop Pulse Oximeters, Pediatric Pulse Oximeters, Multiparameter Oximeters
2) By Spirometers: Desktop Spirometers, Portable Spirometers, Handheld Spirometers, Tabletop Spirometers
Which Regions Are Emerging as Leaders in the Pulse Oximeters, Spirometers Market?
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
What Are the Defining Features of the Pulse Oximeters, Spirometers Market?
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.
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