Overview Of The Pulse Oximeters, Spirometers Market 2023-2032: Growth And Major Players Analysis
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The global pulse oximeters and spirometers market is poised for a steady ascent, with the market size expected to reach $4.95 billion in 2023, displaying a compound annual growth rate (CAGR) of 2.2%. Looking ahead, projections suggest continued growth, anticipating a market size of $5.43 billion by 2027, fueled by a CAGR of 2.3%.
Driving Factors: COPD on the Rise
The surge in Chronic Obtrusive Pulmonary Disease (COPD) globally is a significant driver for the growth of pulse oximeters and spirometers. Key contributing factors include:
- Aging Population: The increase in the global population aged over 65 years is a major contributor to the rise in COPD cases.
- Air Pollution: Elevated levels of air pollution globally contribute to lung damage, increasing the risk of COPD.
- Smoking Prevalence: High rates of smoking globally further amplify the risk of COPD.
Risk Analysis: COPD and Demographics
- Individuals over 65 years have a five-fold increased risk for COPD compared to those below 40 years.
- Smoking and air pollution significantly raise the risk for COPD, with smoking increasing it by 90% and indoor air pollution by 2.65%.
Global Scenario: Alarming Statistics
- In 2020, there were 1 billion individuals aged 65 or over globally, with projections indicating a doubling of this figure in the coming decades.
- Tobacco smoking remains a global concern, with 19% of adults engaging in this harmful habit.
- Air quality exceeding WHO limits impacts 91% of the global population.
Market Impact: Rising Demand for Diagnostic Equipment
The increased prevalence of COPD necessitates advanced diagnostic and therapeutic tools, driving the demand for pulse oximeters and spirometers. These devices play a crucial role in both diagnosis and therapy maintenance.
Industry Leaders: Navigating the Pulse Oximeters and Spirometers Market
Major players in the market include:
- Smiths Medical Inc.
- Koninklijke Philips N.V.
- Vyaire Medical
- Schiller AG
- General Electric Company
- Masimo Corporation
- Medtronic PLC.
- Opto Circuits Limited
- Fukuda Sangyo Co. Ltd.
- Hill-Rom Holdings, Inc.
Trend Watch: Smart and Wireless Innovations
Companies are actively focusing on developing smart and wireless oximeters and spirometers, capitalizing on the trend of wireless technology in monitoring devices. Key developments include:
- Masimo’s FDA Clearance: In 2020, Masimo achieved a milestone with the first FDA clearance for a fingertip pulse oximeter capable of measuring respiration rate, oxygen saturation, pulse rate, perfusion index, and Masimo’s Pleth Variability Index (PVi).
- Wireless Integration: The integration of wireless technology enhances ease of usage and data analysis by allowing seamless data transfer from the device to smartphones or other wireless devices via Bluetooth or cellular connections.
Market Segmentation: Unraveling Diversity
The global pulse oximeters and spirometers market is segmented based on:
- Product Type:
- Pulse Oximeters
- End Use:
- Home Care Settings
- Clinical Laboratories
- Industrial Settings
- Treatment Monitoring
Regional Dynamics: North America Leading the Charge
As of 2022, North America claimed the largest share in the pulse oximeters and spirometers market, showcasing its dominance. Additionally, Asia-Pacific emerged as the second-largest region, indicating the global nature of market dynamics.
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The Pulse Oximeters, Spirometers Global Market Report 2023 provides a comprehensive overview on the pulse oximeters, spirometers market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the pulse oximeters, spirometers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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