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.
New York, April 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pulse Oximeters, Spirometers Global Market Report 2021: COVID 19 Implications And Growth to 2030" - https://www.reportlinker.com/p06065180/?utm_source=GNW
The global pulse oximeters, spirometers market is expected to decline from $6.51 billion in 2020 to $5.68 billion in 2021 at a compound annual growth rate (CAGR) of -12.7%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $4.56 billion in 2025 at a CAGR of -5.3%.
The pulse oximeters and spirometers market consist of sales of pulse oximeters, spirometers that are used as respiratory care devices in healthcare industry.The market includes the sales of handheld, tabletop or fingertip pulse oximeters that are used to monitor the oxygen saturation levels of blood and pulse rate, and handheld, desktop or tabletop spirometers that are used to measure the air capacity of lungs.
The pulse oximeters and spirometer companies are primarily engaged in the manufacturing and developing of these devices used to monitor the respiration-related parameters that aid in detection of respiratory disorders.
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.
Lack of awareness among the global population about the respiratory signs and symptoms has hindered the growth of the market.For instance, in 2019, in a 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 studied population was diagnosed with COPD. Therefore 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 2019, FDA approved Loop system by Spry Health, Inc., B.O.L.T. by American Megatrends India Private Limited which are used to monitor vital parameters and respiratory parameters. In 2020, Masimo, an American manufacturer of noninvasive patient monitoring technologies, received first FDA clearance for a fingertip pulse oximeter that can measure respiration rate. In addition, the device will also measure oxygen saturation, pulse rate, perfusion index, and Masimo’s Pleth Variability Index (PVi).
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.
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 is expected to contribute to the market growth of pulse oximeters and spirometers.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. Therefore, 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, thus driving the market during the period.
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