The Asia Pacific Smart Pulse Oximeters Market would witness market growth of 8.4% CAGR during the forecast period (2022-2028).
The growth in prevalence of cardiovascular and respiratory disorders, increased demand for less invasive operations, and the development of new smart pulse oximeters by a wide number of important players are all driving the smart pulse oximeter industry forward. According to the International Diabetes Federation, 537 million persons worldwide will have diabetes by 2021. By 2045, the total number of individuals living with diabetes is expected to reach 783 million. As a result, as the prevalence of diabetes rises, so does the demand for portable monitoring devices, which is expected to boost the market for smart pulse oximeters.
Additional reasons driving the growth of the smart pulse oximeter market include an increase in the geriatric population, which leads to numerous ailments, as well as an increase in the number of breathing disorders. In addition, technical advancements in smart pulse oximeters are likely to drive the smart pulse oximeter demand. DetelPro released the Oxy10 pulse oximeter in June 2021. It is a little device that is worn on the fingertip and displays oxygen saturation as well as pulse rate. As a result, an increase in the number of product approvals is expected to create a profitable smart pulse oximeters market opportunity for expansion.
COPD is to blame for the bulk of chronic respiratory illnesses in Australia. According to the burden of illness and injury in Australia (2003), asthma accounts for 34% of the burden of chronic respiratory disease in Australia, whereas COPD accounts for 46%. These burden estimates are based on disease-related disability and mortality estimates. In 1999, state health ministers and the Australian government declared asthma to be a National Health Priority Area. Two decades later, the pollution in the air only increased and cases of asthma and COPD have risen in the region. Therefore, there is a growing need for smart pulse oximeters in the region.
Furthermore, expanding healthcare infrastructure and a rising geriatric population are two major drivers of growth. Furthermore, robust economic development in the region is one of the pioneering factors responsible for drawing international investments. The market is growing due to the existence of significant rivals as well as the fast-evolving start-up sector. Japan, for instance, has a well-developed healthcare system, with universal health insurance coverage for all citizens. Japan spends more per person on healthcare than most other countries. As a result, healthcare services are affordable to everyone. In a well-developed healthcare system, innovative technologies like smart pulse oximeters are readily accepted.
The China market dominated the Asia Pacific Smart Pulse Oximeters Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $184.5 Million by 2028. The Japan market is poised to grow at a CAGR of 7.8% during (2022 - 2028). Additionally, The India market would display a CAGR of 9.1% during (2022 - 2028).
Based on Type, the market is segmented into Fingertip, Hand held, Wrist worn, and Pediatric. Based on End User, the market is segmented into Hospitals & Clinics, Ambulatory Surgical Centers, and Home Environment. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Pulse Oximeters Market is Projected to reach USD 2.4 Billion by 2028, at a CAGR of 7.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Masimo Corporation. Koninklijke Philips N.V., Medtronic PLC, Omron Corporation, Smiths Group PLC, Contec Medical Systems Co., Ltd., Meditech Equipment Co .,Ltd (Meditech Group), Nonin Medical, Inc., Promed Technology Co., Ltd., and Tenko Medical System Corp.
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