The global pulse oximeter market was valued at USD 2.2 billion in 2021 and it is anticipated to grow up to USD 2.6 billion by 2031, at a CAGR of 1.8% during the forecast period.
New York, According to a new market research report published by Global Insight Services “Pulse Oximeter Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Pulse oximeter is an electronic device, and a noninvasive method to measure the saturation level of oxygen carried in the human blood. It is a device that measure the amount of oxygen in the red blood cells (RBCs) delivered to different parts of the body. The normal oxygen level in the human body must be between 95%-100%. Elevated or depleted oxygen level can be fatal in serious conditions and to avoid these situation pulse oximeters are used to take necessary preventive measures.
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Market Trends and Drivers
High prevalence of respiratory diseases is anticipated to drive the market growth. Chronic obstructive pulmonary disease (COPD), asthma, and pneumonia are among the most prevalent respiratory diseases worldwide. In COPD, asthma, and pneumonia, the airways of the lungs are obstructed, making it difficult to move air in and out of the lungs that eventually leads to the low oxygen concentration in the blood. In the coming years, the prevalence of COPD is expected to increase due to rising tobacco consumption and the growing geriatric population (Source: WHO). According to the AIHW, the prevalence of COPD increases with age, mostly occurring in people aged 45 and over. Regular monitoring of blood oxygen levels may reduce the mortality rate of patients with COPD. Also, COVID-19 is also directly linked to acute respiratory distress syndrome (ARDS) and pneumonia. According to Worldometer, the virus has affected over 160 million people globally as of May 2021 and resulted in 3,346,760 deaths. The outbreak has led to concerns over timely medical attention, leading to an increased demand for pulse oximeters in healthcare facilities, home care, and for remote management of COVID-19 positive patients as an early detection tool to reduce further complications. As a result, the growth in the number of patients suffering from respiratory diseases such as COPD, asthma, pneumonia, and infectious disease such as COVID -19 will drive the demand for pulse oximeters in the coming years.
Market Restraints and Challenges
Regulations and accuracy concerns over OTC pulse oximeters may expected to hinder the market growth over the forecast period. Medical products that are approved to be sold directly to the consumers without prescription from relevant medical authorities are referred to as OTC medical products. OTC pulse oximeters do not need FDA clearance and can be bought directly from any pharmacy without a prescription. However, there are concerns regarding the safety and accuracy of pulse oximeters bought over the counter. The PAHO guidelines also recommend that while pulse oximetry can be a useful resource in clinical decision-making, it is not a substitute for clinical evaluation and is not in itself sufficient for diagnosis. With the increasing need for efficient detection, monitoring, and treatment of COVID-19 patients, along with the need to curb the further spread of the pandemic, the US Food and Drug Administration (FDA) has released an advisory for patients and healthcare providers that although pulse oximetry is useful for estimating blood oxygen levels, pulse oximeters have limitations and risk of inaccuracy under certain circumstances. This may hamper the growth of the market to a certain extent.
Global Pulse Oximeter Market Segmental Overview
The report analyses the global pulse oximeter market based on product, technology, age group, end use, and region.
Global Pulse Oximeter Market by Product
Based on product, it is segmented into fingertip pulse oximeters, hand-held pulse oximeters, wrist-worn pulse oximeters, and table-top/bedside pulse oximeters. he handheld segment dominated the market for the pulse oximeter and accounted for the largest revenue share of 38.9% in 2020. The market is primarily driven by the fact that these oximeters are easy to use in case of emergencies. The oxygen saturation level of a patient can strongly influence the course of treatment. A rise in the number of stroke cases and surgeries is anticipated to boost market growth over the forecast period. Technological advancements in oximeters are expected to drive the segment. Added features such as easy transfer of data, extensive memory, alarm system, and Bluetooth increase the efficiency of products.
Major Players in the Global Pulse Oximeter Market
The key players in the market are Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Meditech Equipment Co., Ltd. (Meditech Group) (China), Contec Medical Systems Co., Ltd. (China), General Electric Company (US), ChoiceMMed (China), OSI Systems, Inc. (US), Nihon Kohden Corporation (Japan) and Smiths Group plc (UK), among others.
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Reasons to buy Pulse Oximeter Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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