by Pulse oximeters are non-invasive medical devices which are used for monitoring the oxygen saturation levels in blood. They help measure and record the oxygen levels which provides critical insights about overall condition of patients. With increasing prevalence of chronic diseases like cardiovascular diseases and respiratory diseases, pulse oximeters are largely being used for remote monitoring of patients. This avoids unnecessary hospital visits and helps improve patient outcomes.
The global Pulse Oximeter Market is estimated to be valued at US$ 3683.27 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Remote Patient Monitoring
The major opportunity for growth in pulse oximeter market lies in remote patient monitoring applications. With the ongoing Covid-19 pandemic, there is a growing need for contactless monitoring of high-risk patients from home. Pulse oximeters can play a vital role in remote monitoring of patients with conditions like COPD, asthma or post-surgical recovery. This allows continuous monitoring of vital signs without visiting hospitals or clinics frequently. The ability of pulse oximeters to seamlessly integrate with mobile apps and cloud-based platforms makes remote monitoring more convenient. The growing emphasis on home healthcare is expected to drive significant demand for pulse oximeters optimized for remote monitoring in the coming years. This presents lucrative opportunities for manufacturers to develop wireless, app-based pulse oximeters specifically designed for remote patient care.
Porter’s Analysis
Threat of new entrants: Low due to high capital requirements, presence of established players with brand value and loyalty among clinical providers.
Bargaining power of buyers: High due to availability of alternatives, comparison across suppliers on technology and pricing.
Bargaining power of suppliers: Moderate due to availability of raw material suppliers but technology suppliers hold more significance.
Threat of new substitutes: Low as pulse oximetry is the gold standard method for measuring peripheral oxygen saturation.
Competitive rivalry: High among key players to gain market share through new product launches and geographical expansions.
SWOT Analysis
Strengths: Non-invasive nature, portability, real-time monitoring, growing awareness about importance of oxygen saturation levels.
Weaknesses: Bulkier and expensive than basic thermometers, accuracy depends on correct probe placement and patient condition.
Opportunities: Expanding healthcare infrastructure in developing nations, applications in homecare settings.
Threats: Alternative technologies for measuring oxygen saturation, data privacy and cybersecurity risks.
Key Takeaways
The Global Pulse Oximeter Market Demand is expected to witness high growth over the forecast period owing to the rise in incidence of chronic respiratory diseases and advancements in technology. The global Pulse Oximeter Market is estimated to be valued at US$ 3683.27 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the market due to expanding applications, technological advancements and presence of major players in the region. Asia Pacific is expected to grow at the fastest pace during the forecast years with improving access to healthcare facilities and growing medical tourism in countries like India and China.
Key players: Key players operating in the pulse oximeter market are CAP Biomaterials, LLC, Kemapco Arab Fertilizers & Chemicals Industries LTD, Merck KGaA, AARTI INDUSTRIES LIMITED, Hindustan Phosphates Pvt. Ltd., Guizhou Zerophos Chemical Co., Ltd. Gujarat Narmada Valley Fertilizers & Chemicals Ltd, Bamni Proteins Limited, Innophos, Mitushi Biopharma, Phosphea, Ecophos Group, and Sudeep Pharma Pvt. Ltd. They are focusing on new product launches and strategic collaborations for geographic expansion. For example, Medtronic introduced its new mobile pulse oximetry software to enable remote patient monitoring.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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