by Pulse oximeters are medical devices that measure the oxygen saturation level in a patient’s blood. They non-invasively transmit and track variations in the color of blood. Pulse oximeters find widespread usage in hospitals and clinics to monitor patients suffering from respiratory diseases. They help detect hypoxemia or abnormally low levels of oxygen in blood.
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 Dynamics:
The rising prevalence of chronic respiratory diseases across the globe is a major driver boosting the demand for pulse oximeters. As per estimates by the World Health Organization, approximately 264 million people suffer from asthma worldwide. Furthermore, chronic obstructive pulmonary disease (COPD) affected over 174.5 million people in 2019. Growing geriatric population also augurs well for the market since older people are more susceptible to respiratory illnesses. According to UN statistics, the global population aged 60 years and above will double to nearly 2.1 billion by 2050. Growing per capita healthcare spending with economic development in emerging nations is also creating opportunities for market players. However, lack of awareness about pulse oximeters in rural areas remains a major challenge.
SWOT Analysis
Strength: Pulse oximeters are small, portable devices making them convenient to use at home or while traveling. Advances in technology have made pulse oximeters more accurate and affordable. Remote monitoring capabilities allow healthcare providers to monitor patients from a distance.
Weakness: Fingernail polish or lack of proper blood flow can give inaccurate readings. Movement during measurement can also affect readings. Low perfusion or other conditions may cause errors. Some users find the placement of sensors uncomfortable or difficult.
Opportunity: Growing geriatric population and rise in chronic diseases increases demand for pulse oximeters. Increased focus on telehealth and remote patient monitoring opens new opportunities. Expanding availability of low-cost devices in developing regions expands potential markets.
Threats: Technological advancements by competitors. Alternative technologies for noninvasive oxygen saturation measurement may emerge. Data privacy and security concerns regarding devices that transmit health data wirelessly. Reimbursement policies influence healthcare provider purchases.
Key Takeaways
The Global Pulse Oximeter Market Demand is expected to witness high growth over the forecast period driven by increasing cases of respiratory diseases, technological advances and growing preference for home monitoring devices. 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: The Asia Pacific region is projected to witness the highest growth during the forecast period. This can be attributed to rapidly developing healthcare infrastructure, rising medical expenditures, and growing medical tourism industries in China and India. Increasing awareness regarding remote monitoring devices and massive patient pool offers significant opportunities. North America will continue to dominate the market supported by established markets and stable reimbursements.
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.
Key players operating in the pulse oximeter market include manufacturers as well as distributors. Manufacturing giants such as Medtronic, Masimo, Koninklijke Philips, Nonin Medical etc. offer a wide range of fingertip, handheld, and tabletop pulse oximeters. These players focus on new product launches, partnerships, mergers and acquisitions to strengthen their market position. Increased adoption in developing regions presents lucrative opportunities.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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