by Market Overview:
A pulse oximeter is a noninvasive device used to monitor the oxygen saturation level in blood and pulse rate of patients. It is a vital tool for monitoring oxygen delivery to tissues and effectiveness of respiratory support. It also plays a crucial role in early detection of hypoxemia, reducing the need for blood gas measurements. Pulse oximetry is widely used in various settings such as emergency departments, operating rooms, general wards, and home monitoring applications.
Market Dynamics:
The growth of the pulse oximeter market is driven by increasing burden of chronic respiratory diseases and growing geriatric population. According to the WHO, chronic respiratory diseases, including asthma and chronic obstructive pulmonary disease (COPD), affect over 1 billion people globally. The rise in incidence of respiratory diseases has increased the demand for monitoring devices like pulse oximeters. Moreover, increasing funding for emergency medical services and remote patient monitoring solutions is also fueling the market growth. However, inaccuracies in pulse oximeter readings associated with conditions like low perfusion, skin pigmentation, and motion artifacts pose a challenge to market growth. Nonetheless, ongoing technological advancements focused on improving accuracy are expected to create lucrative opportunities over the forecast period.
Segment Analysis
The pulse oximeter market is dominated by the fingertip pulse oximeters segment. Fingertip pulse oximeters are the most commonly used pulse oximeters worldwide as they are portable, easy to use, and provide accurate readings in a short period of time. These devices clip onto the fingertip and measure oxygen saturation levels in the blood through a photoplethysmographic technique involving light beams which is passed through the blood vessels and tissues. The demand for fingertip pulse oximeters is rising due to the surging adoption of these devices in hospitals, home care settings, and emergency medical services for continuous monitoring of patients’ oxygen levels.
The Global Pulse Oximeter Market Demand is estimated to be valued at US$ 3683.27 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
PEST Analysis
Political: Regulations regarding medical device standards and patient monitoring systems in hospitals are becoming more stringent. This is positively impacting the demand for advanced pulse oximeters with better accuracy and connectivity.
Economic: The rising household income levels and rapid urbanization in developing countries are increasing healthcare expenditure on home monitoring devices like pulse oximeters. Furthermore, the COVID-19 pandemic has boosted government funding for oximeters.
Social: Growing elderly population, increasing awareness about pulse oximeters among consumers, and prevalence of lifestyle diseases requiring constant oxygen level monitoring are propelling the social demand for pulse oximeters.
Technological: Key players are focusing on new product launches integrated with technologies like bluetooth and Wi-Fi that allow wireless data transmission for remote patient monitoring. This is enhancing convenience.
Key Takeaways
The global pulse oximeter market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing prevalence of chronic respiratory diseases and rising cases of coronavirus infections globally. The North American region currently dominates the pulse oximeter market owing to burgeoning demand from the healthcare sector and COVID-19 pandemic situation in the United States. Key players operating in the pulse oximeter market are Masimo, Medtronic Plc, Nihon-Kohden Corporation, GE Healthcare, Koninklijke Philips N.V., Hill-Rom Services, Inc.,Smiths Medical, Nonin, MICROTEK, OSI Systems, Inc. Honeywell International Inc., Promed Technology Co.Ltd., Beurer, Contem Medical Systems Co., Ltd., ChoiceMMed, CONMED Corporation, Stryker, Medline Industries, Inc., Curbell Medical Products, Inc., and Ecomed.
Regional analysis
The Asia Pacific pulse oximeter market is poised to grow at the fastest CAGR during the forecast period owing to rising healthcare infrastructure, growing geriatric population, and increasing per capita healthcare expenditure in emerging countries like India and China. These factors are accelerating the adoption of oximeters across clinics and hospitals in the region.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
