New York, USA, June 05, 2023 (GLOBE NEWSWIRE) -- Pulse Oximeters Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Pulse Oximeters Market Information By Product, End-Use And Region – Market Forecast Till 2030”, the market size was valued at USD 2.5 billion in 2022 and is projected to grow from USD 2.7 Billion in 2023 to USD 4.0 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.80% during the forecast period (2023 - 2030).
Market Scope:
To determine the patient's body's oxygen saturation, pulse oximeters are employed. The gadget can then be recycled or thrown away. You should consult your doctor before discarding a pulse oximeter if you use it at home because it can be high-priced and reusable.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 4.0 Billion |
| CAGR | 6.80% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The rising incidence of heart disease boosting the market growth |
| Increasing surgical procedures and focusing on respiratory monitoring |
Pulse Oximeters Market Competitive Outlooks:
Key Companies in the Pulse Oximeters market include.
- CAS Medical Systems
- Nonin Medical
- Spacelabs Healthcare
- GE Healthcare
Pulse Oximeters Market Trends:
Market Drivers
The rising prevalence of the target condition and growing awareness of the usage of pulse oximetry in controlling COVID-19 are anticipated to propel market expansion. These are the main factors promoting market expansion. The market for smart pulse oximeters is developing as a result of the increased prevalence of heart disease, the aging population, and the rising need for portable monitoring tools. The leading cause of death worldwide is cardiovascular disease, including heart defects, rheumatic heart disease, and cardiovascular disease. Due to the rise in cardiovascular diseases and the related mortality, there will certainly be a rise in the need for small pulse oximeters. Due to growing healthcare infrastructure investments and technical advancements, pulse oximeter devices are being produced. Players in the market will probably look into ways to increase the adoption of point-of-care tests.
The pulse oximeter trend will also be fueled by an increase in surgical operations and an emphasis on respiratory monitoring. The popularity of the gadget has increased as more people are being diagnosed with asthma, lung cancer, and heart problems. OTC medical supplies are those that can be given directly to patients without a prescription and have been approved by the appropriate medical organizations. OTC pulse oximeters are available without a prescription from any pharmacy and do not need FDA approval.
Alternative treatment options, such home health care, are receiving more attention as a result of rising health care expenses, particularly in hospitals. There is a rising need for efficient home medical equipment like pulse oximeters. The provision of high-quality care outside of hospitals improves patient compliance, aggressive treatment, patient wellbeing, and care quality overall. Make opportunities for the future as a result. As a result, the market CAGR for pulse oximeters has been rising recently. These are significant drivers of the revenue growth of the pulse oximeters market.
Market Limitations
However, the market's expansion is constrained by a lack of public awareness regarding the use of pulse oximeters at home.
COVID-19 Analysis:
The OVID-19 epidemic is expected to benefit the expansion of the global pulse oximeter market. The COVID-19 epidemic has considerably raised the need for remote monitoring systems in healthcare facilities like hospitals and nursing homes. For infected and vulnerable individuals, monitoring arterial oxygenation level was essential to detecting hypoxia during COVID-19. As a result, the demand for pulse oximeters increased due to the increased use of them for patient monitoring, and it is predicted that this need will continue to climb throughout the course of the forecast period.
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Pulse Oximeters Market Segmentation:
By Product
In terms of revenue, the fingertip segment dominated the pulse oximeters market in 2022. By affixing a sensor to a finger, toe, or earlobe and utilizing spectrophotometry to determine the percentage of oxygenated hemoglobin pulsating through a network of capillaries, a tiny pulse oximeter is a non-invasive medical device that determines an individual's blood oxygen saturation. A finger pulse oximeter is anticipated to have the biggest market share due to the device's many functions. Healthcare systems are overworked due to rising heart disease rates. Due to the introduction of new products and FDA approvals, market expansion is anticipated throughout the projection period.
By End-Use
A significant portion of the market share is anticipated to go to the hospital sector due to an increase in surgeries and ER visits. Facilities that provide long-term care are at a high risk of catching COVID-19, thus they constantly evaluate crucial respiratory parameters and look out for resident symptoms. As a result, the COVID-19 pandemic is predicted to increase demand for pulse oximeters in home health clinics and long-term care facilities.
Pulse Oximeters Market Regional Analysis:
The market for North American pulse oximeters, which was valued at USD 1.2 billion in 2022, is anticipated to rise at a substantial CAGR during the research period as a result of rising public awareness of the significance of keeping an eye on important respiratory symptoms. Additionally, when correctly documented, pulse oximetry is seen as a legitimate requirement for outpatients and individuals who select a home environment and will be paid for. Consequently, a favorable reimbursement framework is anticipated to boost market expansion.
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The second-largest market share for pulse oximeters is held by Europe. All medical device manufacturers are anticipated to be impacted by recent changes to European regulatory standards. The approval process might be slowed down by modifications to labeling standards and rules and regulations governing the distribution of medical devices, but in the long term, they might benefit authorized items by resulting in higher quality and fewer products. Numerous recalls. The pulse oximeter market in Germany had the biggest market share, and the pulse oximeter market in the United Kingdom had the quickest rate of growth in the European Region.
From 2022 to 2030, the Asia-Pacific Pulse Oximeters Market is anticipated to see the quickest CAGR growth. The main drivers of pulse oximeter sales in the Asia Pacific region are the growing senior population and rising investment in the development of healthcare infrastructure. Throughout the forecast period, it is also anticipated that growing knowledge of COPD and cardiovascular diseases would add to the need for pulse oximeters and other vital sign monitors. This awareness is already present in nations like India, China, and Japan. Additionally, the Asia-Pacific region's pulse oximeter market in India was expanding at the fastest rate, while the market in China had the biggest market share.
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