OTTAWA, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The global pulse oximeters market size was valued at USD 1.75 billion in 2019 and to reach USD 3.1 billion by 2027.
The pulse oximeter market is anticipated to witness robust growth during the forecast period. The pulse oximeter market is primarily driven by the increasing prevalence of chronic obstructive pulmonary disease, respiratory diseases such as asthma. Moreover, the growing demand for portable and remote patient monitoring devices is resulting in augmented demand for pulse oximeters. Furthermore, rising awareness regarding noninvasive devices coupled with the widespread adoption of healthcare devices by population is projected to drive the growth of the pulse oximeter market. On the other hand, the high cost and low penetration of medical devices in developing economies are restraining the growth of the pulse oximeter market during the forecast period. However, the technological advancements in medical devices are anticipated to present lucrative opportunities in the market over the projection period.
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Escalating implementation of wireless pulse oximeters by home consumers and clinicians is projected to spur the sale of pulse oximeters worldwide. Portability offered by wireless pulse oximeters is propelling growth of finger-top and wrist pulse oximeters, specifically in home care situations. Masimo introduced wireless pulse oximeter named, Masimo Rad - 5, that achieved enormous popularity due to its superior wireless features.
Why Pulse Oximeter?
A pulse oximeter is an electronic device that is extensively used to monitor the amount of oxygen in the blood as well as to track the pulse rate. Furthermore, undiagnosed or untreated hypoxemia may lead to shortness of breath, rapid breathing, dizziness, lack of coordination, and visual disorders. A pulse oximeter provides numerous assistances like valuable acumens regarding oxygen saturation percentage, notifying inferior oxygen levels on anesthesia state, and surveillance of breathing motion of neonates under particular drugs.
In addition, the pulse oximeter has the ability to act as a diagnostic device in respiratory and cardiac diseases. Moreover, the simplicity of usage and ability to deliver constant and instant oxygen saturation values has made pulse oximeters of acute prominence in emergency medical care or first aid. Pulse oximeters are beneficial for patients with a cardiac problem, respiratory problems, and chronic obstructive pulmonary diseases.
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Report Highlights
- Demand for fingertip pulse oximeters has perceived a substantial spike during the first quarter of 2020 owed to proliferating COVID-19 pandemic
- Handheld pulse oximeters are projected to be in high demand during the COVID-19 epidemic, as these devices are more accurate and come with probes that can be used for individual patients to limit the spread of the virus
- There is mounting inclination in the practice of oxygen saturation monitors in home healthcare settings because of the enlargement of the homecare sector. Hospitals and nursing care centers are obtaining the medical device to take better care to their patients.
- The pulse oximeters industry is also witnessing mergers, acquisitions, and licensing agreements.
- Pulse oximeters market is budding substantially with the intensifying application of wearable devices and mobile-based platforms to establish the level of oxygen saturation in the patients.
Regional Snapshots
Worldwide, North America conquered the pulse oximeter market with majority revenue share due to augmented elderly population, improved healthcare system, and the existence of lively American Academy of Pediatrics, which approves the product in a great way. All this together will boost substantial growth in the global pulse oximeters market. Furthermore, the higher adoption of these devices and greater consciousness amid patients and wardens are accountable for the uppermarket share of the North America region in the pulse oximeters sector. However, the Asia Pacific region is anticipated to witness significant growth during the forecast period. Oxygen saturation monitors are essential section of the regular patient observation procedures in clinics and hospitals in nations such as New Zealand and Australia.
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Key Players & Strategies
Omron Healthcare, Inc. is one of the major players in the global pulse oximeters market. Omron Healthcare, Inc. is estimated to retain its position in the forecast duration because of its diverse product portfolio and efficient customer reach. Additionally, strong research and development division of Omron Healthcare, Inc. is assisting the company to innovate new concepts and to design products with supreme efficiency.These vendors are adopting various key business strategies such as product launches, mergers & acquisitions, and partnerships & collaborations to expand market share and gain a competitive advantage.
Incorporation of artificial intelligence in the pulse oximeters has augmented their acceptance of in home care situations. Hence, numerous companies are concentrating to capitalize in invention of product portfolio for home care situations. For illustration, Nonin Medical launched Smart Wireless Finger Pulse Oximeter in June 2016. This device is compatible with Apple iOS and has NoninConnect Elite Model 3240 Bluetooth features.
Market Segmentation
By Product Type
- Handheld Oximeters
- Fingertip Oximeters
- TabletopOximeters
By End-user
- Ambulatory Surgical Centers
- Hospitals
- Home Healthcares
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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