Pune, India, March 15, 2022 (GLOBE NEWSWIRE) -- The pulse oximeters market size was USD 2.66 billion in 2021. The market is projected to grow from USD 2.36 billion in 2022 to USD 3.02 billion in 2029 at a CAGR of 3.6% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report, titled, “Pulse Oximeters Market, 2022-2029.” Factors such as the rising prevalence of chronic respiratory diseases and rising technological advancements will boost the growth of the market during the forecast period. Also, improving strategic tactics among dominant players will increase the footprint of the market.
Industry Development
- August 2021: Nihon Seimitsu Sokki Co. Ltd announced expanding its production capacity to 1.5 times the level it was by the end of 2020. The increase in production capacity is brought on in order to aid patients during the ongoing pandemic.
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COVID-19 Impact
COVID-19 Aid Market Towards an Inflated State Due to Rising Adoption of Devices in Regular Use
The ongoing pandemic resulted in pushing the market towards incremental growth due to the rising adoption of pulse oximeters. A rising trend of fingertip oximeters and declining hospital visits led to the growth of the market during the forecast period. A surge of COVID-19 cases and rising demand aimed towards continuous manufacturing further increased the footprint of the market. A declining number of patients suffering from oxygen saturation further led to an increase in the volume of the market.
Segments
Based on the product type, the market can be divided into tabletop oximeters, handheld oximeters, fingertip oximeters, and others.
By technology, the market can be broken down into smart and conventional.
With respect to age group, the market can be segmented into pediatrics and adults.
Based on end-user, the market can be fragmented across hospitals and ambulatory surgical centers, clinics, home healthcare, and others.
In terms of geography, the market can be categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
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Report Coverage
The market report for pulse oximeters is aimed at providing a competitive landscape by providing critical factors of the market including technological advancements, prominent players and their accompanying tactics, and leading products from all segments. Additionally, future market trends and ongoing industry developments are presented in the report. Also, factors that are expected to impact the market in a meaningful way are provided.
Rising Prevalence of Chronic Respiratory Diseases & Increasing Government Recommendations to Augment Market Growth
Factors such as the rising prevalence of chronic respiratory diseases including asthma, chronic obstructive pulmonary disease (COPD), lung cancer, occupational lung disease and cystic fibrosis will boost the pulse oximeters market growth during the forecast period. Additionally, the rising usage of oximeters for anesthesia monitoring during critical surgeries and detecting chronic diseases such as CHDs and hypoxemia will increase the footprint of the market. Also, a rising number of strategic initiatives including mergers & acquisitions and collaborations will boost the growth of the market.
However, increasing inaccuracies and limitations regarding the use of oximeters will limit the growth of the market during the forecast period.
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North America to Reign Dominance During Forecast Owing to Rapid Adoption of Wireless Devices
North America will witness the largest pulse oximeters market share during the forecast due to the rising number of patients suffering from chronic respiratory diseases and the surge in hospital admissions. Additionally, the rising adoption of wireless pulse oximeters and the presence of dominant players in the region will increase the footprint of the market.
Europe will occupy a significant market share in terms of global contribution owing to the rising prevalence of CCHD among newborns and improving healthcare infrastructure to name a few.
The Asia Pacific will occupy a considerable market share owing to the rising focus on improving healthcare infrastructure and rising COVID-19 cases.
Diversified Product Portfolio to Push Dominant Players Towards Gaining Incremental Market Value
The sector of pulse oximeters was highly consolidated before the ongoing pandemic, however, a rise in demand post-pandemic led to many small and local players emerging from the market. Masimo & Medtronic are considered the dominant players in the sector and occupy a substantial market share. For example, in November 2021, Masimo announce launching the Dual SET pulse oximeter. This device is highly efficient regarding patient monitoring capabilities. The product launch will strengthen their portfolio for critical congenital heart disease (CCHD) and further increase their market presence. Players are focused on integrating diversified product portfolios in order to cater to a wider consumer base.
List of Key Players Present in the Market
- G.E. Healthcare (General Electric Company) (U.S.)
- Masimo (U.S.)
- VYAIRE (U.S.)
- Nonin (U.S.)
- Medtronic (Ireland)
- Koninklijke Philips N.V. (Netherland)
- Smiths Medical (ICU Medical Inc.) (U.S.)
- Beurer GmbH (Germany)
- NIHON KOHDEN CORPORATION (Japan)
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Recent Industry Developments such as Mergers and Acquisitions
- Technological Advancements in Pulse Oximeters
- Prevalence of Major Pulmonary Diseases, 2020
- Key Industry Trends
- New Product Launches
- COVID-19 Impact on the Market
- Global Pulse Oximeter Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Fingertip Oximeters
- Handheld Oximeters
- Tabletop Oximeters
- Others
- Market Analysis, Insights and Forecast – By Technology
- Conventional
- Smart
- Market Analysis, Insights and Forecast – By Age Group
- Adults
- Pediatrics
- Market Analysis, Insights and Forecast – By End-user
- Hospitals and Ambulatory Surgical Centers
- Clinics
- Home Healthcare
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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