Chicago, Sept. 07, 2022 (GLOBE NEWSWIRE) -- Pulse Oximeter Market is projected to reach USD 3.7 billion by 2026 from USD 2.3 billion in 2021, at a CAGR of 10.1% during the forecast period, according to a new report by MarketsandMarkets™. Pulse oximeters are noninvasive patient monitoring devices essential for monitoring blood oxygen levels, also called blood oxygen saturation (SpO2). SpO2 levels are among the five vital physiological signs that indicate a person’s hemodynamic status. Currently, with the surge in COVID-19 cases, there is a rising focus on respiratory monitoring along with the increasing adoption of pulse oximeters for remote and self-monitoring. Thus, the COVID-19 pandemic is the key growth driver for the pulse oximeters market.
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The Growth in this market is majorly driven by the high prevalence of respiratory diseases worldwide; the increasing number of surgical procedures; the growing geriatric population and the increasing incidence of chronic diseases. The growing investments to improve healthcare infrastructure and technological advancements in pulse oximeter device along with the growing medical device companies in emerging economies are driving the growth of this market. Moreover, increasing demand for patient monitoring in non-hospital settings, and upcoming opportunities in point-of-care testing are expected to offer significant growth opportunities for market players during the forecast period. Currently, with the surge in COVID-19 cases, there is a rising focus on respiratory monitoring along with the increasing adoption of pulse oximeters for remote and self-monitoring. This, in turn, is expected to propel market growth in the next two years. On the other hand, the concerns regarding the accuracy of non-medical pulse oximeters and regulations on pulse oximeters are expected to limit market growth to some extent in the coming years.
Based on product, the pulse oximeter market is segmented into sensors and equipment. The equipment segment accounted for the largest share of the market in 2020. The large share of this segment is attributed to the increasing adoption of fingertip devices during the COVID-19 pandemic for monitoring blood oxygen levels and technological advancements in wearable pulse oximeters.
Based on type, the pulse oximeters market is segmented into portable pulse oximeters and bedside/tabletop pulse oximeters. The market for portable pulse oximeters is further segmented into fingertip, handheld, and wearable pulse oximeters. In 2020, the portable pulse oximeters segment accounted for the largest share of the market. The rising demand and adoption of fingertip and wearable oximeter devices during the COVID-19 pandemic for continuous patient monitoring is the major factor driving the growth of this segment.
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Based on technology, the pulse oximeter market is segmented into conventional and connected devices. In 2020, the conventional devices segment accounted for the largest share of the market. This can be attributed to the adoption of wired pulse oximeters in conjunction with EKG sensors and other status monitors in hospital settings with the increasing need to monitor patients continuously. However, the connected devices segment is expected to register the highest CAGR during the forecast period. The high adoption of such wireless oximeters in home care and ambulatory care settings for continuous patient monitoring of COVID-19 patients is expected to support market growth.
Based on age group, the pulse oximeters market is segmented into adults (18 and over) and pediatrics (neonates under 1 month, infants between 1 month and 2 years of age, children between 2 and 12 years, and adolescents between 12 and 16 years). In 2020, the adults segment accounted for the larger market share of the market. This can be attributed to the growing incidence of chronic respiratory diseases, the rapid increase in the geriatric population, the increasing adoption of oximeters during the COVID-19 pandemic, and the growing demand for home care monitoring and therapeutic devices.
Based on end users, the pulse oximeters market has been segmented into hospitals, home care settings, and ambulatory care centers. The hospitals segment accounted for the largest share of the market in 2020. The large share of this segment can be attributed to the widespread adoption of pulse oximeters for the evaluation of oxygen saturation in patients affected by COVID-19. The rising geriatric population and the increasing incidence of various chronic respiratory diseases are also key factors driving the adoption of monitoring devices such as oximeters during the diagnostic and treatment stages.
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Geographical Growth Scenario:
In 2020, North America accounted for the largest share of the pulse oximeters market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The large share of the North American market is attributed to the growing number of COVID-19 cases and the need for pulse oximeters during the treatment phase. The surge in the geriatric population in the coming years and the subsequent increase in the prevalence of respiratory diseases, the need for respiratory monitoring devices, technological advancements, the presence of advanced healthcare infrastructure in the US and Canada, and the increased funding for research and development are also expected to drive the growth of the market in the region.
Key Players in Pulse Oximeter Market:
The prominent players in the global pulse oximeters market are Medtronic plc (Ireland), Masimo Corporation (US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Meditech Equipment Co., Ltd. (China), Contec Medical Systems Co., Ltd. (China), GE Healthcare (US), ChoiceMMed (China), OSI Systems, Inc. (US), Nihon Kohden Corporation (Japan), Smiths Group plc (UK), Honeywell International Inc. (US), Dr Trust (US), HUM Gesellschaft für Homecare und Medizintechnik mbH (Germany), Beurer GmbH (Germany), The Spengler Holtex Group (France), Shanghai Berry Electronic Technology Co., Ltd. (China), Promed Group Co., Ltd. (China), Tenko Medical System Corp. (US), and Shenzhen Aeon Technology Co., Ltd. (China).
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