Pulse Oximeters Market Size Worth US$ 3,693.92 million by 2027 says, The Insight Partners
According to The Insight Partners new research study on “Pulse Oximeters Market to 2027 – Global Analysis and Forecast – by Type and End user,” the market was valued at US$ 1,892.00 million in 2019 and is projected to reach US$ 3,693.92 million by 2027; it is expected to grow at a CAGR of 8.6% during 2020–2027. Growing preference for remote patient monitoring is driving the pulse oximeters market growth. However, inaccuracies in pulse oximeter readings hamper the market growth.
Pulse oximeter is a non-invasive device used for monitoring oxygen saturation level in blood. It is a small, clip-like device that is attached to finger or earlobe. It is mostly used in intensive care, operating, emergency care, and patient at high altitude for the assessment of patient’s oxygenation to determine if there is need for supplemental oxygen. Further, pulse oximeters market are useful for patients with cardiac problem, respiratory problems, and chronic obstructive pulmonary diseases.
Pulse Oximeters Market: Competition Landscape and Key Developments
Nonin, Koninklijke Philips N.V., VYAIRE MEDICAL, INC, Smiths Medical, Hill Rom Holding Inc., Edwards Lifesciences Corporation, Medtronic, Masimo, Beurer GmbH, and Maxtec are among key companies operating in the pulse oximeters market. The leading market players are continuously focusing on the expansion and diversification of their market presence, along with acquisition of new customer base and tapping prevailing business opportunities.
In 2019, North America dominated pulse oximeters market, with more than one third of the market share. The high respiratory disease prevalence, increasing geriatric population, large smokers’ population, highly developed healthcare systems, and growing healthcare expenditure, along with the presence of several major market players, are among the prominent factors propelling the market growth in the region. In terms of type, handheld pulse oximeters accounted for more than 35% of the global pulse oximeters market in 2019. In terms of end user, the hospitals segment is anticipated to hold a major market share during the forecast period; the others segment is expected to register the highest CAGR in the pulse oximeters market during the forecast period.
Growing Preference for Remote Patient Monitoring Boosts Pulse Oximeters Market Growth
A pulse oximeter is a noninvasive device used for monitoring oxygen saturation level in blood. It is a small, clip-like device that is attached to a finger or an earlobe, among other similar body parts. It is mostly used in intensive care units, operation rooms, and emergency care units; these devices are also used for the assessment of patient’s oxygenation to determine if there is need for supplemental oxygen. Furthermore, pulse oximeters are useful in monitoring patients suffering from cardiac problems, respiratory problems, and chronic obstructive pulmonary diseases.
Remote patient monitoring (RPM) allows healthcare professionals to take vitals and obtain other important data of patients from their homes. The vital physiological data gathered via RPM include heart rate, blood pressure, blood sugar level, and oxygen levels. This makes pulse oximeters among the fastest-emerging healthcare solutions used in the management of chronic lung diseases. It helps reduce hospital readmissions and allows health care providers to maintain stable physiological conditions among their patients living independently, which, in turn, escalated the demand for pulse oximeters.
Pulse Oximeters Market: Segmental Overview
On the basis of type, the pulse oximeters market is segmented into fingertip, handheld, wrist-worn, and pediatric pulse oximeters. The fingertip pulse oximeters segment is anticipated to register the highest CAGR in the market during 2020–2027. Fingertip pulse oximeters are noninvasive, easy to use, and compact, which makes them a preferred option for infants and neonates. After clipping it to the fingertip, it transmits light with two wavelengths to measure the pulse rate and oxygen level.
On the basis of end user, the pulse oximeter market is segmented into hospitals, clinics, and others. The hospitals segment accounted for more than 50% share in global pulse oximeters market in 2019. In hospitals, the pulse oximeters are required during the treatment of various emergency conditions, surgeries, monitoring, and inpatient therapies. Moreover, oximetry is an integral part of new-born screening in many countries, adding to the number of devices procured by hospitals.
In July 2020, Nonin Medical has received 510(k) clearance for its flagship product — the CO-Pilot wireless handheld multi-parameter system. The product is meant for EMS, firefighters, and military personnel to measure key vital signs that are followed by cardiac arrest, traumatic injury, and carbon monoxide or smoke inhalation.
In April 2019, Edwards Lifesciences Corporation completed the acquisition of CASMED, a medical technology company dedicated to noninvasive monitoring of tissue oxygenation in the brain.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi