The global pulse oximeters market is expected to reach USD 2.8 billion by 2025. The pulse oximeters market is anticipated to witness significant growth during the forecast period, which can be attributed to the growing prevalence of target diseases such as chronic obstructive pulmonary disease (COPD), sleep apnea, cardiac arrhythmia, and ischemic conditions.
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Technological advancements in pulse oximeters to make the device more efficient and user-friendly can boost the demand. For instance, in August 2015, Nonin Medical, Inc. launched NoninConnect Model 3230, a wireless fingertip oximeter that can be operated via Bluetooth. The product has low power usage and was intended for identification of early intervention patients with respiratory conditions such as COPD.
Further key findings from the study suggest:
Handheld pulse oximeters dominated the market in 2015, which is attributed to the rising number of surgeries and emphasis on patient safety during anesthesia. These type of devices are preferred for long-term monitoring in hospitals and emergency rooms.
Fingertip oximeters is the most lucrative segment of the industry. The ease in the use of these devices is the key reason for its growing popularity. Its availability in stores such as Wal-Mart and CVSis also anticipated to add to its growing popularity.
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By end-users, the hospitals and other healthcare facilities segment dominated the market in 2015 and is expected to maintain its dominance during the forecast period, due to the presence of a large patient base and growing use of the vital stats monitoring devices.
Geographically, North America held the largest market share in 2015 and is expected to maintain its position during the forecast period. The mandatory CCHD screening for newborns imposed by the Centers for Disease Control and Prevention (CDC) and American Academy of Pediatrics (AAP) in September 2014 is the key reason for the dominance.
Asia Pacific is anticipated to observe the fastest growth over the coming years. Increasing investment of industry players in this region is the key reason for this growth. In January 2017, Masimo launched two patient monitoring products in India, namely, Rad-97 Pulse-CO Oximeter and SedLine Brain Function Monitoring. These products are expected to improve the patient monitoring capabilities of clinicians in the region.
Some of the key players are Covidien; CareFusion Corp; GE Healthcare; Koninklijke Philips N.V.; Masimo; CAS Medical Systems, Inc.; Opto Circuits India Ltd.; Nonin Medical, Inc.; Smiths Medical; Welch Allyn; Spacelabs Healthcare; Zensorium; Meditech Equipment Co. Ltd.; and Nihon Kohden Corporation.
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