The Global Pulse Oximeters Market is anticipated to grow magnificently in the forecast period (2017 to 2023). It should record an approximate CAGR of 6.5 percent during the said period. These devices would observe rapid growth in the coming years, owing to the ability of pulse oximeters to check the health of patients at their homes & convenience and accurate detection of significant ailments. Taking into account the worldwide scenario, the industry has a huge potential for further expansion.
Pulse Oximeters Market Leading Sub-Segments:
Handheld devices have been dominating the industry. Their revenues were credited to the increasing adoption of ‘key parameter’ checking devices and growing surgeries across the globe. The premature detection of chronic disorders leads to availing innovative therapies & having lesser complications. This has been made possible with handheld devices.
Fingertip instruments are also gaining recognition, with customers opting them for their non-invasive characteristics. These devices are, however, the most profitable sub-segment of the products market. They are very convenient to handle and are being regularly sold at Walmart and other malls. Among applications, medical facilities and hospitals led the market and will continue likewise throughout the forecast period.
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Americas generated the largest sales in the past and would maintain its leadership till 2023. The compulsory testing of new born babies enforced by the CDC (Centers for Disease Control and Prevention) is the main propeller behind this leadership. Asia Pacific is projected to grow at the fastest rate from 2017 to 2023. Huge investments by regional participants drive it.
The overall industry is categorized into products, applications, and geographies. By products, the market is segmented on the basis of fingertip, handheld, etc. Homecare, hospitals, cardiac & breathing centers, and other kinds of healthcare establishments constitute the applications. Geographical regions contain Europe, the Middle East and Africa, Americas, and Asia Pacific.
Advanced Trends and Players & Their Strategies
In 2017, Masimo introduced 2 patient monitoring devices in India. Both the products are very promising and hope to improvise the monitoring abilities of national clinicians. Few among the many eminent players investing in the global industry are CAS Medical Systems, Nonin Medical, Spacelabs Healthcare, and GE Healthcare.
Oxitone is yet another firm that believes in modern and high-tech patient care. With the help of its products, patients have been able to live healthily & happily. Its patents also facilitate the monitoring of pulse oximetry from anywhere and anytime. The company’s products are very convenient to use and have other advantages as well. This factor bodes well for the firm and raises its incomes
Pulse Oximeters Market Segments – Detailed Outlook
The Pulse Oximeters Industry, in terms of products, consists of handheld, fingertip, and others. The various application sub-segments are medical amenities, hospitals, respiratory & cardiac centers, homecare, etc. Regions into which the market is split, comprise Asia Pacific, Europe, Americas, and the Middle East and Africa. Among products, handheld devices led the market.
The shares of handheld pulse oximeters were ascribed to massive ‘vital stats’ device usage and escalating surgical procedures. Additionally, the early diagnosis of life-long illnesses & disorders lowers more complexities and assists better treatments. Moreover, the identification of health risks are always beneficial in preventing other illnesses or relapses.
Also, heightened awareness about the significance of keeping patients under proper observation has positively impacted the market. Fingertip devices have also become more popular, with them being the most rapidly evolving sub-segment. Their non-invasive nature has helped them gain traction & patient convenience.
With respect to applications, medical amenities and hospitals maintained supremacy over the industry. The said fact was basically credited to multiple hypertension, heart arrhythmia, and COPD incidences. The global market was led by Americas. Europe was close behind, followed by Asia Pacific that was likely to be the fastest expanding market over the forecast period.
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