A recent report published by Allied Market Research states that the global pulse oximeters market accounted for $1.2 billion in 2015 and is anticipated to reach $1.9 billion by 2022, growing at a CAGR of 6.3% during the forecast period, 2016-2022.
The growth of the global pulse oximeters market is driven by rise in geriatric population, surge in prevalence of respiratory diseases, growing demand for portable monitoring devices, and rapid technological advancement. However, lack of awareness in emerging economies hampers market growth. Nonetheless, the increase in healthcare expenditure in emerging economies and proactive monitoring would provide lucrative opportunities to emerging market players in the near future.
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The report segments the global pulse oximeters market by product type and geography. Based on product type, the report categorizes the market into table-top/bedside pulse oximeters, fingertip pulse oximeters, hand-held pulse oximeters, wrist-worn pulse oximeters, and pediatric pulse oximeters. The table-top/bedside pulse oximeters segment is projected to dominate the global market until 2022, owing to an increase in the global incidence of respiratory disorders, such as COPD. However, the fingertip pulse oximeters segment is expected to be the fastest growing segment, on account of the benefits such as ease of use and increase in home healthcare facilities, globally.
Regionally, Asia-Pacific is anticipated to register the highest growth rate until 2022, owing to its high population base, high disposable incomes, and improvement in patient awareness about advanced pulse oximeters. However, North America is expected to continue its dominance throughout the forecast period, due to the increase in prevalence of respiratory disorders, growth in awareness among patients regarding cost-effective pulse oximeters, and availability of advanced healthcare facilities in North American countries.
The report also profiles key players involved in the global pulse oximeters market, such as Contec Medical Systems Co., Ltd., General Electric Company, Halma plc, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., Omron Corporation, and Smiths Group plc. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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