Zion Market Research has published a new report titled “Pulse Oximeter Market by Product (Handheld Pulse Oximeters, Fingertip Pulse Oximeters, Wrist-worn Pulse Oximeters, Pediatric Pulse Oximeters, and Bedside Pulse Oximeters), by End User (Hospitals, Clinics, Diagnostic Centers, Home Healthcare, and Others), and by Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026” According to the report, global demand for pulse oximeter market was valued at approximately USD 1,842.9 Million in 2019, and is expected to generate revenue of around USD 2,946.4 Million by end of 2026, growing at a CAGR of around 6.9% between 2020 and 2026.
A pulse oximeter measures hemoglobin saturation levels in the blood. This tests the amount of oxygen in a patient’s blood, and warns if oxygen levels fall below safe levels. This can detect hypoxia even earlier than clinical symptoms of hypoxia such as cyanosis can be detected by an anesthetic provider. The pulse oximeter has the ability to serve as a respiratory and cardiac monitoring tool. Such devices are important in places such as hospitals, intensive surgical units where routine monitoring of patient blood oxygen levels. Growing emphasis on patient safety during anesthesia and demand for accurate monitoring of vital statuses are projected to drive market growth.
Growing awareness of patient treatment and rising targeted disease prevalence is expected to drive market growth over the estimated time span. Policies and the introduction of new products are expected to further improve market demand for the product. In addition, with COVID-19 infections rising globally, there is also growing concern about a shortage of critical life-saving resources and other crucial medical supplies to prevent this pandemic from spreading and to provide adequate care for those infected. In addition, for COVID-19 patients who need urgent care, ventilators act as a key form of treatment before a pharmacological prescription is given to a patient. Moreover, a large range of test-kits involve a rapid acceleration in the production process. Pulse oximeter is mandatory for newborn screening for some 43 states in the USA. This is also gaining popularity in other parts of the world, as it can help to diagnose congenital heart defects and other cardiac and respiratory diseases. Over the forecast period, increasing prevalence of sleep apnea, COPD, ischemic disorders, hyperlipidemia cardiac arrhythmia, diabetes, hypertension, and asthma are also projected to be a major market drivers for pulse oximeters.
The global market for the pulse oximeter is segmented into product, end user, and region. Based on the product, the global market for pulse oximeter is segmented into pediatric pulse oximeters, wrist-worn pulse oximeters, handheld pulse oximeters, fingertip pulse oximeters, and bedside pulse oximeters. Handheld pulse oximeters held major share of the market in 2019. These devices are preferred for long term monitoring when a patient is rested and stable. The biggest advantage of handheld pulse oximeters over fingertip pulse oximeters is that the sensor, which is very weak and vulnerable to damage, can be replaced, unlike in the fingertip pulse oximeters. Therefore the device is used in hospitals in developed countries, where the number of patients is high.
On the basis of end user the market is categorized into hospitals, clinics, diagnostic centers, home healthcare, and others. Over the forecast period, home healthcare are expected to hold the leading share in the pulse oximeter market. One of the key factors for the demand for pulse oximeters is growing knowledge of the importance of monitoring the oxygen levels. Nevertheless, with increasing healthcare prices, patients with chronic illnesses tend to receive home-based treatment, which has created a demand for homecare pulse oximeters. Besides, fingertip pulse oximeters are considered effective and affordable since they can help track and store the oxygen level readings of patients, which may help reduce the risk of hospital readmission.
Regionally, the pulse oximeter market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. In 2019, North America was the leading source to sales in the global arena. Congenital Heart Disease (CHD) is highly prevalent in the U.S., and is one of the most common birth defects observed. The use of these devices has also been required to test newborns until they are released from a health care facility. In Asia Pacific, it has been reported that pulse oximeter reduces postoperative admission rates and reduces the risk of cardiac arrest during procedures. Institutes such as the Indian Society of Anesthesiologists promote the use of pulse oximeters for any anesthetic operation. Manufacturers are acknowledging the opportunity and launch of new products which are ideal for the region’s emerging economies.
The report also includes detailed profiles of some of the players like Carefusion Corp, Covidien, Philips Healthcare, Masimo, GE Healthcare, Smiths Medical, CAS Medical Systems, Inc., Zensorium, Meditech Equipment Co., Ltd., Opto Circuits India Ltd., Nonin Medical, Inc., Welch Allyn, Spacelabs Healthcare, and Nihon Kohden Corporation among others. Numerous players are motivated by market opportunities to increase their market share by acquisitions. Larger players prefer to purchase parts tailored to their portfolio of goods.
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This report segments the pulse oximeter market as follows:
Global Pulse Oximeter Market: By Product
- Handheld Pulse Oximeters
- Fingertip Pulse Oximeters
- Wrist-worn Pulse Oximeters
- Pediatric Pulse Oximeters
- Bedside Pulse Oximeters
Global Pulse Oximeter Market: By End User
- Diagnostic Centers
- Home Healthcare
Global Pulse Oximeter Market: By Region
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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