Pulse Oximeter Market to Surpass US$ 3.8 Billion By 2028: Covering Covid-19 Market Analysis

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Pulse Oximeter Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2021-2028”

The global pulse oximeter market size is projected to reach US$ 3.8 Bn by 2028, with a CAGR of 6.6% during 2021-2028

A pulse oximeter tests the amount of hemoglobin oxygen saturation in the blood. This tracks the amount of oxygen in the blood of a patient and warns if the levels of oxygen fall below a healthy level. Hypoxia can be identified even more easily than clinical symptoms of hypoxia such as cyanosis can be seen by the anesthesia giver. For respiratory and cardiac disease the pulse oximeter can serve as a diagnostic device.

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Growing focus on the health of patients during anesthesia and the need for reliable monitoring of critical data will fuel business development. Increasing awareness of patient monitoring and an increased incidence of a target disease is anticipated to drive demand growth. Throughout the coming years, regulatory policies and new product launches are projected to further fuel demand growth. For prenatal screening in around 43 states in the US, a pulse oximeter is mandatory. It is also becoming more common elsewhere in the world as it can help diagnose coronary heart disease and other heart and breathing conditions. The increasing prevalence of COPD, sleep apnea or heart arrhythmia is expected to be a significant market growth factor. Annually, nearly 2.7 million neonatal deaths occur, with Southern Asia and sub-Saharan Africa responsible for approx 75 percent of these. The early diagnosis of pulse oximeter hypoxemic neonatal symptoms will dramatically decrease the number of neonatal deaths. Increased pulse oximeters penetration is projected to help the situation in emerging economies in particular.

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For patients diagnosed with the new coronavirus, constant monitoring of respiratory parameters is important. Health care practitioners also have a significant role to play in diagnosing, controlling, and handling COVID-19 effects, such as pulse oximeters and multiparameter tracking devices. Still, as the primary treatment in people with serious symptoms, the WHO recommendations for clinical control of the disease apply to oxygen therapy. Governments and organisations of health worldwide have also advocated the procurement of therapeutic oxygen systems and pulse oximeters.

Regional Stance

North America is leading the pulse oximeter industry owing to the availability of specialized hospitals and wellness services. The rise is due to the strong presence of major players in this area. In terms of income, Europe was the second largest market behind North America. Pulse oximetry is mandatory for the monitoring of patients during anesthesia in many European countries. The rise of HP, asthma and other lung disorders in this field also was attributed to the increased prevalence. Other factors driving growth in this area include improved health care services, growing demand for high-quality goods.

Asia Pacific is the fastest growing market for pulse oximeter. Such rise is largely due to the rising population ageing and increasing use of the pulse oximeter and other medical instruments in hospital surgery. Therefore, future growth is projected to be driven by growing knowledge and the development of health conscious community. Improved supply income and favourable policies in the region. Latin America is another important regional market and due to improved healthcare services and understanding among people, modest growth is anticipated in the coming years. In the forecast timeframe, the Middle East and Africa are projected to see substantial development.

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Key Players & Strategies

Participants include major global BD, Koninklijke Philips N.V., Masimo, General Electric Company, Medtronic, Nonin, Opto Circuits (India) Limited, Spacelabs Healthcare, Meditech Equipment Co., Ltd, Welch Allyn, Smiths Medical, Inc., and Others.

Central companies in the sectors pursue other significant projects to enhance their business position, such as marketing arrangements and corporate partnerships.

2018, Xhale Assurance Inc. was bought by Philips in August of the year 2018. This is important as Philips already has its hands on Xhale Assurance’s next-generation sensors for the purchase. It should be noted here, that the pulse oximeters produced by them can also be used when the infusion pressure is low. Thus with Philips’ takeover, also in terms of product diversification, Philips enjoys a strengthened position in the industry.