Pulse Oximeters Market was valued at US$ 1,892.00 million in 2019 and is predicted to reach US$ 3,693.92 million by 2027; it is expected to grow at a CAGR of 8.6% during 2020–2027. The report highlights trends prevailing in the global pulse oximeters market, and drivers and restraints pertaining to the market growth.
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Pulse oximeter is a non-invasive device used for monitoring oxygen saturation level in blood. It is a small, clip-like device that is attached to finger or earlobe. It is mostly used in intensive care, operating, emergency care, and patient at high altitude for the assessment of patient’s oxygenation to determine if there is need for supplemental oxygen. Further, pulse oximeters market are useful for patients with cardiac problem, respiratory problems, and chronic obstructive pulmonary diseases.
The growth of the pulse oximeters market is attributed to the increasing prevalence of respiratory diseases and growing preference for remote patient monitoring. Further, the strategic developments by manufacturers offer lucrative opportunities to the global pulse oximeters market players. However, the inaccuracies in pulse oximeter readings due to several factors hinder the market growth.
Top Companies Synopsis- Nonin; Koninklijke Philips N.V.; Vyaire Medical, INC; Smiths Medical; Hill Rom Holding Inc.; Edwards Lifesciences Corporation; Medtronic; Masimo; Beurer GmbH; and Maxtec are among the key players operating in the pulse oximeters market. These companies focus on partnerships, product launches, and collaborations, among other business strategies, to sustain their market positions. For instance, in July 2020, Nonin Medical has received 510(k) clearance for its flagship product — the CO-Pilot wireless handheld multi-parameter system. The product is meant for EMS, firefighters and military personnel to measure key vital signs following a cardiac arrest, traumatic injury, carbon monoxide or smoke inhalation.
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The growing prevalence of the respiratory diseases is related to the decrease in the size of the upper airway lumen with increasing age of individuals. A large percentage of population suffers from various types of respiratory diseases globally. Smoking, genetic factors, and infections are among the common factors causing respiratory diseases. Chronic obstructive pulmonary disease (COPD), sleep apnea, cardiac arrhythmia, ischemic conditions, diabetes, hypertension, and asthma are among the medical conditions exerting significant burden on public healthcare system in various countries. As per the American Lung Association, COPD is the third leading cause of death in the US, wherein more than 16.4 million people are diagnosed with the condition. In addition, as per the US Department of Health and Human Services, ~25 million people in the US had asthma in 2019, which is one of the world’s most common respiratory diseases. The patients suffering from these respiratory disorders commonly experience difficulty in breathing and oxygen shortage. A pulse oximeter provides a non-invasive and safe method for the measurement of oxygen saturation.
On the basis of type, the Pulse Oximeters Market is sub-segmented into fingertip pulse oximeters, handheld pulse oximeters, wrist-worn pulse oximeters, and pediatric pulse oximeters. In 2019, the fingertip pulse oximeters segment accounted for the largest share of the market. The growth of the market for this segment is attributed to the rising number of product launches and increasing innovations in pulse oximeters devices.
Sensor Type Insights
Based on sensor type, the global pulse oximeters market is segmented into reusable, and disposable. The reusable segment held the largest share of the market in 2019 and is expected to register the highest CAGR during the forecast period. The growth can be ascribed to increasing COVID-19 patient worldwide.
End User Insights
Based on end user, the global pulse oximeters market is segmented into hospitals, clinics, and others. The clinics segment held the largest share of the market in 2019, and others is expected to register the highest CAGR during the forecast period.
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