Pulse Oximeter Market Growth – at a CAGR of 7.1% During Forecast Period 2020-2028
Growing prevalence of chronic obstructive pulmonary disease (COPD) and congenital heart disease (CHD) and technological advancements in pulse oximeter devices are among the key factors driving the global market revenue growth
Market Size – USD 2,335.74 Million in 2020, Market Growth – at a CAGR of 7.1%, Market Trends – Rising need for painless, rapid, and portable oxygen saturation level detection methods
Emergen Research has published its latest report titled “Pulse Oximeter Market, By Product Type (Hand-held, Wrist-worn, Fingertip, Tabletop, Others), By Sensor Type (Reusable, Disposable) By End-use (Hospitals & Clinics, Diagnostic Centers, Home Care Settings), and By Region Forecast to 2028”
According to Emergen Research, the global pulse oximeter market size was USD 2,335.74 million in 2020 and is expected to reach USD 3,785.34 million in 2028 and register a revenue CAGR of 7.1% during the forecast period, 2021-2028.
Some of the key factors providing impetus to the global pulse oximeter market revenue growth are increasing global geriatric population, rising prevalence of respiratory diseases such as asthma, sleep apnea, chronic obstructive pulmonary disease (COPD), growing burden of chronic cardiac disorders such as hypertension, cardiac arrhythmia, and congenital heart disease (CHD), and increasing cases of neonatal respiratory conditions such as infant respiratory distress syndrome.
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Growing need for advanced patient monitoring solutions, increasing demand for pulse oximeters for remote and self-monitoring, growing use of portable pulse oximeters (hand-held or wrist-worn devices) – especially in home health care settings – and technological advancements in pulse oximeter devices such as integration of AI and advanced sensors are among the other key factors accounting for revenue growth of the global market. Rapid spread of the novel coronavirus infection worldwide, growing rate of hospital admissions, and subsequent rise in demand for pulse oximeters – both in hospital and home care settings – amid the pandemic for patients’ oxygen level monitoring are further driving the global pulse oximeter market revenue growth.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Reusable Segment Accounted for Largest Revenue Share in 2020:
The reusable segment dominated other segments in terms of revenue share in the global market in 2020. Growing demand for reusable pulse oximeters due to many advantages over disposable pulse oximeters, such as continuous monitoring, rapid detection of patient oxygen levels, and higher durability, is one of the key factors driving the revenue growth of this segment.
Home Care Settings Segment to Account for Fastest Revenue CAGR:
The home care settings segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Rise in geriatric population, increasing prevalence of chronic respiratory diseases, rising cases of COVID-19, and rapid adoption of portable pulse oximeters for home health care settings are major factors supporting revenue growth of this segment.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America pulse oximeter market accounted for the largest revenue share in the global market in 2020. Rise in geriatric population, increasing prevalence of asthma, COPD, congenital heart disease, and cardiac arrhythmia, growing need for non-invasive, remote, and portable patient monitoring solutions, growing demand for technologically advanced pulse oximeters, and presence of leading manufacturers in the region, including General Electric Company and Nonin Medical Inc., are among the key factors contributing to the regional market revenue growth.
Major Companies in the Global Pulse Oximeter Market Include:
- Medtronic plc
- Koninklijke Philips N.V.
- Nonin Medical Inc.
- Meditech Equipment Co., Ltd.
- Contec Medical Systems Co., Ltd.
- General Electric Company
- OSI Systems, Inc.
- Nihon Kohden Corporation
- Smiths Group plc
- Honeywell International Inc.
- Dr. Trust
- HUM Gesellschaft für Homecare und Medizintechnik GmbH
- Beurer GmbH
- The Spengler Holtex Group
- Shanghai Berry Electronic Technology Co., Ltd.
- Promed Group Co., Ltd.
- Tenko Medical System Corp.
For the purpose of this report, Emergen Research has segmented the global pulse oximeter market on the basis of product type, sensor type, end-use, and region:
Product Type Outlook (Revenue, USD Million; 2018-2028)
Sensor Type Outlook (Revenue, USD Million; 2018-2028)
End-use Outlook (Revenue, USD Million; 2018-2028)
- Hospitals & Clinics
- Diagnostic Centers
- Home Care Settings
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Region Outlook (Revenue, USD Million; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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