The report highlights trends prevailing in the global pulse oximeters market, and drivers and restraints pertaining to the market growth.
According to the latest study on “Pulse Oximeters Market Forecast to 2027 –COVID-19 Impact and Global Analysis – by Type, Sensor Type, and End User,” the market was valued at US$ 1,892.00 million in 2019 and is projected 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.
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.
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Pulse Oximeters Market Competitive Landscape and Key Development
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.
Increasing Prevalence of Respiratory Diseases Drives Market Growth
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.
The increasing number of COVID-19 cases worldwide is also boosting the demand for pulse oximeters. The continuous monitoring of respiratory parameters is one of the prime stages in the treatment of COVID-19 patients. Therefore, for the accurate management and treatment of COVID-19 cases, healthcare professionals are dependent on pulse oximeters and other multi-parameter monitors. Moreover, different types of pulse oximeter devices are being widely used for routine monitoring at home.
Pulse Oximeters Market: Segmental Overview
In terms of type, the fingertip pulse oximeters segment held the largest share of the pulse oximeters market in 2019 and is expected to continue its dominance and register a higher CAGR in the market during the forecast period.
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.
A pulse oximeter is a small, lightweight device to monitor the amount of oxygen carried in the body. Fingertip pulse oximeters are non-invasive, easy to use and compact in size, which makes them a preferred option for infants and neonates. It attaches to fingertip, and sends two wavelengths of light to measure the pulse rate and oxygen level. Once the assessment is completed, the screen displays the percent of oxygen and current pulse rate. People with heart or breathing problems are dependent on finger pulse oximeters that help them manage these conditions. For example, patients with asthma can use oximeters to assess the severity of attacks. As per the CDC, in the US around 19.2 million adults have asthma. Accurate pulse rate and SpO2 readings are particularly important for patients who are experiencing frequent drops in oxygen levels.
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