The global pulse oximeter market is anticipated to grow at a CAGR of around 6.6% during the forecast period 2021 to 2028 and to reach around US$ 3.8 Bn by 2028.
A noninvasive tool to monitor the oxygen saturation of a person is pulse oximeter. A sensor unit is mounted on a thin section of the patient's body, the most typical deployment mode is the fingertip or earlobe in adults, and it is positioned over a foot in the case of babies. The pulse oximeter indicates the oxygen filled proportion of blood. Pulse oximeter tests the amount of hemoglobin, the oxygen-borne protein in the blood. For constant measurement of blood oxygen saturation, the pulse oximeter is particularly useful. Pulse oximeter may be used in any situation where the oxygenation of the patient is not sufficient, such as in intensive care, procedure, ambulance & hospital treatment, rehabilitation, patients at high altitude for oxygen measurement, and to decide whether additional oxygen is required. In addition, pulse oximeters are of vital significance in urgent or first aid because of the ease of use and capacity to provide constant and instant oxygen saturation values. In those with cardiac attacks, respiratory issues, and chronic obstructive pulmonary diseases pulse oximeter is helpful.
A rapid increase in the pulse oximeter industry is expected in the near future. The major driving force of the industry is the growing incidence of chronic obstructive lung disease, such as asthma. Increased understanding of non-invasive devices and widespread acceptance by population of medical devices are projected to fuel market development. Besides, in the underdeveloped economies, high prices and poor availability of medical equipment constrain market growth. Improvement of developments of surgical supplies will in the immediate term pose a valuable advantage on the market.
Segment Analysis by Region
North America held major market share and is expected to grow at a steady CAGR amid the projected period in the pulse oximeter industry owing to the growing awareness of respiratory function vitalities in the general population. Moreover, congenital heart disease is highly prevalent in the US and is one of the most common birth defects. Thus, newborns have been required to use these instruments for screening before being discharged from the healthcare system. According to the World Health Organization, more than 66.0 Mn people in Europe suffer from chronic pulmonary obstruction (COPD).
In Asia-Pacific, the risk of pulse oximetry has decreased in postoperative admission rates. The use of pulse oximeters is encouraged in institutes like the Indian Society of Anesthesiologists for any procedures in which the patient is anesthetized. Companies understand the demand and launch new goods that are suitable for the region's emerging economies. Rad-97 Pulse-CO Oximeter was introduced in India in January 2017.
Pandemic situation across the globe has disrupted the business flow worldwide. In 2020 every industry vertical in its 2nd, 3rd, 4th quarter has witnessed substantial drop on production and revenue, this was majorly due to lockdown. The restriction on the operations is impacting the production side and also impacting the supply chain of products. The disrupted supply of raw materials and low operational factories efficiency has contributed in the slower growth of the global market. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process at high operational efficiency, better supply chain models, and effective distribution network. These factors to some extent will help the industry vertical to flourish and aid market growth.
The market is highly competitive due to presence of large number of players. In addition, new product launches and high investment for R&D activities is expected to further increase the competition in the market.
The industry was dominated by hospitals and clinics segment, as the number of operations and emergency department visits increased. In fact, oximetry is an important aspect of newborn screening, which contributes to the amount of instruments received from hospitals in many countries. Masimo 's SET pulse oximeter is one of the most widely used devices in hospitals. The home care sector is expected to see rapid rise over the projected era. An increasing understanding of the value of controlling oxygen levels is one of the key factors for the demand in pulse oximeters. However, people with chronic illnesses tend to search for treatment in their home setting and has created a demand for home pulse oximeters. In the home treatment, fingertip pulse oximeters are considered safe and reliable, as they can help monitor and store patient readings on the oxygen level that can minimize the chance of hospital readmission. The players profiled in the report 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.
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.
Pulse Oximeter Market By Product
Pulse Oximeter Market By Application
Hospitals and Clinics
Pulse Oximeter Market By Geography
The Pulse Oximeter market value is anticipated to be worth around US$ 3 Bn in 2027.
The Pulse Oximeter market is anticipated to grow around 6% CAGR amid the forecast period 2020-2027.
North America held highest market share in 2019.
Asia Pacific is projected to be the fastest growing region in the global market.
The report provides insights on global Pulse Oximeter market segment by product, application and major geographic regions.
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 are the prominent players in the Pulse Oximeter market.
A rapid increase in the pulse oximeter industry is expected in the near future. The major driving force of the industry is the growing incidence of chronic obstructive lung disease, such as asthma.