According to the latest report by IMARC Group, titled "Pulse Oximeters Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global pulse oximeters market size grew at a CAGR of around 6% during 2014-2019. A pulse oximeter refers to a small, lightweight medical device that is utilized for monitoring the amount of oxygen present in the patient’s blood. It is non-invasively attached to the fingertip, toe or earlobe of individuals and efficiently detects minor changes in the oxygen levels. It also assesses the saturation of oxygen by utilizing specific wavelengths of light. Upon assessment, the pulse rate and the percentage of oxygen are reflected in the display attached to the device. It is mostly used in critical care settings during emergencies, surgical procedures and recovery in hospital wards.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pulse Oximeters Market Trends:
The market is primarily driven by the rising incidences of chronic diseases on the global level. Patients suffering from serious health conditions, such as sleep apnea, asthma, hyperlipidemia, cardiac arrhythmia, and chronic obstructive pulmonary disease (COPD), require constant monitoring of pulse rates and oxygen saturation levels. The rising number of such patients is boosting the uptake of pulse oximeters on the global level. Apart from this, a significant increase in the geriatric population and the growing emphasis on patient safety and monitoring are catalyzing the market growth. There has also been an increasing preference for the adoption of non-invasive medical devices among patients and healthcare professionals. This, along with the introduction of portable and wearable oximeters, is expected to create a positive outlook for the market. Furthermore, extensive research and development (R&D) and clinical trials have led to the advent of efficient variants in the market. The integration of these devices with artificial intelligence (AI), smartphones, and advanced sensors and microprocessor technology, is expected to provide an impetus to the market growth. The market is further driven by the sudden outbreak of the coronavirus disease (COVID-19) across the globe as patients suffering from the condition need continuous monitoring of their respiratory parameters, among various other medical aids. On account of the aforementioned factors, the market is projected to witness moderate growth during 2020-2025.
- On the basis of the type, the market has been divided into fingertip, handheld, wrist-worn and other types of pulse oximeters.
- Based on the sensor type, the market has been bifurcated into the reusable and disposable segments.
- On the basis of the patient type, the market has been categorized into neonatal, pediatric and adult patients.
- Based on the end use, the market has been classified into hospitals and clinics, ambulatory surgery centers, home healthcare, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include Edwards Lifesciences Corporation, Contec Medical Systems Co., Ltd., Philips Electronics Nederland B.V., Masimo Corporation, Medtronic plc, Nonin Medical, Inc., Opto Circuits (India) Limited, Smiths Medical Group Limited, OSI Systems, Inc. (Spacelabs Healthcare), and Hill-Rom Holdings, Inc.
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