Worldwide Industry - Analysis
The global pulse oximeters market is anticipated to grow magnificently in the forecast period (2017 to 2023). It should record an approximate CAGR of 6.5 percent during the said period. These devices would observe rapid growth in the coming years, owing to the ability of pulse oximeters to check the health of patients at their homes & convenience and accurate detection of significant ailments. Taking into account the worldwide scenario, the industry has a huge potential for further expansion.
The market is also propelled by burgeoning aged populace & chronic disorders. On the contrast, absence of awareness regarding the availability of effective treatments prevent the industry from gaining more shares. Rise in medical expenses and the need for ‘on-the-spot’ monitoring are projected to offer lucrative opportunities to the market. Obesity, unhealthy eating choices, and inactive lifestyles may contribute to cardiac ailments, driving the growth of pulse oximeters.
Escalating development of alternative treatments, adoption of oximeter devices, & use of low perfusion technologies are the other key industry drivers. These devices are adopted for recording the vital signs of patients & paramount to their healthy existence. The promotion of oximeter devices with novel & advanced properties is said to offer prospects to industry participants. Wider prevalence of sleep apnea, chronic obstructive pulmonary diseases, and cardiac irregularities can also propel market growth in the near future.
With time, more user-friendly & high-tech devices have come to the fore, leading to higher growth. Higher demand for homecare facilities & patient comfort is resulting in better industry opportunities. Speedy authorizations on advanced technologies and the demand for remote patient monitoring are also said to boost the incomes.
The overall industry is categorized into products, applications, and geographies. By products, the market is segmented on the basis of fingertip, handheld, etc. Homecare, hospitals, cardiac & breathing centers, and other kinds of healthcare establishments constitute the applications. Geographical regions contain Europe, the Middle East and Africa, Americas, and Asia Pacific.
Handheld devices have been dominating the industry. Their revenues were credited to the increasing adoption of ‘key parameter’ checking devices and growing surgeries across the globe. The premature detection of chronic disorders leads to availing innovative therapies & having lesser complications. This has been made possible with handheld devices.
Fingertip instruments are also gaining recognition, with customers opting them for their non-invasive characteristics. These devices are, however, the most profitable sub-segment of the products market. They are very convenient to handle and are being regularly sold at Walmart and other malls. Among applications, medical facilities and hospitals led the market and will continue likewise throughout the forecast period.
Americas generated the largest sales in the past and would maintain its leadership till 2023. The compulsory testing of new born babies enforced by the CDC (Centers for Disease Control and Prevention) is the main propeller behind this leadership. Asia Pacific is projected to grow at the fastest rate from 2017 to 2023. Huge investments by regional participants drive it.
Advanced Trends and Players & Their Strategies
In 2017, Masimo introduced 2 patient monitoring devices in India. Both the products are very promising and hope to improvise the monitoring abilities of national clinicians. Few among the many eminent players investing in the global industry are CAS Medical Systems, Nonin Medical, Spacelabs Healthcare, and GE Healthcare.Oxitone is yet another firm that believes in modern and high-tech patient care. With the help of its products, patients have been able to live healthily & happily. Its patents also facilitate the monitoring of pulse oximetry from anywhere and anytime. The company’s products are very convenient to use and have other advantages as well. This factor bodes well for the firm and raises its incomes