The Pulse Oximeter Market to register a CAGR of 6.8% and reach a value of USD 4,099.5 Million by 2030.
Pulse Oximeters Market Overview:
The Pulse Oximeters Market is expected to reach USD 4,099.5 Million by 2030 at 6.8% CAGR during the forecast period 2022-2030. Given the significant prevalence of respiratory illnesses globally, as well as the growing older population, the need for pulse oximeters has risen dramatically over the years. The increased sensitivity of the elderly to numerous chronic conditions necessitates the use of remote monitoring equipment such as pulse oximeters.
In addition, increased investment in healthcare infrastructure upgrades, technical advancements in pulse oximeter devices, and the growing number of medical device companies in emerging markets may boost the market growth in the next years. However, rising worries over the accuracy of many non-medical pulse oximeters, as well as unfavorable rules governing pulse oximeters, may cause the company to slow considerably in the future years.
Segments - Detailed Outlook
The pulse oximeters industry, in terms of products, consists of handheld, fingertip, and others. The various application sub-segments are medical amenities, hospitals, respiratory & cardiac centers, homecare, etc. Regions into which the market is split, comprise Asia Pacific, Europe, Americas, and the Middle East and Africa. Among products, handheld devices led the pulse oximeters market.
The shares of handheld pulse oximeters were ascribed to massive ‘vital stats’ device usage and escalating surgical procedures. Additionally, the early diagnosis of life-long illnesses & disorders lowers more complexities and assists better treatments. Moreover, the identification of health risks are always beneficial in preventing other illnesses or relapses.
Also, heightened awareness about the significance of keeping patients under proper observation has positively impacted the pulse oximeters market. Fingertip devices have also become more popular, with them being the most rapidly evolving sub-segment. Their non-invasive nature has helped them gain traction & patient convenience.
With respect to applications, medical amenities and hospitals maintained supremacy over the industry. The said fact was basically credited to multiple hypertension, heart arrhythmia, and COPD incidences. The pulse oximeters market was led by the Americas. Europe was close behind, followed by Asia Pacific that was likely to be the fastest expanding pulse oximeters market over the forecast period.
CAS Medical Systems Inc. is a full-service medical device company that develops, manufactures, and distributes high-quality blood pressure measurements, other monitoring devices, and neonatal supplies that are preferred by health care professionals all over the world. CAS has built a reputation for delivering innovative, dependable products at reasonable rates, backed by skilled technical support. We collaborate closely with healthcare professionals to develop and support solutions that dramatically improve patient care quality.
Spacelabs Healthcare is a company that designs and produces acute care patient monitoring, diagnostic cardiology, and clinical networking products for use in hospitals, medical clinics, and physician offices. Patient monitoring and connectivity, cardiology and remote monitoring, and supplies and accessories are the three areas in which the company's goods fall. Patient data is monitored and transmitted to caregivers through a wireless network by its bedside patient monitor and telemetry devices. In surgical and perioperative settings, its Blease and Arkon anesthetic delivery systems and ventilators are employed. OSI Systems owns Spacelabs Healthcare, which is part of the company's Healthcare division.
|Market Size||USD USD 4,099.5 Million|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, End User, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||CAS Medical Systems, Nonin Medical, Spacelabs Healthcare, and GE Healthcare.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Pulse oximeters market is predicted to grow at around 6.8% during the forecast period (2022-2030).
Few among the many eminent players investing in the global industry are CAS Medical Systems, Nonin Medical, Spacelabs Healthcare, and GE Healthcare.
Americas generated the largest sales in the past and would maintain its leadership till 2030. 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 2022-2030. Huge investments by regional participants drive it.
Escalating development of alternative treatments, adoption of oximeter devices, & use of low perfusion technologies are the other key industry drivers.