The pulse oximeters market could anticipate growth at a rate of close to 6.5 percent between 2020 and 2027, reveals MRFR (Market Research Future).
The demand for pulse oximeters has surged rapidly over the years, given the huge prominence of respiratory disorders worldwide; as well as the blossoming elderly population. The higher susceptibility of elderly individuals to various chronic diseases fosters the need for remote monitoring devices like pulse oximeters. Besides, the rising fundings to upgrade the healthcare infrastructure, technological developments in pulse oximeter devices and the escalating number of medical device firms in emerging countries should enhance the market size in the approaching years.
However, with soaring concerns with regard to the accuracy of certain non-medical pulse oximeters along with the unfavorable regulations pertaining to pulse oximeters, the business growth can slow down to some extent in the coming years.
On the bright side, with the mounting preference for patient monitoring in non-medical settings and the surge in surgical procedures and the growth potential of point-of-care testing, market firms will be presented with a series of lucrative opportunities in the future. At present, with the rapid rise in COVID-19 cases, the need for respiratory monitoring and use of pulse oximeters for self and remote monitoring has soared. This factor is bound to propel the growth rate of the pulse oximeter industry in the years to come.
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.
Competition, Players’ Strategies, and Recent News
Smart Meter, the renowned developer of cellular-enabled remote patient monitoring data as well as devices, unveils its latest iPulseOxTM, which is the first-ever cellular-connected pulse oximeter in the world. This launch is expected to accelerate the technical growth of remote patient monitoring services for different chronic conditions including heart disease, and chronic obstructive pulmonary disease (COPD).
Masimo launches Dual SET Pulse Oximetry for Root, which is a highly advanced patient monitoring & connectivity hub. Dual SET Oximetry’s first application is a major development for Masimo SET-guided critical congenital heart disease screening, all with the CE marking along with the Masimo SET MOC-9 module launch in Europe and the introduction of Eve CCHD Newborn Screening Application for Root.
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|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||
Frequently Asked Questions (FAQ) :
Pulse oximeters market is predicted to grow at around 6.5 percent during the forecast period (2017 to 2027).
Escalating development of alternative treatments, adoption of oximeter devices, & use of low perfusion technologies are the other key industry drivers.
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.
Few among the many eminent players investing in the global industry are CAS Medical Systems, Nonin Medical, Spacelabs Healthcare, and GE Healthcare.