|Status : Published||Published On : Sep, 2021||Report Code : VRHC1209||Industry : Healthcare||Available Format :||Page : 251|
The global pulse oximeter market was valued at USD 3,913.2 million in 2020 and is expected to grow at a CAGR of 10.8% during the forecast period (2021–2027). The market is growing due to the increasing importance of monitoring patients in treatment regime and diagnosis along with extensive occurrence of target diseases. Pulse oximeters are important for patients who are the condition which affects saturation of oxygen. For instance, doctors recommend pulse oximeters in order to monitor the oxygen saturation level amongst individuals observing suspected sleep apnea or those suffering from severe snoring.
Insight by Type
On the basis of type, the global pulse oximeters market is categorized into fingertip, table-top, wrist-worn, hand-held, earlobe, forehead, palm/foot, and nose. Amongst these segments, the fingertip pulse oximeters segment is anticipated to generate the largest revenue by 2027. This is due to the fact that with the help of handheld pulse oximeters the detection of chronic diseases becomes easier and helps in decreasing further complications.
Insight by Sensor Type
On the basis of sensor type, the global pulse oximeters market is categorized into reusable, and disposable. Amongst the two categories, the reusable-sensor oximeters category held a larger share in the market in 2020. This is due to the fact that it offers more-stable griping during monitoring as compared to disposable pulse oximeters.
Insight by Patient Type
On the basis of sensor type, the global pulse oximeters market is categorized into neonatal, pediatric, and adult. Of all, adult patients category is anticipated to generate the largest revenue by 2027, owing to the increase in the geriatric population across the globe.
Insight by End User
Based upon end user, the global pulse oximeters market is segmented into hospitals, clinics & healthcare facilities, home care, diagnostic centers. Amongst these segments, hospital category held the largest share in the market in 2020, and is also expected to be the fastest growing category in the market during the forecast period.
Every organ and system requires adequate amount of oxygen to thrive and without the use of oxygen cells will eventually die and malfunction. Pulse oxygen is used for measuring oxygen percentage in haemoglobin proteins also known as saturation of oxygen. It implies the amount of oxygen being transferred to the organs. Moreover, pulse oximeters provide feedback pertaining to the effectiveness of the breathing interventions such as ventilators and oxygen therapy. Furthermore, creating alertness among health specialists regarding low oxygen levels specifically in new-borns is an advantage of pulse oximeters that is further strengthening the growth of the global pulse oximeters market.
Increasing need of monitoring patients in treatment and diagnosis regime along with increasing readmission limbo and healthcare costs are the key factors that are pertaining towards the growth of global pulse oximeters market. Monitoring of patients rampantly is thus incurring additional costs that is challenging in the scenario of limited healthcare budget. In order to attain cost efficiencies healthcare budget could be tackled with on the spot checking with the use of fingertip or handheld oximeters.
Lack of training and increasing price erosion are the key factors that are anticipated to hamper the growth of the global pulse oximeters market.
The pulse oximeter market in North America is estimated to hold largest revenue throughout the estimated period due to easy accessibility of these devices in the region along with extensive occurrence of pulmonary disorders amongst the patients in this region. Furthermore, increasing awareness amongst medical specialist and patients about these devices along with increasing popularity is another factor pertaining towards the growth of pulse oximeter market in this region.
Moreover, the pulse oximeter market in Asia-Pacific is anticipated to generate highest CAGR during the forecast period owing to increasing benefit of this device to create patient safety during anaesthesia and surgery that has obligated hospitals and governments to include pulse oximetry in their treatments. Furthermore, technological advancements in healthcare domain in this region, increased market penetration by key players and increasing population of patient in this region is the key factor that is driving the growth of pulse oximeter market in this region.
The eminent key players in the global pulse oximeter market are extending their product portfolios, undertaking product innovations and technological upgradations that are enabling the manufacturers to gain competitive advantage across the globe.
Some of the players having a prominent presence in the global pulse oximeter market include General Electric Company, Masimo Corporation, Edwards Lifesciences Corporation, Nihon Kohden Corporation, Medtronic PLC, Koniklijke Philips N.V., Smiths Medical Inc., Spacelabs Healthcare Inc., Opto Circuits Limited, Drägerwerk AG & Co. KGaA, Halma PLC, and Contec Medical System Co. Ltd.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behavior.
Source: VynZ Research
Source: VynZ Research