Pulse oximeter Market to grow at a Significant Rate During the Forecast Period
Integration of artificial
intelligence in pulse oximeter is driving the Global Pulse Oximeter Market
growth in the forecast period, 2022-2026.
According
to TechSci Research report, “Global Pulse Oximeter Market By Product Type
(Fingertip v/s Handheld) By Sensor Type (Reusable v/s Disposable) By End User
(Hospitals & Clinics, Ambulatory Surgery Centers, Homecare, Others) By
Company By Region, Competition Forecast & Opportunities, 2026”,
the global pulse oximeter market is anticipated for an impressive boost in the
upcoming five year, 2022-2026. The market has shown a consistent growth with
influential CAGR in past five years until 2019. Anticipated growth of the
market stands on the backbone of technological advancement and developments in
the oximeter devices that drive the growth of the market. Pulse oximeters are
actively used in during surgery process when patient is under anesthesia and
post-surgery processes to monitor the patient conditions. These are some of the
major factors that are supporting the global pulse oximeter market growth.
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Global pulse oximeter market is segmented by
product type, sensor type, end user, and regional distribution. Based on sensor
type, the market is further fragmented into reusable and disposable sensors.
Reusable sensor types are often digitally enabled thereby creating a record
storage for the patients such that regular consultations with their doctors can
be conducted fluidly. Disposable sensors in pulse oximeters are replaceable and
function on the detecting the infrared and red light absorption characteristics
of hemoglobin.
Based on end user the market is categorized into hospitals
& clinics, ambulatory surgery centers, homecare, and others. Home care
segment is anticipated to create a large share in the market owing to the fact
that reimbursement of various post-surgery procedures isn’t feasible. Thus,
requiring patients to be home-cared. For the purpose of monitoring the
post-surgery patient and out-patient, the oximeters allow proper care and easy
consultations with the concerned doctors, there by supporting the growth of the
market.
The world was hit by the spread of COVID-19 virus
in 2020, and it boomed the sales of pulse oximeters. Pulse oximeters monitor the
oxygen concentration in the blood by monitoring the amount of oxygen in the
hemoglobin. The oxygen carrying hemoglobin interacts with the infrared and red
light that is emitted during the tests which is later sensed by the sensors
thereby recording the results. COVID-19 ensured the common population to own
the device for their regular monitoring of increasing and decreasing SPO2 concentration
in the blood which is a major symptom for any COVID-19 infected patient, thus influencing
a sudden jump in the growth of the market.
Some of the major competitors in the market are Medtronic
Plc. (Covidien), GE Healthcare, Koninklijke Philips N.V., Masimo corporation, Becton,
Dickinson, and Company (CareFusion Corp.), CAS Medical Systems, Inc., Nihon
Kohden Corporation, Opto Circuits India Ltd., Nonin Medical, Inc., Welch Allyn,
Inc., OSI Systems, Inc. (Spacelabs Healthcare), Omron Healthcare, Inc., Drägerwerk
AG & Co. KGaA, Hill Rom Holding Inc, among others. The
companies are focusing on extensive research and developments activities to
stay competitive in the market. Other competitive strategies include formation
of alliances and partnerships.
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“North America have dominated the market
in historical period and continue to do so in the next five years too, while
Asia-Pacific region is anticipated to be the fastest growing region on account
of improving healthcare. Population in the region are gaining the awareness of
the pulse oximeter for the early symptom of COVID-19 thereby gaining the
numbers in future five years. New investors are advised for the intelligent
investments,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based Global management consulting firm.
“Global Pulse Oximeter
Market By Product Type (Fingertip v/s Handheld) By Sensor Type (Reusable v/s
Disposable) By End User (Hospitals & Clinics, Ambulatory Surgery Centers,
Homecare, Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future
growth potential of Global Pulse oximeter and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Pulse oximeter.
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