Pulse Oximeter Market to Grow at a CAGR of 7.68% During the Forecast Period
Sudden
outbreak and spread of pandemic COVID-19 is expected to drive the growth of
global pulse oximeter market during the forecast period.
According to TechSci Research report, “Global Pulse
Oximeter Market
By Product Type (Fingertip, Handheld and Others), By Sensor Type (Reusable v/s
Disposable), By
Patient Type (Adult, Pediatric, Neonatal), By End User (Hospitals &
Clinics, Homecare, Others), By Region, Competition Forecast &
Opportunities, 2026”, the global pulse oximeter market stood at USD2576.07 million in 2020 and is further expected to
grow at a CAGR of 7.68% during the forecast period. This can be ascribed to
rising geriatric population which is susceptible to various chronic diseases.
Additionally, increasing air pollution, smoking, among others have led to an
increase in the prevalence of respiratory diseases. Pulse oximeters are
actively used 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. However,
high cost of handheld oximeters leads to affordability constraints thereby
hampering the market growth. Also, the global pulse oximeter market is highly
fragmented with a lot of Chinese players in the industry, this in turn creates
a lot of competition for the big players, thereby restricting the market growth
over the next few years.
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and an in-depth TOC on "Global Pulse Oximeter Market”.
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Global pulse oximeter market is segmented by
product type, sensor type, patient type, end user, by company and regional
distribution. Based on sensor type, the market is further bifurcated into
reusable and disposable sensors. Reusable sensors held the largest share of
80.18% in 2020 and 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 detecting the infrared and red-light absorption characteristics of
hemoglobin. Based on end user the market is categorized into hospitals &
clinics, homecare, and others. Home care segment is fastest growing segment
with CAGR of 8.51% owing to the fact that reimbursement of various post-surgery
procedures is not 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.
Some of the major players 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.
(Hill-Rom Holdings, Inc.), OSI Systems, Inc. (Spacelabs Healthcare), Omron
Healthcare, Inc., Drägerwerk AG & Co. KGaA, Meditech Equipment Co., 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. For instance, In 2021, Masimo
acquired LiDCO, a supplier of noninvasive and minimally invasive hemodynamic
equipment, thereby expanding its suite of advanced measurement and patient
monitoring equipment.
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“North America
dominated the market in 2020 owing to the sudden outbreak and spread of
COVID-19 pandemic, which severely hit the region especially the United States
thereby increasing the demand for pulse oximeters. Additionally, increasing
geriatric population coupled with growing prevalence of respiratory diseases is
further expected to support the market growth through 2026. Also, presence of
well-developed healthcare infrastructure in countries like United States and
Canada is further expected to support the market growth.,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based Global
management consulting firm.
“Global Pulse Oximeter
Market By Product Type (Fingertip, Handheld and Others), By Sensor Type
(Reusable v/s Disposable), By Patient Type (Adult, Pediatric, Neonatal), By End User (Hospitals & Clinics,
Homecare, Others), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the
future growth potential of global pulse oximeter market 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 market.
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