Pulse Oximeter Market to Grow with a CAGR of 5.24% through 2028
Growing demand for portable monitoring devices and increasing prevalence
of respiratory diseases is expected to drive the Global Pulse Oximeter Market
growth in the forecast period, 2024-2028.
According to TechSci Research report, “Pulse Oximeter Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Pulse Oximeter Market stood at USD 3452.23 Million in 2022
and is anticipated to grow with a CAGR of 5.24% in the forecast period,
2024-2028. The industry is experiencing growth due to the increasing prevalence
of chronic illnesses, the aging population, and the rising incidence of
respiratory problems worldwide. The market is projected to expand because of
higher healthcare expenditure, advancements in pulse oximeter technology, and
the growth of the medical device industry in developing countries. Furthermore,
the anticipated increase in innovation and product approvals is expected to
present lucrative growth prospects for the market in the years to come.
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"Global Pulse Oximeter Market.”
The growth of the pulse oximeter market is primarily driven by several
factors. These include the increasing prevalence of respiratory and cardiac
disorders among the aging population, the need for real-time diagnosis in
intensive care settings, and the preference for non-invasive diagnostic methods
to enhance the overall patient experience. Moreover, technological advancements
and the rising demand for minimally invasive devices are expected to create
exponential growth opportunities in the pulse oximeter industry. Additionally,
the market is fueled by the growing focus on continuous patient monitoring
during diagnosis and treatment.
The market is also influenced by the rising prevalence of chronic
respiratory diseases such as COPD, asthma, sleep apnea, cystic fibrosis, and
other respiratory infections. Accurate measurement of blood oxygen levels using
pulse oximeters is crucial in managing these conditions. Notably, COPD is the
leading cause of death in the U.S., affecting a significant number of people.
In the healthcare industry, the significance of the pulse oximeter
market cannot be overstated. This device plays a vital role in monitoring
oxygen levels among individuals with cardiac or respiratory disorders. It
offers a non-invasive method to measure the oxygen-binding capacity of
hemoglobin in the blood and the pulse rate. Patients with respiratory issues
like asthma, COPD, ARDS, obstructive sleep apnea, and pneumonia greatly benefit
from pulse oximeters. Technological advancements in terms of accuracy, safety,
and automation are expected to drive market growth. Manufacturers are focusing
on developing automated, wireless, and remote oximeters for self-monitoring,
reducing the need for hospitalization and physician visits.
Furthermore, emerging economies present lucrative growth opportunities
for medical device manufacturers in the pulse oximeter industry. Governments in
countries like China and India are increasing their investments in healthcare
modernization and value-based care systems. Recent years have seen notable
innovations in the pulse oximeter market. The introduction of smartphone
applications and peripheral devices has made pulse oximeter technology more
accessible for home use. Individuals with respiratory and cardiac conditions
can now conveniently monitor their oxygen saturation levels. The emergence of
wearable devices, such as watches, enables continuous real-time monitoring,
representing a significant technological advancement.
The increasing adoption of pulse oximeter technology in healthcare
facilities has attracted major investments. Economies of scale have contributed
to the continuous decline in pulse oximeter prices, making them more affordable
to consumers. Consequently, businesses are incorporating these devices into
their products and services, further driving their widespread use. Various
industries have made significant investments in the pulse oximeter market.
Given the importance of pulse oximetry in respiratory and cardiac monitoring,
it is not surprising that the healthcare industry remains the leading investor.
Wearable technology companies have also recognized the potential of pulse
oximetry and cater to consumers seeking to monitor their health parameters,
presenting attractive business opportunities. Market players are devising
innovative strategies in emerging nations to strengthen their business avenues.
The Global Pulse Oximeter Market is segmented into product type, sensor
type, patient type, end user, regional distribution, and company.
Based on product type, the fingertip segment dominates the pulse
oximeter market, enjoying widespread popularity and acceptance. Fingertip pulse
oximeters offer non-invasive and real-time measurements of oxygen saturation
levels and pulse rate with accuracy and reliability. These portable and
user-friendly devices provide clear visibility of readings and continuous
monitoring capabilities, making them highly favored by patients, healthcare
professionals, and athletes.
With the rapid growth of emerging markets and increased healthcare
expenditures, the demand for medical devices, including pulse oximeters, has
surged. The combination of rising health consciousness, a growing population,
and the need for prompt results has made fingertip pulse oximeters popular
among individuals. These devices are particularly sought after by the elderly,
those with respiratory or cardiac diseases, and athletes due to their compact
size and ease of use. The fingertip pulse oximeter market is expected to
witness significant growth in the coming years. Factors contributing to this
anticipated growth rate include the increasing prevalence of respiratory
disorders, a growing geriatric population, and the rising adoption of remote
patient monitoring technologies.
Based on region, North America segment is expected to grow during the
forecast period. North America is projected to dominate the market share during
the forecast period. The region is expected to hold a significant position in
the market, driven by the increased demand for smart pulse oximeters to monitor
COPD patients. The region's advanced healthcare infrastructure and the presence
of key market players contribute to the anticipated growth of the smart pulse
oximeter market. The prevalence of cardiovascular disorders, as reported by the
Centers for Disease Control and Prevention (CDC), further drives the demand for
pulse oximeters. Regulatory approvals, such as the clearance of Masimo's Rad-G
Pulse Oximeter by the United States Food and Drug Administration, also
contribute to market growth. Overall, the market for smart pulse oximeters in
North America is expected to experience significant growth due to the
increasing burden of cardiac illnesses caused by sedentary lifestyles and the
aging population in the region.
Major companies operating in Global Pulse Oximeter Market are:
- Medtronic,
Plc.
- GE
Healthcare
- Koninklijke
Philips N.V.
- Masimo
Corporation
- Nihon
Kohden Corporation
- Nonin Medical,
Inc.
- Omron
Corporation
- Opto
Circuits India Ltd.
- Welch
Allyn, Inc.
- OSI
Systems,Inc.
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“The increasing prevalence of respiratory diseases and conditions,
including asthma, chronic obstructive pulmonary disease (COPD), and coronavirus
disease (COVID-19), is expected to drive the growth of the pulse oximeter
market during the forecast period. Pulse oximeters offer portability and ease
of use, making them valuable tools for home healthcare, allowing individuals to
conveniently track their oxygen saturation levels. Furthermore, monitoring
oxygen levels during physical activities helps optimize performance and ensure
safety. The rising emphasis on fitness and wellness has also contributed to the
demand for pulse oximeters among athletes and fitness enthusiasts.
Technological advancements, such as the development of compact and affordable
pulse oximeters, have made them more accessible to a wider consumer base,
thereby supporting market growth. Additionally, the adoption of telemedicine
and remote patient monitoring solutions has further accelerated the use of
pulse oximeters, enabling healthcare providers to remotely monitor patients'
oxygen levels and intervene when necessary.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Pulse Oximeter Market Segmented 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 and Competition, Forecast & Opportunities, 2018-2028F”, 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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