PULSE OXIMETER MARKET PROSPERING OWING TO ITS WIDE RANGE APPLICATIONS ACROSS DIFFERENT INDUSTRY
Global Pulse Oximeter Market is expected to exceed the market valuation of more than US$ XX million by 2027 expanding at a reasonable CAGR of around XX% during the forecast period (2021-2027). Pulse Oximeter uses a non-invasive sensor for the measurement of blood oxygen levels and pulse rate. As per World Health Organization, pulse oximetry is the most precise non-invasive method for the detection of hypoxemia conditions. It is mainly composed of a monitoring device and a sensor that is attached to the finger of the patient.
The demand for Pulse Oximeter is increasing on account of the rise in initiatives taken by the Government, the advancements in Artificial intelligence, increase in the use of wearable devices, advancements in microprocessor technology, advancements in the photoelectric sensors, and rise in the number of product launches. Moreover, the wide application of the pulse oximeter in various diseases such as cardiovascular disease, sickle cell anemia, and other chronic respiratory diseases also propels the market growth. Also, the high use of pulse oximeter for anesthesia during surgery drives the market growth. As per WHO, during anesthesia, the SpO2 (oxygen saturation) should be 95% or above. If SpO2 is 94% or below, the patient must be assessed quickly to identify and treat the cause.
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During the COVID-19 pandemic, the market is experiencing significant growth on account of its being a useful tool for the monitoring of COVID-19 at home. From the intensive care units to the home-care, a pulse oximeter is being used for the monitoring of respiratory diseases such as coronavirus disease 2019. They involve the continuous wireless monitoring of oxygen saturation on hospital wards and easy monitoring of SpO2 at home. For the early detection of a mild case of COVID-19 disease, a pulse oximeter is an excellent choice. As per the Minnesota Department of Health, If the home SpO2 reading is below 95%, immediately contact the health care provider.
Based on Product Type, the market is fragmented into Fingertip, Table-top, Wrist-worn, and Hand-held. The fingertip pulse oximeter is expected to record the highest growth in the upcoming years owing to its low cost, high accuracy, and efficacy. Moreover, the wireless fingertip oximeter provides data access to the IOS or android apps that records heart reading as well as oxygen saturation. For instance, the Nonin company launched a NoninConnect 3245 wireless fingertip pulse oximeter with Bluetooth technology for the patients and clinicians. It provides fast pulse rate readings with high-performance efficiency and Bluetooth connectivity to iOS and Android devices.
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Based on Sensor Type, the market is fragmented into Reusable and Disposable. The reusable sub-segment is expected to record the highest growth in the upcoming years owing to its precise and continuous results, more stable gripping, and its capability to store a large record of patients. The reusable sensor is attached to the monitor and it measures the red light and infrared absorption of oxygenated hemoglobin and deoxygenated hemoglobin. Further, the sensor is attached to the data acquisition system which helps to calculate and display the heart rate and oxygen saturation levels. For instance, Masimo in 2021, launched an iSpO2 pulse oximeter app for the tracking of blood oxygenation levels, pulse rate, as well as perfusion index.
Based on Patient Type, the market is fragmented into Neonatal, Pediatric, and Adult. Adult patients are expected to show the highest growth in the upcoming period owing to the increase in the geriatric population globally. As per WHO, between 2015 and 2050, the proportion of the world’s population over 60 years will nearly double from 12% to 22%.
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Based on End-user, the market is fragmented into Hospitals, Clinics & Healthcare Facilities, Home Care, and Diagnostic Centers. The Hospital sub-segment is expected to record the highest growth in the upcoming years owing to the high use and adoption of the pulse oximeter due to the rise in cases of COVID-19. As per Our World Data (May 15, 2021), there are around 27,378 COVID-19 patients in U.S. hospitals.
For a better understanding of the market adoption of the Pulse Oximeter, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Pulse Oximeter market on account of the highly developed healthcare infrastructure, healthcare spending, and presence of many market players in the U.S. region. As per Healthline, more than 49 million dollars has been spent on COPD-related patient care in North America.
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Some of the major players operating in the market include Medtronic, Carefusion Corp., GE Healthcare, Philips Healthcare, Masimo, CAS Medical Systems, Inc., Opto Circuits India Ltd., Nonin Medical, Inc., Smiths Medical, Welch Allyn, and Spacelabs Healthcare. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Pulse Oximeter Market Segmentation
Market Insight, by Product Type
Market Insight, by Sensor Type
Market Insight, by Patient Type
Market Insight, by End-user
- Clinics & Healthcare Facilities
- Home Care
- Diagnostic Centers
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Medtronic (Covidien)
- Carefusion Corp.
- GE Healthcare
- Philips Healthcare
- CAS Medical Systems, Inc.
- Opto Circuits India Ltd.
- Nonin Medical, Inc.
- Smiths Medical
- Welch Allyn
- Spacelabs Healthcare