Pulse Oximeter Market: Current Analysis and Forecast (2021-2027)

Report Description

Pulse Oximeter Market was valued at US$ 4.5 billion in 2020 and is expected to grow at a CAGR of 2% over the forecast period (2021-2027). The pulse oximeter is a painless and non-invasive test for the detection of oxygen saturation levels in the blood. The pulse oximeter is a small device that consists of a sensor and a monitor. The sensor detects the blood flow through the finger and the monitor describes the pulse rate as heart rate. The normal range of blood oxygen level (SpO2) in the body should be 95-100%.

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The demand for Pulse Oximeter is increasing on account of the rise in initiatives taken by the government, the high use of pulse oximeter for anesthesia during surgery, the advancements in artificial intelligence, increase in mobile-based platforms, increase in the use of wearable devices, advancements in the microprocessor technology, advancement in the photoelectric sensors, 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. For instance, in January 2020, WHO declared the novel coronavirus outbreak a public health emergency of international concern (PHEIC), which led to the high demand for a large number of pulse oximeter.

Value Chain of Pulse Oximeter Market

Insights Presented in the Report

“Amongst Product Type, Fingertip segment holds the major share.”

Based on Product Type, the market is fragmented into Fingertip, Table-top, Wrist-worn, and Hand-held. The fingertip pulse oximeter is a device that is attached painlessly to the tip of a finger and sends two wavelengths of lights for the measurement of oxygen saturation and pulse rate in the body. 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 record heart reading as well as oxygen saturation. For instance, Dr Trust has launched pulse oximeter 209 which provides easy and precise results. This fingertip pulse oximeter is USFDA approved and comes along with different features such as alarm, audiovisual indication, and respiration rate measurement.

“Amongst Sensor Type, Reusable is anticipated to grow at the highest CAGR during the analyzed period.”

Based on Sensor Type, the market is fragmented into Reusable and Disposable. The reusable sensor type is mainly used for the non-invasive and continuous monitoring of pulse rate and oxygen saturation levels. The 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. The reusable segment is expected to record the highest growth in the upcoming years owing to its precise and continuous results, more stable gripping, and capability to store a large record of patients.

Amongst Patient Type, the Adult segment holds the major share”

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 the United Nations, Department of Economic Social Affairs (2019), there were 703 million persons aged 65 years or over globally. The old-aged population is projected to reach 1.5 billion by the end of 2050.

Amongst End-user, the Homecare segment holds the major share”

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. Today, the COVID-19 pandemic has led to the high demand for oxygen administration as supportive management. As per the Pan American Health Organization, 75% of all hospitalized patients require supplemental oxygen treatment.

“North America signifies one of the largest markets and Europe is expected to be the fastest-growing markets of Pulse Oximeter Market.”

For a better understanding of the market dynamics of the Pulse Oximeter Market, a detailed analysis was conducted for different regions across the globe including 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 dominated the market and generated revenue of USD XX million in 2020 owing to the presence of key players in the region, government support, and increasing awareness regarding the benefits offered by these devices.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Pulse Oximeter Market were the three major steps undertaken to create and analyze the adoption of Pulse Oximeter for the different applications across major sectors such as Hospitals, Clinics, Homecare and Diagnostic Centers. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Pulse Oximeter sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Pulse Oximeter through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Pulse Oximeter market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Product Type, Sensor Type, Patient Type, and End-user. Further country-level analyses were conducted to evaluate the overall adoption of Pulse Oximeter in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Pulse Oximeter. Further, we conducted factor analysis using dependent and independent variables such as rising incidence of Asthma, COPD, Cardiovascular diseases, and COVID-19 cases, the high use of pulse oximeter for anesthesia during surgery, the advancements in Artificial intelligence, and the increase in mobile-based platforms for a pulse oximeter. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the pulse oximeter industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Pulse Oximeter Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Pulse Oximeter across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Pulse Oximeter market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Pulse Oximeter market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Product Type, Sensor Type, Patient Type, End-User, and Region of the Pulse Oximeter market.

Main Objective of the Pulse Oximeter Market Study

The current & future market trends of Pulse Oximeter were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Pulse Oximeter in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of Product Type, Sensor Type, Patient Type, End-User, and Region.
• Define and analysis of the regulatory framework for the Pulse Oximeter industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Pulse Oximeter market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and the Rest of World
• Company profiles of the Pulse Oximeter market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry