Oxygen Sensor Market: Current Analysis and Forecast (2022-2028)
Type (Zirconia, Electrochemical, Galvanic, Infrared, Ultrasonic and Optical), by application (Anesthesia Equipment, Ventilators, Oxygen Monitors, Analyzer) by sensor placement (Strip sensor, Implantable and non-invasive sensor), and End-Users (Hospitals, clinics, research institutes and diagnostic centres) and Region/Country.
The oxygen sensor market was valued at USD 1.5 Bn and is expected to grow with a CAGR of 10% during the forecast period (2022-2030). The increasing demand for home healthcare is driving the growth of the medical oxygen sensor market. Oxygen sensors are critical in home healthcare settings, as they allow patients to receive oxygen therapy in the comfort of their own homes. Additionally, technological advancements in oxygen sensor design and manufacturing are driving the growth of the medical oxygen sensor market. Improved accuracy, reliability, and portability of oxygen sensors are making them more attractive to patients and healthcare providers. These elements are anticipated to drive market growth for medical oxygen sensors in the forecasted period.
Some of the major player operating in this region are STMicroelectronics, Honeywell International Inc, TE Connectivity., Analog Devices, Inc., ICU Medical, Inc., SST Sensing Ltd, GE HealthCare, PreSens Precision Sensing GmbH, Nuova GmbH, Medtronic
Insights Presented in the Report
“Amongst type, the infrared segment is growing with significant CAGR in 2022 market”
Based on the product, the market is segmented into types zirconia, electrochemical, galvanic, infrared, ultrasonic and optical. Amongst these the infrared segment type is anticipated to grow with the significant CAGR in the forecasted period. This is attributed to its high accuracy, reliability, and ease of use in various medical applications. Infrared medical oxygen sensors are used to measure oxygen saturation levels in the blood and provide real-time data, which is essential in diagnosing respiratory disorders and monitoring the effectiveness of treatment. Additionally, infrared oxygen sensors are used in a variety of applications, including neonatal care, anaesthesia monitoring, and patient monitoring. These sensors are also used in portable oxygen concentrators, which are becoming increasingly popular among patients with chronic respiratory conditions who require supplemental oxygen therapy.
“Amongst applications, the ventilator segment is growing with a significant CAGR in the market in 2022”
Based on the application the market is segmented into anesthesia equipment, ventilators, oxygen monitors and analyzer. Amongst these the ventilator segment is anticipated to grow with a significant CAGR in the forecasted period. This is attributed to the rising prevalence of chronic diseases including heart failure impairing respiratory function. For instance, according to the Centre for Disease 2023 report, in 2020 around 6.2 million people in the United States had heart failure. Heart failure causes Red blood cells (RBCs) to break down leading to fluid buildup between lungs, causing difficulty in breathing. Additionally, the Ventilator helps in restoring the breathing process by providing mechanical support and regulating the oxygen levels in the blood back to normal. Further, the rise in the geriatric population more prone to becoming infected due to compromised immunity is also anticipated to increase the demand for ventilators equipped with oxygen sensors.
“Amongst sensor placement, the non-invasive segment is anticipated to grow with the significant CAGR in the market 2022”
Based on sensor placement the market is segmented into strip sensors, implantable sensors, and non-invasive sensors. Amongst these the non-invasive segment is anticipated to grow with a significant CAGR. The non-invasive oxygen sensors do not require the insertion of any devices into the body, this eliminates the risk of infection or other complications. This not only reduces the risk of infection in patients with compromised immunity but also increases patent compliance. Additionally, non-invasive oxygen sensors are typically easy to use and require less maintenance than invasive oxygen sensor than invasive oxygen sensors. Further, these devices are often small and portable that can be worn on the body or attached to the bed or wheelchair, and they don’t require frequent calibration or replacement. Thus, owing to the above-mentioned factors the demand for non-invasive sensors is anticipated to fuel the market growth in the forecasted period.
“North America is anticipated to grow with significant CAGR of the Oxygen Sensor market in 2021”
North America is anticipated to grow with a significant CAGR. This is attributed to the rise in healthcare expenditure. For instance, the national health expenditure in the United States grew 2.7% to $4.3 trillion in 2021, or $12,914 per person, and accounted for 18.3% of the Gross Domestic Product (GDP). Additionally, the presence of key market players in this region is also a major contributing factor for the growth of this region.
Oxygen Sensor Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- 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.
Customization Options:
The global Oxygen Sensor s market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Oxygen Sensor Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Oxygen Sensor s market were the three major steps undertaken to create and analyze the adoption of Oxygen Sensor in major regions globally. 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 global oxygen sensor market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting 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 of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the oxygen sensor market through company internal sources such as annual reports & 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 Oxygen Sensor s market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, sensor placements and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that 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 the oxygen sensor market. Further, we conducted factor analysis using dependent and independent variables such as type, application, sensor placement and end-users of the oxygen sensor market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the oxygen sensor market sector 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 global oxygen sensor 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 were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the oxygen sensor market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global oxygen sensor market in terms of products 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, 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
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global oxygen sensor market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of disorder type, and service type in the global Oxygen Sensor s market.
The main objective of the Global Oxygen Sensor Market Study
The current & future market trends of the global oxygen sensor market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends 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 from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Oxygen Sensor s market 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 the type, application, sensor placement and end-users
- Define and analysis of the regulatory framework for the oxygen sensor 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 oxygen sensor market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the Oxygen Sensor s 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
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