The global pulse oximeters market size reached at USD 1.75 billion in 2019 and estimated to hit USD 3.1 billion by 2027, growing with a compound annual growth rate (CAGR) of 6.9% forecast period 2020 to 2027.
Numerous benefits offered by pulse oximeters such as portability, connectivity, and compact size are triggering the market growth across the world. Furthermore, the increasing demand for consistent vital stats monitoring and rising emphasis on patient safety during anesthesia is projected to drive the growth of the pulse oximeter market. Moreover, pulse oximeter market growth is mainly driven by the growing adoption of oximeters in critical care, childbirth, surgery, neonatal, anesthesia, & pediatric care and technological advancements in oximeters. However, an increase in healthcare expenditure in the developing countries and high demand for proactive monitoring are anticipated to create new opportunities for market players in the near future. Nevertheless, the dearth of awareness in developing regions is expected to hinder the market growth.
Escalating implementation of wireless pulse oximeters by home consumers and clinicians is projected to spur the sale of pulse oximeters worldwide. Portability offered by wireless pulse oximeters is propelling growth of finger-top and wrist pulse oximeters, specifically in home care situations. Masimo introduced wireless pulse oximeter named, Masimo Rad - 5, that achieved enormous popularity due to its superior wireless features.
Home care captures the imagination of people, primarily for convenience and cost-related reasons, mainly in areas where repayment policies are fragile; subsidize profoundly to the growth for a global pulse oximeter market. In addition, the demand for remote monitoring is seeing a hasty rise as continuous monitoring is an expensive task, boosting the growth of pulse oximeter market as spot-checking via fingertip alternatives and handheld oximeters. This may help to reduce cost on readmission costs that are quite usually incurred by patients of COPD.
In addition, the existing apprehension over the proliferation of coronavirus is also foreseen to have a substantial influence on the growth of global pulse oximeters market across the world. As a consequence of the current pandemic, the medical device industry has been under tremendous pressure to deliver new products. With coronavirus infections propagating worldwide, the apprehension regarding a shortage of crucial life-saving devices and additional indispensable medical supplies in order to inhibit the spread of this pandemic and deliver prime care to the infected also widen.
Product Type Insights
Pulse oximeters products market is segmented into fingertip pulse oximeters, handheld pulse oximeters, and tabletop pulse oximeters. Among these, the handheld pulse oximeters are beneficial for pilots to check the oxygen level when they are operating at above 10,000 feet. These devices are also beneficial to the athletes and mountaineers to check the oxygen level. Handheld pulse oximeters are more accurate and come with probes that can be utilized for individual patients to limit the spread of the virus hence these devices are anticipated to be in high demand during the COVID-19 outbreak.
The fingertip pulse oximeters are non-invasive, which makes them a favored option for infants and neonates. Furthermore, the fingertip pulse oximeters are dense in size and easy to use. Moreover, the added features such as Bluetooth, alarm system, extensive memory, and easy transfer of data upsurge the effectiveness of products.Technological advancements in fingertip pulse oximeters are anticipated to drive the segment growth. Industry vendors are introducing innovative products with additional features to remain competitive in the pulse oximeter market.
Depending on end-users the global pulse oximeters market is categorized into hospitals, ambulatory surgical centers, and home healthcare. Among these, the hospitals segmentis projected to register a comparatively higher stake in the global pulse oximeters market due to the oximetry is a fundamental part of newborn screening in numerous countries, adding to the number of devices procured by hospitals. Furthermore,the higher utilization and higher adoption of these devices in hospitals is expected to boost the segmental growth.
The home healthcare segment is anticipated to witness lucrative growth over the forecast period due to the rising awareness about the importance of oxygen level monitoring. Conversely, a patient suffering from chronic diseases prefers to seek care in home settings and rising healthcare costs have created a market for home healthcare pulse oximeters.
North American region is anticipated to dominate the market and is expected to uphold this trend throughout the prediction period. Factors, such as an increase in the prevalence of respiratory disorders, availability of advanced healthcare facilities in North American countries, and growth in awareness among patients regarding cost-effective pulse oximeters are responsible for the market growth. The Asia Pacific region is expected to grow at the fastest growth rate due to the high occurrence of chronic disease across the region. Moreover, a high population, augmented incomes levels, and enhancement in patient consciousness for cutting-edge pulse oximeters would further upsurge market growth. The Middle East & Africa region is projected to show a sizable growth rate during the prediction period.
Key Companies & Market Share Insights
Some of the significant players in the pulse oximeters market include:
Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2020 to 2027. This research study analyzes market thoroughly by classifying global pulse oximeters market report on the basis of different parameters including type of products, end users, and region:
By Product Type
By Regional Outlook
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