Pulse Oximeters Market is Expected to Hold The Largest Share of the Global Market by 2022 with Key Players: Contec Medical Systems Co., Ltd., General Electric Company and More
Pulse Oximeter Market Report, published by Allied Market Research, forecasts that the global market was valued at $1,234 million in 2015, and is expected to reach $1,901 million by 2022, supported by a CAGR of 6.3% during the forecast period 2016 - 2022. The table-top/bedside pulse oximeters segment accounted for more than three-fifths share of the global market in 2015.
The key players profiled in the report are include Contec Medical Systems Co., Ltd., General Electric Company, Halma plc, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., Omron Corporation, and Smiths Group plc.
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Pulse oximeters deal in the measurement of vital health parameters, such as respiratory rate, heart rate, and pulse rate. These are used to monitor a patients status prior to or during diagnosis of health condition. Pulse oximeters are used in a medical setting, home, or at the site of medical emergency. Factors such as increase in geriatric population, rise in inclination towards home monitoring, upsurge in incidence rate of chronic diseases, such as cardiovascular disorders, obesity, and rise in awareness among patients about advanced pulse oximeters are expected to drive the market. However, lack of awareness about these devices in low- and middle-income economies hampers the market growth.
The table-top/bedside pulse oximeters segment is anticipated to dominate the global pulse oximeters market until 2022, owing to increase in the global incidence of respiratory disorders, such as COPD. The fingertip pulse oximeters segment is projected to be the fastest growing segment, on account of the benefits such as ease of use and increase in home healthcare facilities, globally.
The global pulse oximeter market by end user is segmented into hospitals & clinics, ambulatory surgery centers (ASCs), and home care settings. The hospitals & clinics segment was the highest revenue contributor to the global market in 2015, accounting for $678 million, and is estimated to garner $1,015 million by 2022, registering a CAGR of 5.8% during the forecast period. These devices facilitate early detection of a patients deteriorating health condition; thereby, enabling speedy intervention and diagnosis of diseases. However, the ASCs segment is estimated to grow at the highest CAGR of 7.4% during the forecast period.
North America is expected to dominate the global pulse oximeter market in 2015, and is expected to maintain this trend during the forecast period. This is attributed to the increase in prevalence of respiratory disorders, growth in awareness among patients regarding cost-effective pulse oximeters, and availability of advanced healthcare facilities in North American countries. However, Asia-Pacific is expected to be the fastest growing region in the near future, owing to its high population base, high disposable incomes, and improvement in patient awareness about advanced pulse oximeters.
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