Coronavirus Business Impact Pulse Oximeter Market : Industry Trends and Developments | P&S Intelligence

Every year, an increasing number of people are suffering from diabetes, cancer, cardiovascular diseases, and chronic obstructive pulmonary disease (COPD). These chronic conditions as well as a lot many other diseases and disorders require medical intervention at some point in time. Therefore, with the increasing hospitalization rate and rising demand for healthcare, more and more medical centers are being constructed. This is, in turn, leading the growing procurement of various medical devices and instruments, such as the pulse oximeter.

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Hence, with the increasing prevalence of chronic diseases, the pulse oximeter market is expected to grow to $3,177.7 million by 2024 from $1,979.0 million in 2018, at an 8.3% CAGR during 2019-2024 (forecast period). Such instruments measure the oxygen saturation (SpO2) concentration, which tells doctors how well a patient's lungs are functioning. The lower the O2 stats, the more grave danger the patient is in. SpO2 saturation of up to 90 is considered safe, but the moment it drops further, doctors know something must be done, which makes these instruments so important in healthcare settings.

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The sensor in these oximeters can be disposable or reusable, of which oximeters which have reusable sensors account for higher usage. This is attributed to the fact that they can be utilized for continuous as well as short-term O2 stats monitoring. In addition to these advantages, they boast a better and more stable grip in the body part they are affixed to, in comparison to the devices which have disposable sensors.

With the increasing demand for these instruments, research and development (R&D) is being stepped up, so that better variants can be provided to medical settings as well as individuals. One of the technological advancements is the integration of artificial intelligence (AI) in such devices. Further, the use of wearable devices to track the oxygen saturation and of mobile applications is also pushing the demand for oximeters. In the same vein, the microprocessor technology, photoelectric sensors, and light-emitting diodes are also undergoing advancements, which is making these instruments more accurate.

Other than these, the usage of oximeters is also growing in the Middle East and African region, majorly because of government initiatives to improve the standard of care. For instance, the Ethiopian government collaborated with Koninklijke Philips N.V., Masimo Foundation, and Bill & Melinda Gates Foundation in 2016 to make pulse oximeters available for children and women in Ethiopia. Such steps are being taken owing to the increasing awareness about the importance of these devices in healthcare settings, especially for patients who are under anesthesia.

Hence, with the increasing patient pool suffering from numerous diseases, the demand for pulse oximeters would continue to rise around the world.

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This release was published on openPR.