Pulse Oximeter Market is expand at a CAGR of 1.8% during 2021-2031 | Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands)

The global pulse oximeter market was valued at USD 2.2 billion in 2021 and it is anticipated to grow up to USD 2.6 billion by 2031, at a CAGR of 1.8% during the forecast period.

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Pulse oximeter is an electronic device, and a noninvasive method to measure the saturation level of oxygen carried in the human blood. It is a device that measure the amount of oxygen in the red blood cells (RBCs) delivered to different parts of the body. The normal oxygen level in the human body must be between 95%-100%. Elevated or depleted oxygen level can be fatal in serious conditions and to avoid these situation pulse oximeters are used to take necessary preventive measures.

Market Trends and Drivers

High prevalence of respiratory diseases is anticipated to drive the market growth. Chronic obstructive pulmonary disease (COPD), asthma, and pneumonia are among the most prevalent respiratory diseases worldwide. In COPD, asthma, and pneumonia, the airways of the lungs are obstructed, making it difficult to move air in and out of the lungs that eventually leads to the low oxygen concentration in the blood. In the coming years, the prevalence of COPD is expected to increase due to rising tobacco consumption and the growing geriatric population (Source: WHO). According to the AIHW, the prevalence of COPD increases with age, mostly occurring in people aged 45 and over.

Regular monitoring of blood oxygen levels may reduce the mortality rate of patients with COPD. Also, COVID-19 is also directly linked to acute respiratory distress syndrome (ARDS) and pneumonia. According to Worldometer, the virus has affected over 160 million people globally as of May 2021 and resulted in 3,346,760 deaths. The outbreak has led to concerns over timely medical attention, leading to an increased demand for pulse oximeters in healthcare facilities, home care, and for remote management of COVID-19 positive patients as an early detection tool to reduce further complications. As a result, the growth in the number of patients suffering from respiratory diseases such as COPD, asthma, pneumonia, and infectious disease such as COVID -19 will drive the demand for pulse oximeters in the coming years.

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Major Players in the Global Pulse Oximeter Market

The key players in the market are Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Meditech Equipment Co., Ltd. (Meditech Group) (China), Contec Medical Systems Co., Ltd. (China), General Electric Company (US), ChoiceMMed (China), OSI Systems, Inc. (US), Nihon Kohden Corporation (Japan) and Smiths Group plc (UK), among others.

COVID-19 Impact

The COVID-19 pandemic has rendered a positive impact on the pulse oximeter industry. Corona virus infection is majorly associated with respiratory disease that affects the lungs. Therefore, it is important to monitor oxygen level and pulse rate of COVID positive patients. COVID-19 has led to a significant increase in demand for patient monitoring systems in both hospitals and homecare centers. The market players are focusing on expanding the production to meet the increasing need for respiratory monitoring devices such as pulse oximeters. During the first quarter of 2020, the market observed an increase in demand of these devices due to altered regulatory restrictions, standard operating protocols and incorporating social distance norms, etc.

stimulating the market size. High adoption rate of fingertip pulse oximeters in almost every healthcare facility is one of the prime examples to determine the product acceptance rate. Increase COVID-19 patients has resulted in sudden spike for pulse oximeter due to low oxygen level in the blood that concluded to severe condition in critical situations. For instance, according to a survey conducted by the All-India Institute of Medical Sciences (AIIMS), over 40% of the COVID-19 positive patients hospitalized were having oxygen level below 94% that is below the normal range. Therefore, the dropping oxygen levels in patients makes it mandatory to continuously monitor the oxygen saturation level in the blood thereby increasing the demand and expanding the pulse oximeter market throughout the outbreak..

Global Pulse Oximeter Market Segmentation

Product

Fingertip Pulse Oximeters
Hand-held Pulse Oximeters
Wrist-worn Pulse Oximeters
Table-top/Bedside Pulse Oximeters
Technology

Conventional
Connected
Age Group

Adult
Pediatric
End-use

Hospitals and Clinics
Homecare
Others

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This release was published on openPR.