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Pulse Oximeter Market 2024 - Business Overview, Future Opportunities, Growth Analysis, Regional Demand, and Forecast until 2033
Pulse Oximeter Market
The pulse oximeter market size is expected to see strong growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to integration with wearable devices, global health crises preparedness, government healthcare initiatives, health and wellness monitoring, global health crises preparednes. Major trends in the forecast period include telehealth integration, technological advancements, home healthcare emphasis, smart features and connectivity, remote patient monitoring in chronic diseases.
Market Overview -
A pulse oximeter is a non-invasive measuring device that can measure a person's functional oxygen saturation (SpO2) immediately and aid in the early detection of hypoxemia. The basic function of a pulse oximeter is to assess the oxygen saturation level in the human body quickly and without the need for needles or blood samples.
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Rising Prevalence Of Respiratory Diseases To Drive Market Growth
The surging prevalence of respiratory diseases is expected to propel the growth of the pulse oximeter market going forward. Respiratory diseases are disorders related to the airways and the lungs that affect human respiration. The surging prevalence of respiratory diseases is mainly driven by increasing air pollution, exposure to dust, the aging population, and smoking habits, where pulse oximeters can detect changes in oxygen saturation levels before symptoms become apparent. For instance, in February 2023, the American Lung Association, a US-based organization that promotes lung health and disease prevention, published a report stating that over 34 million Americans suffer from chronic lung diseases such as asthma, COPD, emphysema, and chronic bronchitis. Additionally, more than 25 million Americans have breathing difficulties due to asthma. Further, in November 2021, according to the data imparted in 'Patient Registry Annual Data Report 2021', published by the Cystic Fibrosis Foundation, a US-based non-profit foundation, associated with cystic fibrosis disease awareness in the United States, the number of cystic fibrosis patient increased to 32,100 in 2021 from 31,534 in 2020, with the increased newborn screening rate of 64.4% in 2021, compared with 60.9% in 2020. Therefore, the rise in the prevalence of respiratory diseases is driving the growth of the pulse oximeter market.
Competitive Landscape -
Major companies operating in the pulse oximeter market report are Medtronic Plc, GE Healthcare, Masimo Corporation, Nonin Medical Inc., Nihon Kohden Corporation, Koninklijke Philips NV, Philips Healthcare, Contec Medical Systems Co. Ltd., Omron Corporation, Carefusion Corp., CAS Medical Systems Inc., Opto Circuits India Ltd., Welch Allyn Inc., Spacelabs Healthcare, Meditech Equipment Co. Ltd., Vyaire Medical Inc., Beurer GmbH, Drägerwerk AG & Co. KGaA, ICU Medical Inc., Smiths Medical, Mindray Medical International Limited, Criticare Systems Inc., BPL Medical Technologies, ChoiceMMed America Co. Ltd., Beijing Choice Electronic Technology Co. Ltd., Creative Medical, Edan Instruments Inc., Heal Force Bio-Meditech Holdings Limited, Mediana Co. Ltd., Medlab Clinical Ltd.
Product Innovations Transforming The Pulse Oximeters Market
Product innovation has emerged as a key trend gaining popularity in the pulse oximeter market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in March 2021, Nonin Medical Inc. a US-based provider of OEM solutions, launched single-use accessories for WristOx2® 3150 Pulse Oximeters. This product is unique as it provides a more convenient and safer alternative to traditional reusable pulse oximeter accessories and it offers enhanced patient comfort. WristOx2® 3150 Pulse Oximeters is a compact, lightweight, and wearable device used to measure oxygen saturation levels in the blood.
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Key Segments -
The pulse oximeter market covered in this report is segmented -
1) By Product Type: Fingertip, Handheld, Wrist-worn, Table-Top And Bedside
2) By Technology: Conventional, Connected
3) By Age Group: Adult, Pediatric
4) By End-User: Hospitals And Clinics, Ambulatory Surgical Centers, Home Healthcare
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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