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Pulse Oximeter Market Size, Growth, Market Analysis, Segmentation, And Forecast To 2033
Pulse Oximeter Market Size
According to The Business Research Company's, The pulse oximeter market size has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.71 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increasing aging population, rise in respiratory diseases, hospital and healthcare infrastructure development, awareness and education, global pandemic impact.
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.
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Market Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Pulse Oximeter Market 2024 Key Insights:
• The pulse oximeter market will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Rising Prevalence Of Respiratory Diseases To Drive Market Growth
• Product Innovations Transforming The Pulse Oximeters Market
• North America was the largest region in the pulse oximeter market in 2023
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