Pulse Oximeter Market size is set to surpass USD 2.5 billion by 2030, according to a new research report by Global Market Insights Inc.
The market is anticipated to witness notable growth during the forecast timeframe. With increasing focus towards patient monitoring during diagnosis and treatment, rising awareness regarding use of pulse oximeter for COVID-19 patients during the pandemic. Surging prevalence of respiratory diseases worldwide and growing technological advancements in the devices have resulted in increased adoption of pulse oximeter across the globe. This is owing to the fact that pulse oximeter being a reliable means to measure the oxygen saturation level to prevent or monitor shortness of breath or other lung or heart condition.
Rising prevalence of respiratory diseases worldwide will spur the pulse oximeter market statistics
The poor lifestyle choices such as smoking, and lack of bodily activities or the overall poor quality of air with excessive pollutants has manifested itself in poor respiratory health. With the passing years, the instances of these respiratory diseases are observed to be consistently increasing. Chronic obstructive pulmonary disease (COPD) is a serious health problem with a high prevalence and mortality rate. These patients have trouble with oxygen transport and have low oxygen saturation as a result of the disease's pathophysiological process. Pulse oximetry has been shown in studies to be useful in determining the severity of an illness and assisting with medical decisions. A pulse oximeter measures the saturated oxygen in the red blood cells.
Technical advancements will promote hand-held pulse oximeters adoption and augment the segment revenue
Pulse oximeter market from hand-held pulse oximeters segment surpassed USD 493 million in 2021. The development in the segment is owing to its traits of being accurate, quick, and non-invasive measurement of patient’s SpO2 level and pulse rate. Technological advancements in the devices have enabled the patients to share readings with clinicians from the comfort and convenience of home through synchronizing with telemedicine services. Furthermore, ailments such as acute heart failure can be monitored for severity and diagnosis with the help of pulse oximeters.
Browse key industry insights spread across 170 pages with 229 market data tables & 19 figures & charts from the report, “Pulse Oximeter Market Analysis By Product Type (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), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Continuous patient monitoring has increased the demand for connected pulse oximeters in healthcare facilities
Connected pulse oximeter segment is set to reach over USD 921 million by 2030. The connected pulse oximeter is the wireless oxygen saturation measuring device. The adoption of the connected pulse oximeter has increased due to the rise in continuous patient monitoring during the COVID-19 outbreak. According to the statistics offered by the Worldometer, there has been over 80 million cases of COVID-19 in the U.S as of May 2022. The pandemic has resulted in increased adoption of the connected pulse oximeter in the homecare facilities and ambulatory centers.
Increased instances of chronic diseases in pediatric patients will drive the industry landscape
Pulse oximeter market from pediatric segment is anticipated to cross USD 964 million by 2030 owing to the rising prevalence of pulmonary diseases in pediatric patients. Similarly, instances of COPD are rising substantially among pediatric patients age-group. Early life events such as premature birth, frequent or severe respiratory infections in childhood, and poor development in utero that prevents maximum lungs growth can lead to various pulmonary diseases among young patients. Thus, above stated factors are predicted to contribute to the segment progression.
Growing adoption of pulse oximeter in homecare settings will accelerate market forecasts
Pulse oximeter market from homecare segment held over USD 443 million in 2021. Homecare services are also known as in-home care, and it enables patients to receive healthcare at the comfort of their home. It is advisable for patients who are chronically ill for long period, geriatric patients, patients recovering from surgery or disabled patients. With the rising prevalence of infections such as COVID-19, the adoption of pulse oximeter in homecare have witnessed a sudden spike. Moreover, the risk of injuries and disability rises with older people. Furthermore, the increase in awareness regarding self-monitoring in health management will propel the market expansion.
Growing demand for pulse oximeter in Germany is projected to fuel the business landscape
Germany pulse oximeter market is estimated to exceed USD 128 million by 2030. This is attributed to the increasing focus towards patient monitoring during diagnosis and treatment, rising awareness regarding use of pulse oximeters for COVID-19 patients, growing instances of respiratory diseases and technological advancements in pulse oximeter devices.
Moreover, the demand and adoption of the pulse oximeter seems to be utmost during the COVID-19 pandemic. The instance of the COVID -19 grew exponentially since it started and yet seems to continue in most parts of world. Furthermore, the recent advancements in the pulse oximeter have improved its demand worldwide. Some of the recent advances in pulse oximetry involves quantification of methemoglobin, total hemoglobin, and carboxyhemoglobin by using multiple wavelengths of light and improve pulse oximeter signal processing by using electronic processes.
Players are emphasizing on strategic initiatives and innovative product launches to expand business operations
Some of the major players operating in the pulse oximeter market are Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., and Smiths Group plc. These industry players are engaged in strategic collaborations, partnerships, and agreements to gain competitive advantage over their competitors.
For instance, in November 2021, Masimo Corporation announced the launch of Dual Set pulse oximetry for Root, it is a highly adaptable patient monitoring and networking hub. Additionally, European introduction of the Masimo SET MOC-9 module and the integration of the Eve CCHD Newborn Screening Application for Root enables significant development to Masimo SET-guided critical congenital heart disease (CCHD) screening. This combination approach improves the automation of newborn screenings utilizing Dual SET Oximetry when used together. This initiative promoted the company’s pulse oximeter portfolio and helped surge the market growth.