Global Pulse Oximeters Market to Rise at a Remarkable CAGR of 10.1% by 2027
Published | 18 October 2021
As various respiratory conditions and cardiac diseases are becoming more prevalent worldwide, the pulse oximeter market is experiencing a high CAGR due to the high demand for both medical and non-medical surgical procedures..
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global pulse oximeters market was worth USD 2.1 billion in the year 2020. According to the study, the market is estimated to grow at a CAGR of 10.1%, earning revenue of around USD 4.1 billion by the end of 2027. The pulse oximeter market is gaining significant traction due to the increasing prevalence of respiratory diseases, including chronic obstructive pulmonary disease (COPD) and sleep disorders, such as apnea and hypopnea. Every surgery begins with the use of pulse oximeters. The pulse oximeters market is also growing due to the increasing demand for surgical procedures for various medical and non-medical purposes. However, concerns surrounding the inaccuracy of the pulse oximeters may act as a major restraining factor for the market growth.
Growing Demand for Connected Devices Driving the Pulse Oximeters Market growth
The pulse oximeters market is segmented into conventional devices and connected devices, based on technology. Conventional devices account for the largest market share with prominent use in hospitals and other healthcare facilities. However, the demand for connected devices is estimated to witness the biggest jump in the forecast period. The growing demand for connected devices is associated with the advancements in the use of pulse oximeters in various spaces such as sports household applications, and research. PC/laptop-based pulse oximeters are proving to be very effective in expanding the scope of pulse readings.
Pulse Oximeters Market - By Age-Group
Based on age groups, the pulse oximeters market is segmented into adults and pediatrics. The adult segment accounts for the largest market share as these medical devices are prominently used by patients suffering from heart diseases. Geriatric population and heart patients under home care settings self-perform their oxygen level tests using a pulse oximeter. Furthermore, the growing prevalence of target diseases such as chronic respiratory diseases among young adults is also contributing to the surging demand for pulse oximeters in this segment. However, pediatrics also has some share in the market as several respiratory diseases such as infantile apnea are pretty common in infants.
Pulse Oximeters Market - By End-User
Based on end-users, the pulse oximeters market is segmented into hospitals, home care settings, and ambulatory care centers. The hospital’s segment dominates the pulse oximeters market because of the high percentage of in and outpatients approaching hospitals for various treatment as well as regular health checkups. Furthermore, the demand for pulse oximeters also spiked in hospitals and other healthcare facilities after the COVID-19 outbreak, which also proliferated its market growth. Home care settings also cover a substantial share in the market and are projected to witness the highest CAGR during the forecast period. Additionally, the easy availability of pulse oximeters in pharmacies and online stores plays a crucial factor in propelling market growth.
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Pulse Oximeters Market - Regional Insights
Geographically, the pulse oximeters market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America accounts for the largest market share among all the regions. However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The increasing number of target disease patients and geriatric population are acting as the major driving factor for the growth of the pulse oximeters market in the APAC countries. Furthermore, the launch of pulse oximeters by various brands at competitive prices is also contributing to the growth of the pulse oximeter market in the region.
Impact of COVID-19 on Pulse Oximeters Market
The pulse oximeters market flourished significantly after the outbreak of the COVID-19 pandemic. As soon as people learned that a low oxygen saturation level could indicate COVID-19, pulse oximeter sales started to soar. Hospitals are increasingly using pulse oximeters to detect signs of low blood-oxygen saturation levels, which may indicate that a patient has Covid-19. According to a recent study from South Africa, pulse oximeters were highly effective in analyzing oxygen levels after the COVID-19 diagnosis. The use of pulse oximeters can reduce the risk of death by 50% since accurate measurements of low oxygen levels can be followed up with healthcare supervision and can be provided with ventilators and emergency rooms. These applications significantly increased the use of pulse oximeters in the COVID-19 period.
The leading players in the pulse oximeters market are Contec Medical Systems Co., Ltd., Smiths Group plc., GE Healthcare, Omron Corporation, Halma plc, Nonin Medical, Inc., Koninklijke Philips N.V., Nihon Kohden Corporation, Masimo Corporation, Medtronic plc, General Electric Company, Spacelabs Healthcare, Korrida Medical Systems, Drägerwerk AG & Co. KGaA, Edan Instruments, Inc., VYAIRE, Opto Circuits (India) Limited, Welch Allyn, Honeywell International Inc., and other prominent players.
The market is highly fragmented with the presence of several global and regional industry players. The companies significantly invested in R&D activities and product launches to stay ahead in the competition. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, joint ventures, etc., is also very prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the pulse oximeters market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the pulse oximeters market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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