Pulse Oximeters Market exhibiting CAGR of 6.3% from 2023 to 2032, owing to increasing focus on patient monitoring during diagnosis and treatment | insightSLICE
The market for Pulse Oximeters was valued at US$ 2.5 billion in 2021 and is projected to increase at a CAGR of 6.3% from 2023 to 2032.
Vital medical characteristics like breathing, heart, and pulse rates are measured with pulse oximeters. When a patient’s ailment is discovered or when they show symptoms, they are used to check the patient’s health. These items are used in homes, hospitals, and other healthcare facilities.
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The key players of the Global Pulse Oximeters Market are:
Carefusion Corp., CAS Medical Systems, Inc., GE Healthcare, Medtronic (Covidien), Meditech Equipment Co., Opto Circuits India Ltd., Nonin Medical, Inc., Nihon Kohden Corporation, Philips Healthcare, Masimo, Smiths Medical, Welch Allyn, Spacelabs Healthcare and others.
Driving factors for the growth of Global Pulse Oximeters Market
The market for wireless pulse oximeters is expected to grow as a result of an increase in their adoption by household and clinical users. Demand for wrist and finger-top pulse oximeters is increasing due to the mobility of wireless pulse oximeters, especially in in-home care settings.
The pulse oximeters market is primarily driven by an aging population, a propensity for home monitoring, and chronic diseases. In addition to these, bad living conditions and obesity- and heart-related problems may potentially affect market sales in the ensuing years.
It’s vital to continuously monitor the respiratory parameters in COVID-19 patients. Consequently, for the diagnosis, treatment, and oversight of novel coronavirus symptoms, healthcare authorities heavily rely on medical devices like pulse oximeters and multi-parameter monitors.
Additionally, oxygen therapy was listed as the first line of defense for individuals with severe symptoms in the World Health Organization’s plan of action for diagnosis and management of the virus.
Government agencies and hospital administrations have advised equipping healthcare facilities with pulse oximeters and medical oxygenation equipment as a result.
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Global Pulse Oximeters Market Key Segments:
By Type:
- Fingertip
- Handheld
- Others
By End User:
- Hospitals
- Home healthcare
- Other healthcare facilities
By Geography:
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Belgium
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
The leading market segments of Global Pulse Oximeters Market
Type, end use, and geography are used to segment the market for pulse oximeters globally. The market is segmented into fingertip, handheld, and other types based on type.
According to end-user, the market for pulse oximeters is divided into two categories: home healthcare and hospitals and other healthcare facilities. With a market share of more than 38% in 2019, the handheld division took the top spot in the type sector. These gadgets are preferred for ongoing surveillance.
Handheld pulse oximeters have the essential advantage over fingertip pulse oximeters in that the probe, which is extremely sensitive and prone to fracture, may be changed. Due to the larger patient volume, the device is therefore chosen in hospitals and other healthcare institutions in developing countries.
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Reasons for the regional growth and their forecast:
Due to increasing public awareness of the value of tracking breathing parameters, North America dominated the global market for pulse oximeters in 2019 and reported an income share of 48.7%. In North America, these devices are used to treat peripheral artery disease, congenital heart disease, and peripheral vascular disease.
Additionally, Congenital Heart Disease is among the most prevalent birth defects seen in the United States and is quite prevalent. To screen newborns before they are released from a healthcare facility, the usage of these devices has been mandated.
Pulse oximetry has been shown to reduce postoperative hospitalization rates and the risk of cardiac arrest during therapy in the APAC area. The use of pulse oximeters during any procedure involving sedation is sponsored by organizations like the Indian Society of Anesthesiologists.
Manufacturers have seen the opportunity and have introduced new goods that are appropriate for the APAC region’s developing markets.
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