PRESS RELEASE
Published March 1, 2023
New York, The Global Pulse Oximeter Market was valued at USD 2.2 billion in 2021 and it is anticipated to grow up to USD 2.6 billion by 2031, at a CAGR of 1.8% during the forecast period.
Pulse oximeter is an electronic device, and a noninvasive method to measure the saturation level of oxygen carried in the human blood. It is a device that measure the amount of oxygen in the red blood cells (RBCs) delivered to different parts of the body. The normal oxygen level in the human body must be between 95%-100%. Elevated or depleted oxygen level can be fatal in serious conditions and to avoid these situation pulse oximeters are used to take necessary preventive measures.
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Market Trends and Drivers
High prevalence of respiratory diseases is anticipated to drive the market growth. Chronic obstructive pulmonary disease (COPD), asthma, and pneumonia are among the most prevalent respiratory diseases worldwide. In COPD, asthma, and pneumonia, the airways of the lungs are obstructed, making it difficult to move air in and out of the lungs that eventually leads to the low oxygen concentration in the blood. In the coming years, the prevalence of COPD is expected to increase due to rising tobacco consumption and the growing geriatric population (Source: WHO). According to the AIHW, the prevalence of COPD increases with age, mostly occurring in people aged 45 and over. Regular monitoring of blood oxygen levels may reduce the mortality rate of patients with COPD. Also, COVID-19 is also directly linked to acute respiratory distress syndrome (ARDS) and pneumonia. According to Worldometer, the virus has affected over 160 million people globally as of May 2021 and resulted in 3,346,760 deaths.
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Global Pulse Oximeter Market Segmental Overview
The report analyses the global pulse oximeter market based on product, technology, age group, end use, and region.
Global Pulse Oximeter Market by Product
Based on product, it is segmented into fingertip pulse oximeters, hand-held pulse oximeters, wrist-worn pulse oximeters, and table-top/bedside pulse oximeters. he handheld segment dominated the market for the pulse oximeter and accounted for the largest revenue share of 38.9% in 2020. The market is primarily driven by the fact that these oximeters are easy to use in case of emergencies. The oxygen saturation level of a patient can strongly influence the course of treatment. A rise in the number of stroke cases and surgeries is anticipated to boost market growth over the forecast period. Technological advancements in oximeters are expected to drive the segment. Added features such as easy transfer of data, extensive memory, alarm system, and Bluetooth increase the efficiency of products.
Global Pulse Oximeter Market by Technology
Based on technology, it is segmented into conventional and connected. The conventional segment dominated the global market and accounted for the largest share in 2021. This can be attributed to the growing adoption rate of wired monitoring devices due to continuous patient monitoring in hospitals and homecare centers. Conventional pulse oximeter is a monitoring and diagnostic tool for patient care, which is influenced by motion artifacts. These devices are majorly installed in the operating rooms of hospitals and clinics to monitor the oxygen saturation level in the blood during surgeries.
Major Players in the Global Pulse Oximeter Market
The key players in the market are Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Meditech Equipment Co., Ltd. (Meditech Group) (China), Contec Medical Systems Co., Ltd. (China), General Electric Company (US), ChoiceMMed (China), OSI Systems, Inc. (US), Nihon Kohden Corporation (Japan) and Smiths Group plc (UK), among others.
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