A newly-released Pulse Oximeter Market analysis report by Future Market Insights shows that global sales of the Pulse Oximeter Market in 2021 were held at USD 2.3 billion. With a 7.6% CAGR from 2022 to 2032, the market is projected to reach a valuation of USD 5.1 billion by 2032.
The Handheld Pulse Oximeter Market type is expected to be the highest revenue-generating segment, projected to grow at a CAGR of over 8.4% from 2022 to 2032.
Attributes | Details |
---|---|
Global Pulse Oximeter Pulse Oximeter Market Size (2022) | USD 2.5 billion |
Global Pulse Oximeter Pulse Oximeter Market Size (2032) | USD 5.1 billion |
Global Pulse Oximeter Pulse Oximeter Market CAGR (2022 to 2032) | 7.6% |
The USA Pulse Oximeter Pulse Oximeter Market CAGR (2022 to 2032) | 7.6% |
Key Companies Covered | Medtronic plc; Carefusion Corp; GE Healthcare; Philips Healthcare; Masimo; CAS Medical Systems, Inc; Opto Circuits India Ltd.; Nonin Medical, Inc.; Meditech Equipment Co.; Welch Allyn |
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As per the Global Pulse Oximeter Market research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Pulse Oximeter Market increased at around 7.4% CAGR.
The key revenue drivers which affected the Pulse Oximeter Market are the prevalence of chronic diseases and the advent of the coronavirus enhanced the market's demand for pulse oximeters.
The rising prevalence of specific disorders like asthma, hyperlipidemia, high blood pressure, diabetes, ischemic conditions, cardiac arrhythmia, sleep apnea, and COPD is expected to further drive the market. The WHO estimates that 64 million people globally suffer from COPD and that 90% of COPD deaths take place in low- and middle-income nations.
The rise in chronic diseases such as cancer (currently there are more than 200 types of cancer in the world), diabetes, heart disease, and other diseases, is expected to drive the adoption of the pulse oximeter market. Globally, chronic illness and disease are on the rise.
The growing number of elderly individuals, as well as changes in social behavior, are contributing to the rise in these common and chronic health issues.
The middle-class population is expanding, and as the city expands, people’s lives expand at the same rate. Obesity and disorders like diabetes are becoming more likely as a result. Chronic disease prevalence climbed by 57% by 2020, according to the World Health Organization. Chronic sickness has resulted in an increase in demand for Pulse Oximeter Market.
The key factor which is propelling the market is the rising numbers of the geriatric population which eventually increases the chronic disease numbers. The rising prevalence of the target disorders and growing awareness of the uses of pulse oximeters in Covid-19 management are anticipated to fuel market expansion.
As a result of Covid-19, respiratory monitoring is currently receiving more attention, and self-monitoring is being replaced by pulse oximeters. Additionally, the rising demand for patient monitoring in non-hospital settings due to an increase in surgical procedures and potential opportunities for site care is anticipated to offer market players significant growth opportunities over the course of the forecast period.
With the rise in Covid-19 cases, respiratory and remote monitoring are currently receiving more attention. Over the following two years, it is anticipated that this will further encourage market expansion.
During the anticipated period, the market expansion is anticipated to be aided by the availability of new goods and the rising demands of emerging and undeveloped economies. Pulse oximetry is made mandatory for newborn screenings in around 43 states in the USA, and it is used to diagnose congenital heart disease (CHD) and other cardiovascular and respiratory diseases.
Among the most prevalent respiratory conditions worldwide are pneumonia, asthma, and chronic obstructive pulmonary disease (COPD). Low blood oxygen levels result from respiratory tract obstructions in COPD, asthma, and pneumonia, which make it challenging to exhale and exhale the lungs.
Due to rising tobacco use and an aging population, the prevalence of COPD is anticipated to rise in the upcoming years. The incidence of COPD rises with age, especially in persons over the age of 45, according to the Australian Institute of Health and Welfare (AIHW).
The mortality rate of COPD patients can be decreased with routine blood level monitoring. Additionally, pneumonia and acute respiratory distress syndrome (ARDS) are both directly related to COVID-19.
Pulse Oximeter helps in monitoring oxygen saturation over time, warning of dangerously low oxygen levels, especially in newborns, providing reassurance to those with long-term respiratory or cardiovascular conditions, determining the need for supplemental oxygen, checking oxygen saturation levels in anesthetized patients, and alerting the potentially harmful side effects in those taking medications that affect oxygen saturation or breathing.
A new home sleep apnea (HSAT) technology called WatchPAT uses a peripheral arterial signal (PAT) to identify the condition. It utilizes three contact points to measure seven channels, including the PAT signal, heart rate, oximetry, actigraphy, posture, snoring, and chest movements.
After the research, raw data is retrieved in less than a minute and evaluated automatically to detect all varieties of apnea situations. AHI, AHic, RDI, and ODI are provided by WatchPAT based on Real Time Sleep and Sleep stages. The Home Sleep Test (HST) by WatchPAT has been clinically verified and has an 89% correlation with PSG1. The 2017 AASM Clinical Practice Guidelines recognize the PAT signal as technically adequate and include it.
During the projection period, North America is expected to be the largest market. In terms of market share for pulse oximeters by 2020, the growth in the number of persons with impairments in the upcoming years and the ensuing rise in respiratory disorders accounted for a sizable portion of the North American market.
The availability of sophisticated healthcare infrastructure in the USA and Canada, as well as technological advancements in pulse oximeters significantly contribute to the expansion of the market in the area. The growth in market share of the region is also attributed to the well-developed infrastructure, adoption of pulse oximeters in households, rising incidence of chronic diseases and heart patients, and increase in healthcare spending.
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The United States is expected to account for the highest market of USD 2.2 billion by the end of 2032. It is expected to be projected to have an absolute dollar growth of USD 1.1 billion.
This is due to several factors such as an increase in the incidence of Chronic Diseases, increasing Covid-19 cases in the country, an increase in the geriatric population, and due to developed healthcare facilities. Around 43 states in the country have made it mandatory to use a pulse oximeter.
The USA also has some of the key players in the market, which include Welch Allyn, Nonin medical, CAS Medical System Inc, Masimo, GE Healthcare, and Medtronic Plc.
The market in The United Kingdom is expected to reach a valuation of USD 234 million by 2032. With a CAGR of 9.2% from 2022 to 2032, the market is projected to grow at an absolute dollar opportunity of USD 135 million.
The market in Japan is expected to reach a valuation of USD 167 million by 2032. With a CAGR of 9.4% from 2022 to 2032, the market is projected to grow at an absolute dollar opportunity of USD 98.5 million.
The market in South Korea is expected to reach a valuation of USD 90 million by 2032. With a CAGR of 8.6% from 2022 to 2032, the market is projected to grow at an absolute dollar opportunity of USD 50.5 million.
Market revenue through hospitals & other healthcare facility of the market is forecasted to grow at a CAGR of over 7.7% during 2022 to 32. Due to a growth in operations and emergency room visits, hospitals and other types of healthcare facilities held a commanding 82% market share for pulse oximeters by 2020.
For instance, a World Health Organization (WHO) survey found that more than 262 million people developed asthma in 2019 and that an estimated 4,61,000 individuals died as a result of medicines or subpar care.
In order to continuously monitor the health of asthma patients, various nations are stressing the development of sophisticated pulse oximeters and spO2 monitoring devices in hospitals. One of the factors driving the adoption of pulse oximeters in hospitals is the expansion of patient options for quality care and accessibility in hospitals and clinics.
The availability of a variety of treatment choices, such as table-top or bedside pulse oximeters, increases patient acceptance and fuels market expansion.
Hospitals also place a strong emphasis on giving the patient's family thorough training so they can use various pulse oximeters for routine check-ups. The business environment has also been substantially improved by the increased acceptance and release of low-cost, simple-to-use pulse oximeters for use in hospitals.
The key companies in Pulse Oximeter Market are focused on alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their market share. Some of the recent developments of key Neural Implants providers are as follows:
Similarly, recent developments related to companies in Pulse Oximeter Market have been tracked by the team at Future Market Insights, which are available in the full report.
The global Pulse Oximeter Market is worth more than USD 2.5 billion at present.
The value of the Pulse Oximeter Market is projected to increase at a CAGR of around 7.6% from 2022 to 2032.
The value of the Pulse Oximeter Market increased at a CAGR of around 7.4% from 2017 to 2021.
The global demand for Pulse Oximeter Market is being fueled by an increase in awareness of people due to Covid-19, aging populations and due to the increase of chronic diseases Globally.
The growth of the market for Pulse Oximeter in China is projected to expand at a CAGR of around 9.6% from 2022 to 2032.
The growth of the market for Pulse Oximeter in the United States is projected to expand at a CAGR of around 7.6% from 2022 to 2032.
While the market in South Korea is expected to grow at nearly 8.6%, the market in Japan is projected to register a CAGR of nearly 9.4% from 2022 to 2032.
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