Pulse Oximeter Market Overview
With the world on high-alert and ubiquitous lockdown of economies, healthcare offers the highest growth potential through 2029. Coronavirus diseases, namely, SARS-CoV-2, and COVID-19, are found to be potentially fatal for a large segment of the geriatric population of the world.
The number of people above the age of 60 will cross 2 billion by 2050, up from 900 million back in 2015. People with underlying health conditions such as heart or lung diseases, and diabetes are at risk of a severe coronavirus infection. The disease exhibits a detrimental effect on patients with low oxygen levels in their blood. On this favorable backdrop, analysts conclude that demand for pulse oximeters will continue to increase in the coming decade.
Even first world countries such as the United States are struggling to battle the COVID-19 pandemic. The United States has confirmed over 2 lakh cases of corona, with more than 5000 deaths. Hospitals and healthcare facilities across the globe are working overtime to test, treat, and ensure full recovery from COVID-19.
Pulse oximeters play a significant role in covid-19 treatment. These handheld or table top/side devices help nurses and doctors to evaluate the oxygen levels in the bloodstream. Therefore, the demand for pulse oximeters along with various other cardiovascular diagnostic devices such as ventilators are witnessing an uptake in the near term.
Pulse Oximeters to Pave Way for Robust Opportunities
COVID-19 decreases the amount of hemoglobin that can carry oxygen and carbon di-oxide to parts of the body. The efficiency of pulse oximeters to detect changes in the oxygen levels of the bloodstream proves instrumental in effective treatment of the diseases. Due to the inability to exchange oxygen and carbon dioxide, patients exhibit a ground-glass-like lung inflammation.
This further leads to patients contracting diseases such as high-fever, and nausea. However, with the help of pulse oximeters, healthcare professionals can diagnose the distribution of oxygen in the body. Pulse oximeters can then help doctors and nurses in devising treatment methods specific to every individual patient.
Remote Monitoring to Propel Demand for Pulse Oximeters
The flash speed with which coronavirus is infecting people warrants the installation of remote monitoring facilities. Countries such as China, India, Italy are establishing remote monitoring facilities to contain the spread of this pandemic. Governments are investing heavily in purchasing and distribution of portable medical devices.
Prominent technology giants such as Tesla are employing their technical expertise in manufacturing medical components and devices such as lithium ion batteries. Compatibility of pulse oximeters with smartphones and tablets will further the demand for the product. Doctors and nurses can track hours of patient data without taking the risk of being infected.
Frictionless remote monitoring devices will hence continue to witness an upsurge in revenues on the back of increasing investments by governments and multinationals to help fight the COVID-19 pandemic.
The need for monitoring vital stats without repetitive contact presents remunerative opportunities for pulse oximeter organizations. Further, once the seriousness of the pandemic subsides, there will be a stupendous increase in residential care trends. The presence of health conscious consumers will drive the demand for consumerized medical equipment such as pulse oximeters, blood pressure calculators etc.
Pulse oximeter products such as fingertip pulse oximeters will experience a multiplying demand from both healthcare and homecare verticals. COVID-19 pandemic emphasizes the need for vigilant health monitoring which employs medical devices such as pulse oximeters.
Competition Landscape Analysis Reveals Strategic Facets of Pulse Oximeter Market
In a separate section that covers the competition scenario of global Pulse Oximeter landscape, the report provides in-depth profiling of the leading players actively operating in Pulse Oximeter space. Some of the major companies covered in the report include Covidien, CareFusion Corp, GE HEalthcare, Koninklijke Philips NV, Masimo, CASMED, Opto Circuits (India) Limited, Nonin Medical Inc., Smiths Medical, Welch Allyn, Spacelabs Healthcare, Zensorium, Meditech Equipment Co. Ltd., NIHON KOHDEN CORPORATION. Recently, a company named Masimo announced the FDA approval of rainbow Acoustic Monitoring RAS-45 Sensor, specially developed for infants and neonatal patients.
The non-invasive respiration rate measurement system was accompanied by the FDA approval of another forehead sensor and CE mark for RAS-45. The competitive landscape is shaped by research and development of pulse oximeters that offer enhanced mobility and accuracy.
In addition to financial profiles of companies, this report section provides insights on their key developmental strategies, SWOT analysis, and global market position.
With a systematic tier-wise breakdown of the competitive landscape of the global Pulse Oximeter ecology, the report intends to benefit the key stakeholders operating across the value chain in Pulse Oximeter marketplace, including Pulse Oximeter manufacturers, providers, and suppliers, R&D companies, medical research laboratories, and other potential investors.
The global Pulse oximeter market report is an extensive assessment of the first-hand information gathered by expert market research analysts, compiled with insightful inputs provided by some of the leading industry experts and value chain participants.
Starting with the exhaustive analysis of most impactful trends, the study further extends to significant macroeconomic growth indicators, key growth influencers, taxonomy, and geographical outlook of the Pulse Oximeter market. Emphasizing on the evaluation of attractiveness of each of the market segments and sub segments, the report throws light on competitive benchmarking.
Segmental Assessment of Global Pulse Oximeter Market
The report categorizes the global Pulse Oximeter market into three segments, based on the type of product, type of end-use, and region.
By Product Type:
- Finger-tip pulse oximeter
- Handheld pulse oximeter
- Hospitals and other healthcare facilities
- North America
- Western Europe
- Latin America
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Middle East and Africa (MEA)