Pulse oximeter Market to grow at a Significant Rate During the Forecast Period
Integration of artificial intelligence in pulse oximeter is driving the Global Pulse Oximeter Market growth in the forecast period, 2022-2026.
According to TechSci Research report, “Global Pulse Oximeter Market By Product Type (Fingertip v/s Handheld) By Sensor Type (Reusable v/s Disposable) By End User (Hospitals & Clinics, Ambulatory Surgery Centers, Homecare, Others) By Company By Region, Competition Forecast & Opportunities, 2026”, the global pulse oximeter market is anticipated for an impressive boost in the upcoming five year, 2022-2026. The market has shown a consistent growth with influential CAGR in past five years until 2019. Anticipated growth of the market stands on the backbone of technological advancement and developments in the oximeter devices that drive the growth of the market. Pulse oximeters are actively used in during surgery process when patient is under anesthesia and post-surgery processes to monitor the patient conditions. These are some of the major factors that are supporting the global pulse oximeter market growth.
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Global pulse oximeter market is segmented by product type, sensor type, end user, and regional distribution. Based on sensor type, the market is further fragmented into reusable and disposable sensors. Reusable sensor types are often digitally enabled thereby creating a record storage for the patients such that regular consultations with their doctors can be conducted fluidly. Disposable sensors in pulse oximeters are replaceable and function on the detecting the infrared and red light absorption characteristics of hemoglobin.
Based on end user the market is categorized into hospitals & clinics, ambulatory surgery centers, homecare, and others. Home care segment is anticipated to create a large share in the market owing to the fact that reimbursement of various post-surgery procedures isn’t feasible. Thus, requiring patients to be home-cared. For the purpose of monitoring the post-surgery patient and out-patient, the oximeters allow proper care and easy consultations with the concerned doctors, there by supporting the growth of the market.
The world was hit by the spread of COVID-19 virus in 2020, and it boomed the sales of pulse oximeters. Pulse oximeters monitor the oxygen concentration in the blood by monitoring the amount of oxygen in the hemoglobin. The oxygen carrying hemoglobin interacts with the infrared and red light that is emitted during the tests which is later sensed by the sensors thereby recording the results. COVID-19 ensured the common population to own the device for their regular monitoring of increasing and decreasing SPO2 concentration in the blood which is a major symptom for any COVID-19 infected patient, thus influencing a sudden jump in the growth of the market.
Some of the major competitors in the market are Medtronic Plc. (Covidien), GE Healthcare, Koninklijke Philips N.V., Masimo corporation, Becton, Dickinson, and Company (CareFusion Corp.), CAS Medical Systems, Inc., Nihon Kohden Corporation, Opto Circuits India Ltd., Nonin Medical, Inc., Welch Allyn, Inc., OSI Systems, Inc. (Spacelabs Healthcare), Omron Healthcare, Inc., Drägerwerk AG & Co. KGaA, Hill Rom Holding Inc, among others. The companies are focusing on extensive research and developments activities to stay competitive in the market. Other competitive strategies include formation of alliances and partnerships.
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“North America have dominated the market in historical period and continue to do so in the next five years too, while Asia-Pacific region is anticipated to be the fastest growing region on account of improving healthcare. Population in the region are gaining the awareness of the pulse oximeter for the early symptom of COVID-19 thereby gaining the numbers in future five years. New investors are advised for the intelligent investments,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Pulse Oximeter Market By Product Type (Fingertip v/s Handheld) By Sensor Type (Reusable v/s Disposable) By End User (Hospitals & Clinics, Ambulatory Surgery Centers, Homecare, Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Global Pulse oximeter and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Pulse oximeter.
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