Pulse oximetry is a non-invasive method used to measure the patient's blood's arterial oxygen saturation level. Pulse oximetry works on the principle of spectrophotometry.
The global pulse oximeter market was valued at USD 1,890 million in 2019 and is expected to grow at a 6.3% CAGR during the forecast study period.
Get more information on this report Download Sample Report
Growing focus on patient health during anesthesia and demand for reliable tracking of vital stats are projected to drive market development. Increasing awareness about monitoring patients and increasing the prevalence of target disease is expected to bolster market growth during the forecast period. Over the projected timeframe, the rising incidence of COPD, sleep apnea, heart arrhythmia, ischemic disorders, diabetes, obesity, hyperlipidemia, and asthma is anticipated to be a key growth factor.
Nearly 2.7 million neonatal deaths are reported annually, 75% from South Asia and Sub-Saharan Africa. Early detection of neonatal hypoxemic conditions using pulse oximetry can significantly reduce the number of neonatal deaths. Increased pulse oximeter penetration is expected to help the situation, especially in developing economies.
Government initiatives and new product availability are poised to expand, boosting the market growth in the coming years. Pulse oximetry is compulsory in some 43 states in the U.S. for prenatal screening. In other areas of the world, it is also gaining prominence because it can help diagnose congenital heart defects (CHD) and other cardiac and respiratory disorders. In both industrialized and emerging countries, pulse oximetry for anesthesia during operation has become a quality treatment. Numerous government policies and programs to meet the demand for pulse oximeters have been adopted.
In 2016, for example, Koninklijke Philips N.V., the government of the Federal Democratic Republic of Ethiopia, the Bill & Melinda Gates Foundation, and the Masimo Foundation joined forces to support the Ethiopian government in providing women and children with medical oxygen and pulse oximeters. Therefore, the government's active participation is anticipated to fuel the growth in the years to come.
Constant monitoring of respiratory parameters is vital in novel coronavirus-infected patients. Therefore, healthcare professionals are highly dependent on medical devices for the diagnosis, treatment, and management of COVID-19 symptoms, such as pulse oximeters and multiparameter monitors.
Oxygen therapy has also been mentioned as a major intervention for patients with severe symptoms by the WHO guidelines for the illness's clinical management. Thus, government agencies and healthcare organizations worldwide have recommended healthcare facilities that should be equipped with medical oxygen systems and pulse oximeters.
With the implementation of artificial intelligence into pulse oximeters, demand for these devices in the home and hospital settings is likely to increase in the coming years. Through social channels and connected apps, the demand is rising to determine the degree of oxygen saturation in patients. Additionally, advancements in microprocessor technology, along with developments in light-emitting diodes and photoelectrical sensors, have also improved the precision and durability of pulse oximeters. Many companies show improved models and wave the study results to speed up the use of pulse oximeters.
Technology innovations have resulted in customer-friendly and enhanced devices leading to higher demand in the market. E.g., a wireless fingertip oximeter was launched back in 2015 and could work via Bluetooth. The above system has low strength and was directed at identifying patients suffering from COPD and other respiratory disabilities in the untimely intervention. The worldwide pulse oximeters market is reasonably competitive, with various companies developing new products & services to remain ahead of one another.
In January 2019, Masimo Corporation launched the Iris Device Management System, an automation and connectivity solution designed to streamline the management of its pulse oximeter devices in a hospital. Furthermore, in March 2019, Masimo Corporation received the U.S. FDA clearance for its RAD-67 pulse co-oximeter. The device is also equipped with spot-check next-generation SpHb monitoring technology and the rainbow DCI-mini Reusable Sensor. The device offers portable spot-check monitoring oxygen saturation measurements that make it a single-device solution in multiple clinical and non-clinical settings.
The global pulse oximeter market is segmented into product and end-user industries. Based on type, the pulse oximeter market is divided into fingertips, handheld, and others.
Pulse oximeters at the fingertip are simple to use and compact in size. Such machines are non-invasive, making them a popular choice for infants and neonates. The Segment is anticipated to accelerate technical developments in fingertip pulse oximeters. Added features like Bluetooth, an alarm system, extensive memory, and easy data transfer increase production efficiency. Industry companies are launching new goods with enhanced functionality to keep the pulse oximeter brand competitive. By end-user, the market is sectored into hospitals, home care, and others.
The home care segment is expected to witness profitable growth over the forecast period. Increasing recognition of the value of tracking the oxygen rates is one of the main drivers for the demand for pulse oximeters. However, with rising healthcare prices, patients suffering from chronic illnesses continue to receive home-based treatment, which has developed a demand for homecare pulse oximeters. For homecare, fingertip pulse oximeters are deemed safe and reliable because they can help monitor and maintain patients' oxygen level levels and minimize the likelihood of readmission to a hospital.
The regional analysis has been made considering the pulse oximeter market trends in the regions of North America, Europe, Asia-Pacific, Central, and South America and the Caribbean, the Middle East, and Africa.
Regional Growth Insights Request Sample Pages
In 2019, North America led the industry and retained profit owing to the growing knowledge of the value of tracking respiratory health in the general public. In this region, pulse oximeters are used to treat peripheral arterial disease, peripheral vascular diseases, and congenital heart disease. Besides, Congenital Heart Disease (CHD) is highly prevalent in the U.S. and is one of the most common congenital disabilities observed. Thus, the use of these devices was mandated to screen newborns before being discharged from a healthcare setting.
In Asia-Pacific, the market is anticipated to witness significant growth during the forecast period. Asia-Pacific has been reported to reduce postoperative admission levels and decrease the risk of cardiac failure during procedures. Institutes such as the Indian Society of Anaesthesiologists promote the usage of pulse oximeters for any aesthetic operation. Manufacturers recognize the potential and introduce new products that are suitable for the region's developing economies. Masimo introduced their Rad-97 Pulse-CO Oximeter in India in January 2017. In countries such as Australia and New Zealand, oxygen saturation monitors are part of the standard patient observation procedures in hospitals and clinics.