The global pulse oximeter market was valued at USD 3,913.2 million in 2020 and is expected to grow at a CAGR of 10.8% during the forecast period (2021–2027). The market is growing due to the increasing importance of monitoring patients in treatment regime and diagnosis along with extensive occurrence of target diseases. Pulse oximeters are important for patients who are the condition which affects saturation of oxygen. For instance, doctors recommend pulse oximeters in order to monitor the oxygen saturation level amongst individuals observing suspected sleep apnea or those suffering from severe snoring.
On the basis of type, the global pulse oximeters market is categorized into fingertip, table-top, wrist-worn, hand-held, earlobe, forehead, palm/foot, and nose. Amongst these segments, the fingertip pulse oximeters segment is anticipated to generate the largest revenue by 2027. This is due to the fact that with the help of handheld pulse oximeters the detection of chronic diseases becomes easier and helps in decreasing further complications.
Every organ and system requires adequate amount of oxygen to thrive and without the use of oxygen cells will eventually die and malfunction. Pulse oxygen is used for measuring oxygen percentage in haemoglobin proteins also known as saturation of oxygen. It implies the amount of oxygen being transferred to the organs. Moreover, pulse oximeters provide feedback pertaining to the effectiveness of the breathing interventions such as ventilators and oxygen therapy. Furthermore, creating alertness among health specialists regarding low oxygen levels specifically in new-borns is an advantage of pulse oximeters that is further strengthening the growth of the global pulse oximeters market.
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The pulse oximeter market in North America is estimated to hold largest revenue throughout the estimated period due to easy accessibility of these devices in the region along with extensive occurrence of pulmonary disorders amongst the patients in this region. Furthermore, increasing awareness amongst medical specialists and patients about these devices along with increasing popularity is another factor pertaining to the growth of the pulse oximeter market in this region.
Moreover, the pulse oximeter market in Asia-Pacific is anticipated to generate the highest CAGR during the forecast period owing to the increasing benefit of this device to create patient safety during anaesthesia and surgery that has obligated hospitals and governments to include pulse oximetry in their treatments. Furthermore, technological advancements in the healthcare domain in this region increased market penetration by key players and the increasing population of patients in this region is the key factor that is driving the growth of the pulse oximeter market in this region.
The eminent key players in the global pulse oximeter market are extending their product portfolios, undertaking product innovations and technological upgrades that are enabling the manufacturers to gain a competitive advantage across the globe.
Some of the players having a prominent presence in the global pulse oximeter market include General Electric Company, Masimo Corporation, Edwards Lifesciences Corporation, Nihon Kohden Corporation, Medtronic PLC, Koniklijke Philips N.V., Smiths Medical Inc., Spacelabs Healthcare Inc., Opto Circuits Limited, Drägerwerk AG & Co. KGaA, Halma PLC, and Contec Medical System Co. Ltd.
Source: VynZ Research