Pulse Oximeter Market Estimated To Witness High Growth Owing To Growing Adoption of Home Healthcare Monitoring Devices

 
Pulse Oximeter Market


Market Overview:

A pulse oximeter is a small, device clipped onto a finger that measures the amount of oxygen in a patient's blood. It helps monitor patients' oxygen saturation levels. It is widely used in hospitals and clinics to check oxygen saturation levels in patients suffering from chronic lung diseases, cardiac issues, or undergoing surgeries. With growing awareness about home healthcare monitoring, demand for pulse oximeters is increasing in home care settings as well.

Market Dynamics:
The pulse oximeter market is expected to witness high growth owing to growing adoption of home healthcare monitoring devices and rising incidence of chronic respiratory diseases. The COVID-19 pandemic has further propelled the demand for pulse oximeters at home settings due to increased focus on remote patient monitoring. According to WHO, around 65 million people suffer from severe chronic obstructive pulmonary disease (COPD) worldwide. Further, around 235 million people suffer from asthma globally. Growing prevalence of such chronic respiratory diseases is expected to boost the uptake of pulse oximeters for continuous monitoring of patients' oxygen saturation levels at home care settings over the forecast period. Additionally, technological advancements in pulse oximeters including integration of Bluetooth technology for wireless data transfer is also expected to support the market growth during the forecast period.

However, factors such as product availability and affordability issues in developing countries might hamper the overall market growth to some extent over 2023-2030.

The Global Pulse Oximeter Market Demand is estimated to be valued at US$ 3683.27 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


SWOT Analysis

Strength: Pulse oximeters are portable, non-invasive devices allowing for continuous monitoring of oxygen levels. Advances in LED and sensor technology have made pulse oximeters smaller, more accurate and affordable. Growing awareness about importance of oxygen saturation monitoring especially among patients with respiratory conditions.

Weakness: Accuracy can be affected by various factors like poor peripheral circulation, nail polish, low perfusion states. Moving the sensor to different finger may give inconsistent readings. Motion artifacts and low perfusion particularly in critically ill patients can limit accuracy.

Opportunity: Increasing incidence of chronic respiratory diseases worldwide due to rising pollution levels and smoking. Growing geriatric population prone to hypoxemia. Expanding application in operating rooms, emergency rooms and home healthcare settings.

Threats: Introduction of smartphone apps and wearables for pulse oximetry may disrupt the market. Reimbursement issues particularly in developing nations can hamper market growth. Intense competition among industry players impacts pricing.

Key Takeaways

The global pulse oximeter market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing prevalence of respiratory diseases worldwide. Asia Pacific is projected to be the fastest growing region in the pulse oximeter market owing to rising healthcare expenditure and large patient population.

Regional analysis: North America currently dominates the global market due to advanced healthcare infrastructure and technological advancements. Meanwhile, Asia Pacific is expected to grow at a rapid pace during the forecast period. China, Japan and India are projected to be lucrative markets.

Key players: Key players operating in the pulse oximeter market are Masimo, Medtronic Plc, Nihon-Kohden Corporation, GE Healthcare, Koninklijke Philips N.V., Hill-Rom Services, Inc.,Smiths Medical, Nonin, MICROTEK, OSI Systems, Inc. Honeywell International Inc., Promed Technology Co.Ltd., Beurer, Contec Medical Systems Co., Ltd., ChoiceMMed, CONMED Corporation, Stryker, Medline Industries, Inc., Curbell Medical Products, Inc., and Ecomed. Major players are focusing on new product launches and geographical expansion to strengthen their market presence.

Read More:

https://www.ukwebwire.com/pulse-oximeter-market-trends-size-and-share-analysis/

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