Pulse Oximeter Market is Expected to be Flourished by Growing Demand for Home Healthcare
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Pulse Oximeter Market |
A
pulse oximeter is a noninvasive device used for continuous monitoring of the
oxygen saturation of a patient's blood and changes in skin color. It consists
of a probe device that clips onto a patient's finger or other appendage such as
an earlobe or foot. The pulse oximeter probe consists of light emitters,
usually red and infrared LEDs, and a photodetector that measures the amount of
transmitted and absorbed light. It determines oxygen saturation by measuring
the pulsing signal from absorbed and transmitted red and infrared light as it
passes through the blood vessel.
The global pulse oximeter market is estimated to be valued at US$ 3,683.27
million in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast
period 2023 to 2030, as highlighted in a new report published by Coherent
Market Insights.
The
global market is primarily driven by growing prevalence of chronic respiratory
diseases such as asthma and COPD leading to increased demand for pulse
oximeters. Furthermore, rising geriatric population, growing demand for home
healthcare devices, and technological advancements in pulse oximeters are some
other factors expected to support market growth over the forecast period.
Market Dynamics:
The pulse oximeter market opportunity highlighted in the heading is growing
demand for home healthcare devices. Home healthcare refers to health services
provided at home for patients with acute or chronic conditions who require
medical care but do not necessarily need hospitalization. With rising
healthcare costs, home healthcare allows patients to receive treatment at home,
which is more convenient and cost-effective. This is driving increased adoption
of portable pulse oximeters which can monitor patients' oxygen saturation
levels remotely as needed.
Another key driver for the market is rising prevalence of chronic respiratory
diseases. Chronic lower respiratory diseases such as COPD are among the top
five causes of death worldwide. Pulse oximeters are used to monitor oxygen
saturation levels in patients with respiratory diseases as low oxygen levels
can indicate worsening of the condition. Growing COPD and asthma patient
numbers therefore support demand for pulse oximeters for monitoring and
enabling early medical intervention when required.
Segment Analysis
The pulse oximeter market can be segmented by type, end-use, and geography.
Based on type, the market can be divided into fingertip pulse oximeters,
handheld pulse oximeters, wrist-worn pulse oximeters, and tabletop/bedside
pulse oximeters. Tabletop/bedside pulse oximeters are currently dominating the
market as they can be used for continuous and prolonged monitoring of patients
in hospitals and long-term care facilities.
PEST Analysis
Political: Governments across the world are increasingly focusing on improving
healthcare infrastructure and services which is driving investments and reforms
in the healthcare sector. This will boost demand for various medical devices
like pulse oximeters.
Economic: Rising per capita income is enabling more people to afford advanced
healthcare devices for personal and family use. Growing healthcare expenditures
by governments and individuals are fueling market growth.
Social: Growing elderly population susceptible to respiratory illnesses is a
major factor driving pulse oximeter sales. Growing health awareness is also
raising the adoption of self-monitoring devices.
Technological: Manufacturers are increasingly focusing on product innovations
including wireless connectivity features, smartphone applications, and compact
designs to make pulse oximeters more user-friendly and accessible.
Key Takeaways
The Global
Pulse Oximeter Market Demand is expected to witness high growth over
the forecast period supported by factors like the ongoing COVID-19 pandemic
increasing demand for remote monitoring devices, rising cases of respiratory
diseases, and growing elderly population globally. The global pulse oximeter
market is estimated to be valued at US$ 3,683.27 million in 2023 and is
expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Regional analysis: North America currently accounts for the largest share in
the pulse oximeter market due to rapid adoption of new technologies and
presence of major players. Asia Pacific is expected to witness the fastest
growth due to improving healthcare infrastructure and increasing medical
expenditures in countries like China and India.
Key players: Key players operating in the pulse oximeter market are CAP
Biomaterials, LLC, Kemapco Arab Fertilizers & Chemicals Industries LTD,
Merck KGaA, AARTI INDUSTRIES LIMITED. Wrist-worn and fingertip pulse oximeters
are gaining popularity due to their convenience. Major players are expanding
their offerings of compact user-friendly devices to increase adoption.
Get more insights on this topic: https://www.pressreleasebulletin.com/pulse-oximeter-market-growth-demand-and-overview/
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