(PharmaNewsWire.Com, August 21, 2021 ) The global pulse oximeter market is projected to reach USD 3.7 billion by 2026 from USD 2.3 billion in 2021, at a CAGR of 10.1% during the forecast period. Pulse oximeter market growth is majorly driven by the high prevalence of respiratory and cardiac diseases worldwide; the increasing number of surgical procedures; the growing geriatric population and the increasing incidence of chronic diseases. The growing medical device companies in emerging economies, increasing demand for patient monitoring in non-hospital settings, upcoming opportunities in point-of-care testing along with the growing investments to improve healthcare infrastructure and technological advancements in pulse oximeter devices are expected to offer significant growth opportunities for market players during the forecast period. Currently, with the surge in COVID-19 cases, there is a rising focus on respiratory monitoring along with the increasing adoption of pulse oximeters for remote and self-monitoring. This, in turn, is expected to propel market growth in the next two years.
The impact of the coronavirus pandemic and the subsequent establishment of nationwide lockdowns is clearly visible in various industries, including the patient monitoring devices market. The overall growth of various sectors has been heavily impacted, specifically in countries with a high incidence rate of COVID-19, such as India, China, Brazil, the US, and several European countries (including Russia, Italy, and Spain). While industries such as oil and petroleum, aeronautics, and mining are experiencing a steep fall in revenues, the healthcare, biotechnology, and pharmaceutical industries are optimizing this situation to serve a maximum number of patients and healthcare professionals.
The pulse oximeters market is expected to witness significant growth in 2020 and the first half of 2021, which is expected to normalize after the second half of the year. On the other hand, the market will see a dip in the coming years as the majority of the products have already been purchased, and only the devices that need to be replaced, along with OTC and certain wearables, will be purchased.
The equipment segment is expected to account for the largest share of the pulse oximeter market in 2020
Based on product, the pulse oximeters market is segmented into sensors and equipment. The equipment segment accounted for the largest share of the pulse oximeter market in 2020. The large share of this segment is attributed to the increasing adoption of fingertip devices during the COVID-19 pandemic for monitoring blood oxygen levels and technological advancements in wearable pulse oximeters.
The portable pulse oximeter segment is expected to account for the largest share of the pulse oximeter market
Based on type, the pulse oximeters market is segmented into portable pulse oximeters and bedside/tabletop pulse oximeters. The market for portable pulse oximeters is further segmented into fingertip, handheld, and wearable pulse oximeters. In 2020, the portable pulse oximeters segment accounted for the largest share of the pulse oximeters market. The rising demand and adoption of fingertip and wearable oximeter devices during the COVID-19 pandemic for continuous patient monitoring is the major factor driving the growth of this segment.
The conventional devices segment is expected to account for the largest share in the pulse oximeter market
Based on technology, the pulse oximeters market is segmented into conventional and connected devices. In 2020, the conventional devices segment accounted for the largest share of the pulse oximeter market. This can be attributed to the adoption of wired pulse oximeters in conjunction with EKG sensors and other status monitors in hospital settings with the increasing need to monitor patients continuously. However, the connected devices segment is expected to register the highest CAGR during the forecast period. The high adoption of such wireless oximeters in home care and ambulatory care settings for continuous patient monitoring of COVID-19 patients is expected to support market growth.
The adult age group segment is expected to account for the largest share in the pulse oximeter market
Based on age group, the pulse oximeters market is segmented into adults (18 and over) and pediatrics (neonates under 1 month, infants between 1 month and 2 years of age, children between 2 and 12 years, and adolescents between 12 and 16 years). In 2020, the adults segment accounted for the larger market share of the market. This can be attributed to the growing incidence of chronic respiratory diseases, the rapid increase in the geriatric population, the increasing adoption of oximeters during the COVID-19 pandemic, and the growing demand for home care monitoring and therapeutic devices
The hospital end-user segment is accounted for the largest share of the pulse oximeter market
Based on end users, the pulse oximeters market has been segmented into hospitals, home care settings, and ambulatory care centers. The hospitals segment accounted for the largest share of the pulse oximeters market in 2020. The large share of this segment can be attributed to the widespread adoption of pulse oximeters for the evaluation of oxygen saturation in patients affected by COVID-19. The rising geriatric population and the increasing incidence of various chronic respiratory diseases are also key factors driving the adoption of monitoring devices such as oximeters during the diagnostic and treatment stages.
Asia Pacific is expected to account for the highest CAGR for players operating in the pulse oximeter market
The Asia Pacific infection control market is expected to grow at the highest CAGR from 2021 to 2026. The presence of low-cost medical devices, rising number of companies setting up manufacturing units in these countries, favorable government regulations, low labor and manufacturing costs, rising number of surgical procedures conducted annually, the large patient population, and the growing number of COVID-19 cases are the key factors driving the growth of the APAC pulse oximeters market during the forecast period.
The prominent players in the global pulse oximeters market are Medtronic plc (Ireland), Masimo Corporation (US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Meditech Equipment Co., Ltd. (China), Contec Medical Systems Co., Ltd. (China), GE Healthcare (US), ChoiceMMed (China), OSI Systems, Inc. (US), Nihon Kohden Corporation (Japan), Smiths Group plc (UK), Honeywell International Inc. (US), Dr Trust (US), HUM Gesellschaft für Homecare und Medizintechnik mbH (Germany), Beurer GmbH (Germany), The Spengler Holtex Group (France), Shanghai Berry Electronic Technology Co., Ltd. (China), Promed Group Co., Ltd. (China), Tenko Medical System Corp. (US), and Shenzhen Aeon Technology Co., Ltd. (China).
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