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A01614 | Pages: 150 | Charts: 57 | Tables: 120 |
The global pulse oximeters market size was $2.1 billion in 2021, and is projected to reach $3.9 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031. Pulse oximeters are used to assess the oxygen level in patient’s body. The report includes revenue generated from the sales of the pulse oximeters devices. The different types of pulse oximeters include table-top/bedside, fingertip, handheld, wrist-worn, and pediatric pulse oximeters. A handheld oximeter is used in medical institutes and hospitals. It is more sophisticated compared to the traditional counterparts. The oxygen monitor or screen is not attached to the clip, instead a cable is used to attach the clip to the screen. Screen also displays other information related to diagnosis apart from oxygenated blood level. This device uses infrared rays to measure the reading.
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Growth of the global pulse oximeters market growth is majorly driven by rise in prevalence of cardiovascular diseases and respiratory diseases, increase in demand for minimal invasive surgeries and development of new pulse oximeter by large number of key players. According to the International Diabetes Federation, in 2021, approximately 537 million adults were living with diabetes. Total number of people living with diabetes is projected to rise to 643 million by 2045. Thus, rise in burden of diabetes increases the demand for portable monitoring devices, is anticipated to foster promising growth of the pulse oximeters market forecast.
Furthermore, rise in geriatric population leading to various types of diseases and increase in the number of breathing disorders are additional factors that fuel the growth of the pulse oximeter market. Furthermore, technological innovations in pulse oximeters is expected to open several pulse oximeters market opportunity. In June 2021, DetelPro introduced the Oxy10 pulse oximeter. It is a small device which is enough to attach onto fingertip and shows both oxygen saturation and pulse rate. Thus, increase in number of product approvals is anticipated to provide lucrative opportunities for the expansion of the global pulse oximeter industry.
The pulse oximeters market is segmented into type, end user and region. By type, the market is categorized into bedside, fingertip, handheld, wrist-worn, and pediatric pulse oximeters. On the basis of end user, the market is divided into hospitals and clinics, ambulatory surgical centers and home environment.
Segment Review
Depending on type, the fingertip pulse oximeter segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to rise in demand and adoption of fingertip oximeter devices during the COVID-19 pandemic for continuous patient monitoring is the major factor driving the growth of the segment. However, the wrist worn segment is expected to witness fastest growth during the forecast period, owing to rise high demand for accurate readings, long-time durability, and reduce the difficulties associated with overnight oximeter studies. Wrist-worn pulse oximeters allow patients to measure blood oxygen level and pulse rate without restricting their wrist movement.
[TYPEGRAPH]
Depending on end user, the hospitals and clinics segment dominated the market in 2021, and this trend is expected to continue during the forecast period, owing to rise in number of surgeries and emergency room visits. However, the home environment segment is expected to witness considerable growth during the forecast period, owing to rise in geriatric population and increase in incidence of various chronic respiratory diseases that drive the adoption of oxygen level monitoring devices during diagnostic and treatment stages.
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Region wise, the pulse oximeters market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
North America pulse oximeters market garnered the major share in 2021, and is expected to continue to dominate during the forecast period, owing to increase in the product launches and the increase in number of regulatory approvals. However, Asia-Pacific is expected to register the highest CAGR of 8.0% from 2022 to 2031, owing to increase in incidence of respiratory diseases and presence of advance healthcare infrastructure in the Asia-Pacific driving the growth of the region.
[REGIONGRAPH]
The key players that operate in the global pulse oximeter market include Contec Medical Systems Co. Ltd, Masimo Corporation, Meditech Equipment Co. Ltd., Medtronic Plc., Nonin Medical Inc., Omron Corporation, Koninklijke Philips N.V, Promed Technology Co.Ltd, Smith Group Plc, and Tenko Medical Systems.
Key Market Segments
Key Market Players