Pulse Oximeters Market Size to Surpass US$ 3.1 BN by 2027

According to Precedence Research, the global pulse oximeters market size is estimated to surpass US$ 3.1 billion by 2027 and poised to grow at a CAGR of 6.9% from 2021 to 2027.

Growth Factors

The pulse oximeter market growth is driven by the high frequency of respiratory conditions worldwide, the growing senior population and the rising prevalence of habitual conditions. In addition, the rising investments to ameliorate technological advancements, healthcare associations in the devices of pulse oximeter with the rising medical device manufacturers in arising economies will improve the growth of pulse oximeter market. Also, the rising demand for patient monitoring in non-hospital settings with a rising number of surgical procedures and forthcoming openings in point-of- care testing are anticipated to offer significant growth openings for market players during the cast period. Presently, with the swell in COVID-19 patients, there’s a rising emphasis over respiratory monitoring along with the rising relinquishment of pulse oximeters for remote and tone-monitoring. This subsequently, is anticipated to propel pulse oximeter market growth in the forthcoming time period.

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Report Highlights

• On the basis of product, the pulse oximeters market is bifurcated into detectors and outfit. The equipment segment has the dominating share of the pulse oximeter market in 2020. The large share of this segment is owing to the rising adoption of fingertip facilities during the COVID-19 epidemic for covering technological advancements and blood oxygen situations in wearable pulse oximeters.
• On the basis of type, the pulse oximeters market is segmented into table top pulse oximeters and movable pulse oximeters. The market for movable pulse oximeters is farther segmented into handheld, fingertip, and wearable pulse oximeters. In 2020, the movable pulse oximeters segment anticipated for the dominant market share of the pulse oximeters. The growing adoption and demand of wearable oximeter bias during the epidemic for nonstop case monitoring is the major factor driving the growth of this segment.
• In 2020, North America projected to have the largest share of the pulse oximeters market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa.

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Future of Pulse oximeters Market

In recent times, the rising healthcare expenditure, especially in sanitarium settings, has shifted the focus towards indispensable styles of treatment, similar as home healthcare. This, in turn, has assured a growing demand for effective home- use bias similar as pulse oximeters. The major factors driving the demand for home healthcare include the fleetly growing global senior population, changing epidemiology, and the vacuity of cost-effective home care bias and services as compared to sanitarium- grounded care. The delivery of quality care in non-hospital settings has rebounded in better case compliance, visionary treatments, bettered patient satisfaction, and bettered care quality. The need to regularly monitor the blood oxygen saturation of COVID-19 patients has also surged the demand for pulse oximeters in the settings of home healthcare, as it allows patients to share their vital sign parameters similar as SpO2 and temperature with their treating doctor using teleconsultation. The start of technological invention in fingertip pulse oximeters permits easy transfer and storage data to the care provider of patient. Furthermore, these pulse oximeters are easy to use for self-monitoring bias that enable the patient to share the data with the healthcare providers from the home comfort via using either real- time health monitoring services or telemedicine services.

COVID-19 Impact Analysis:

• During the first quarter of 2020, the market witnessed a surge in demand for certain products that are interrelated to the response to COVID-19, including multipara meter monitoring solutions, respiratory, and point-of-care cardiac monitoring products.
• The pandemic has led to a significant surge in the demand for patient engagement solutions and remote monitoring.
• Majority of the hospitals/healthcare facilities at present are trying to enlarge patient monitoring to home care or other temporary settings to provide efficient care and manufacturers are further increasingly focusing on expanding production to meet the rising need for respiratory monitoring devices, which includes pulse oximeters.

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Key Developments in the Marketplace:

• In August 2018, the key player named Philips acquired Xhale Assurance Inc. Furthermore, it is essential to note down that the pulse oximeters the company has produced can further be used when something the traditional variant lacks in or the perfusion pressure is low. Therefore, with the acquisition Philips got a better market positioning both in terms of product diversification and market standing.

Some of the significant players in the pulse oximeters market include:

• Smiths Group plc.
• Halmaplc
• Koninklijke Philips N.V.
• Medtronic plc
• Nihon Kohden Corporation
• Masimo Corporation
• Contec Medical Systems Co., Ltd.
• Omron healthcare, Inc.
• General Electric Company
• Nonin Medical, Inc.

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