07 November 2019
Visiongain has launched a new pharma report “Pulse Oximeters Market Report 2020-2030” by Type (Fingertip Pulse Oximeters, Handheld Pulse Oximeter, Pediatric Pulse Oximeters, Wrist-worn Pulse Oximeters), End user (Hospitals, Homecare, Other End Users), and Geography.
Global Pulse Oximeters marketis projected to grow on account of growing healthcare costs, increasing prevalence of target diseases and high unmet needs in developing economies among other contributing growth factors. The global market is projected to grow at a lucrative CAGR of ~6% over the forecast period 2020-2030 and anticipated to surpass USD 2 billion by 2020.
Factors such as an increase in the incidence of chronic diseases and an increase in the geriatric population are driving the global market for pulse oximeters. However, factors such as lack of awareness are expected to hamper the market growth in developing regions. Also, increasing healthcare spending in emerging nations and growing demand for proactive monitoring are anticipated to unleash opportunities for market players operating in this segment.
In 2018, the dominant market share was retained by hospitals and other healthcare facilities. The presence of a large patient pool with target diseases such as asthma, COPD, cardiac arrhythmia, and sleep apnea are raising demand for the global pulse oximeters market.
However, it is projected that the home care segment will rise rapidly over the forecast period from 2020-2030. The use of pulse oximeters in palliative care and hospice, especially in the case of pulmonary fibrosis, primarily to preserve patient comfort and improve the quality of life to support conventional treatment. Patients in hospice care are mostly tracked by fingertips and wrist pulse oximeters to monitor oxygen levels during emergencies.
Product design and R&D are some of the major techniques implemented by the major pulse oximeter companies operating in the market. For example, in the year 2018, Masimo declared the FDA approval of the RAS-45 Sensor rainbow acoustic monitoring system, a non-invasive respiration rate measurement system for neonatal and infant patients. The company launched Vital Signs Check Application in 2018, which is a robust application for patient data collection for the communication and monitoring system of Masimo Root patients.
The market is also witnessing dynamic trends of merger and acquisition. CareFusion Corp., for instance, purchased Vital Signs from GE Healthcare. Also, Philips purchased Xhale Assurance, Inc., a scale-up company that develops sensor technologies of the next generation in the year 2018. Under low perfusion pressure, their pulse oximetry sensor can monitor heart rate and blood oxygenation level, which is difficult to measure with a traditional fingertip pulse oximeter. The innovation will help Philips broaden its existing product range and differentiate its product portfolio.
North America dominated the pulse oximeters market in 2018 followed by the EU. Pulse oximetry testing can diagnose problems in the infants' first few weeks of life and can avoid the danger of serious complications. Owing to it, the United States has made it obligatory for newborn screening until their hospital discharge.
The Asia Pacific is anticipated to see the fastest growth over the forecast period from 2020-2030. This is due to the growing awareness of patient safety during surgery and anesthesia, which has prompted governments and hospitals to include pulse oximeter in their treatments. Institutes like the Indian Society of Anesthesiologists promote the use of pulse oximeters during any anesthetic operation. Also, 2 patient monitoring devices were introduced in India on January 2017, namely SedLine Brain Function Monitoring and Rad-97 Pulse-CO Oximeter. Such services are projected to improve the capacity of clinicians.
Some of the major players operating in this industry are CareFusion Corp (Vyaire), CASMED, CONTEC MEDICAL SYSTEMS CO., LTD., Covidien, GE Healthcare, HALMA PLC, Koninklijke Philips NV, Masimo, Meditech Equipment Co., Ltd., MEDTRONIC PLC, Mindray Medical International Limited, NIHON KOHDEN CORPORATION, Nonin Medical, Inc., Opto Circuits (India) Limited, Smiths Medical, Spacelabs Healthcare, Welch Allyn, Zensorium, and Maxtec among other prominent players.
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