The pulse oximeter market has witnessed significant growth in recent years owing to the rising incidences of chronic obstructive pulmonary disease (COPD) and respiratory diseases in both developing and developed countries. A pulse oximeter is a non-invasive electronic device that is used for monitoring the oxygen saturation level in the blood and pulse rate of a patient. It helps in detecting hypoxemia or low level of oxygen in the blood. These devices are finding widespread adoption in point-of-care diagnostics and for continuous monitoring in clinical settings such as operation rooms, ICUs and emergency departments. Growing geriatric population, increasing number of hospitals and clinics, and rising preference for home healthcare are some of the factors augmenting the demand for pulse oximeters.
The global pulse oximeter market is estimated to be valued at US$ 3,918.7 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period of 2024 to 2031.
Key Takeaways
Key players operating in the Pulse Oximeter Companies are Turner Construction Company, Jacobs Engineering Group Inc., HOK Group, Inc., Skanska AB, AECOM, Balfour Beatty plc, Gensler, Lendlease Group, ISG plc, DPR Construction, PCL Construction Enterprises, Inc., Structure Tone, Clark Construction Group, LLC, HBA, JLL (Jones Lang LaSalle). The pulse oximeter segment has seen a rise in demand owing to the growing number of COVID-19 cases worldwide. Increasing instances of trauma injuries, cardiac diseases, and respiratory disorders have augmented the demand for pulse oximeters. Major market players are investing in R&D activities to introduce advanced and portable pulse oximeters with an aim to capitalize on the opportunities offered in the home healthcare sector.
The key opportunities in the pulse oximeter market include product miniaturization and integration with smartphones. Manufacturers are developing sleek and compact pulse oximeters that can be easily carried or worn on wrist like a smart band. Integration of pulse oximeters with smartphones allows continuous monitoring of vital health parameters and sharing of data with physicians remotely. The growing adoption of technologies such as IoT and artificial intelligence is also creating new opportunities in the home healthcare monitoring segment.
The global pulse oximeter market is expected to witness high growth rates in developing regions such as Asia Pacific, Latin America, and Middle East & Africa due to increasing healthcare expenditures, rising awareness about pulse oximeters, and growing investments by market players in these regions. China, India, Brazil, Mexico are anticipated to be highly lucrative markets and register strong growth in the pulse oximeter sales during the forecast period.
Market drivers
The growing geriatric population is one of the major drivers of the Pulse Oximeters Market Size. With advancing age, people become more prone to chronic diseases and vulnerabilities which necessitates continuous monitoring of crucial vital signs. Pulse oximeters help caregivers and family members to easily monitor oxygen saturation levels of senior citizens at home as well as senior living communities. According to the United Nations, the number of people aged 60 years or above is expected to nearly double from 12% to 22% between 2015 and 2050. This surging geriatric demographic will generate significant demand for pulse oximeters.
PEST Analysis
Political: The pulse oximeter market is impacted by regulations and policies framed by various government and regulatory bodies across the regions to ensure the safety and efficacy of medical devices. For e.g in the US, FDA regulates and monitors approval and usage of oximeter devices.
Economic: Economic growth across key economies has led to rise in disposable income of individuals. This has increased healthcare spending and demand for oximeter devices both from hospitals and individual users for monitoring health parameters at home.
Social: Changing lifestyles and increased incidence of lifestyle diseases like COPD, asthma has resulted in growing focus on self-health monitoring. This has boosted adoption of oximeter devices for personal and clinical use especially in homecare settings.
Technological: Advancements in sensor technology, use of artificial intelligence and connectivity has enabled development of compact, wireless and smartphone integrated oximeter devices. This has augmented their use beyond hospitals to ambulatory settings.
In terms of value, the markets for pulse oximeters in North America and Europe remain the most lucrative owing to high healthcare spends and a sizeable patient population diagnosed with pulmonary diseases, cardiac disorders and sleep apnea. These two regions collectively account for over 60% of the global pulse oximeter market value.
Asia Pacific region is witnessing fastest growth in demand for pulse oximeters driven by growing health awareness, rising healthcare expenditures and a huge patient pool in densely populated countries like India and China. Additional factors fueling market uptake in Asia Pacific include increasing access to healthcare facilities and expanding home healthcare services.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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