The Global Market for Pulse Oximeters is Projected to Reach US$2.4 Billion by 2024
Growing
Significance of SpO2 Measurement in Multiple Settings Drives the Global Pulse
Oximeters Market, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market size, share and demand forecasts on the global Pulse Oximeters market. The global market for Pulse
Oximeters is projected to reach US$2.4 billion by 2024, driven by the increasing
incidence of respiratory diseases, rising adoption in home care market and
technological advances.
Measuring
and monitoring blood oxygen saturation is a vital aspect in managing various
respiratory diseases and trauma, and its importance is growing. While the
invasive arterial blood flow measurement is the gold standard technique to
achieve this, focus continues to shift towards non-invasive pulse oximeters.
The technique, pulse oximetry, is the measurement of oxygen saturation levels,
expressed as a percentage or decimal of arterial hemoglobin, which is used by
doctors to detect patient distress. Portability, lower price and
non-invasiveness nature of these devices are driving their popularity in
clinical settings. Additionally, factors such as rising incidence of various
chronic and life threatening diseases, growing use of patient monitoring in
hospitals, growing adoption of oximeters in home-care markets, expanding target
applications and technological advances are also fueling market growth. A major
trend emerging in the hospital market is the increasing emphasis on expanding
monitoring in to different areas of hospitals, such as general care areas,
which is expected to drive growth.
Technological
advances such as development of multiparameter devices and more convenient
finger-tip and wrist-worn oximeters for use in various areas are expected to
surge demand going forwards. The technology involved in pulse oximetry has
transformed in the past few years, revealing enhanced features in terms of safety,
accuracy and reliability. Further, the industry made rapid strides in alarm
management, where devices are designed to produce lower false alarms. The
resultant improved efficiency and reliability are expected to fuel adoption in
the following years. The growth in the market is also expected to emerge from
increasing development of devices featuring technologies for wireless
integration with smartphones and other smart devices. Another related trend is
the budding market for remote patient monitoring using wireless technologies,
which help reduce hospitalizations and delayed detection of adverse health
conditions.
As
stated by the new market research report on Pulse Oximeters, the United States represents
the largest market worldwide, supported by strong product replacement demand. Asia-Pacific
ranks as the fastest growing market with a CAGR of 9.6% through the analysis
period, led by factors such as developing healthcare infrastructure; growing
awareness among the medical community over the importance of SpO2 measurements;
rising environmental pollution aggravated by lack of stringent regulations,
resulting rise in the number of COPD patients and adoption of pulse oximeters
as a standard for monitoring oxygen saturation; and growing adoption of pulse
oximeters in alternate care settings including home care. Handheld Pulse Oximeters represent the largest
product market, while miniaturized, and portable Finger Pulse Oximeters and Wrist-worn Pulse Oximeters rank as the fastest growing
markets.
Major
players in the market include CAS Medical Systems, Inc., Masimo Corporation,
Medtronic plc, Nihon-Kohden Corp., Nonin Medical Inc., Opto Circuits (India)
Ltd., Criticare Systems Inc., Mediaid Inc., Spacelabs Healthcare Inc. and
Philips Healthcare among others.
The
research report titled “Pulse Oximeters: A Global
Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for Pulse Oximeters in value terms for all major geographic markets
such as United States, Canada, Japan, Europe (France, Germany, Italy, UK,
Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of
Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of
World. Product segments analyzed in the report include Handheld Pulse
Oximeters, Finger Pulse Oximeters and Others. Global and regional markets are
further analyzed by the following point-of-care markets - Hospital Care and
Alternate Care.
Global
Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights
Reserved.
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