Zion Market Research has published a new report titled “Pulse Oximeter Market by Product Type (Handheld, Fingertip, Wrist-worn and Bedside), by End User Type (Hospitals, Ambulatory Surgery Centers, Diagnostic Care Centers, Home-Care Settings and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”. According to the report, the global pulse oximeter market was valued at around USD 1,684.0 million in 2016 and is expected to reach around USD 2,393.3 million by 2022, growing at a CAGR of 6.2 % between 2017 and 2022.
Pulse Oximeter is a device that can detect a pulsatile signal in finger or toe and can calculate the amount of oxygenated hemoglobin and pulse rate. Data obtained from pulse oximeter such as saturation of oxygen and pulse rate are vital signals for early diagnosis of heart disease. It is a safe, convenient, noninvasive, inexpensive method for measuring oxygen saturation. Indications for pulse oximetry include chronic obstructive pulmonary disease, cardiac arrest, asthma and respiratory diseases.
Increase in the prevalence rate of chronic obstructive pulmonary disease is expected to urge the augmentation of the pulse oximeter market over the years to come. COPD has currently rated the fourth most common specific cause of death globally and predicted to be the third by 2030, in the absence of interventions that address the risks – especially tobacco smoking, exposures to combustion products of biomass fuels and environmental pollution. The burden of COPD has been reported to be high in some high–income countries, particularly due to the high prevalence of smoking and sedentary lifestyle. For instance, in 2000 and 2010, about 4%–10% of adults were diagnosed with non–reversible and progressive airway obstruction (a basic feature of COPD) in population–based surveys across many European countries, in which smoking indicated a major risk. Thus, in turn, is expected to have a positive impact on the pulse oximeter market. However, high cost may hinder the growth of this market. Nonetheless, unmet medical needs and presence of large consumer base are expected to offer lucrative opportunities to the leading players over the next few years.
Based on Product type, the market can be segmented into handheld, fingertip, wrist-worn and bedside pulse oximeter. Handheld pulse oximeter was the major segment and it accounted for maximum share of total revenue generated in 2016. Bedside pulse oximeter, fingertip and wrist-worn are fastest growing segments in this market. Handheld and bedside pulse oximeter are likely to witness fastest growth in the coming years owing to increasing demand for monitoring devices in surgical procedure all around the world. Fingertip and wrist-worn pulse oximeter were the leading segment on account of increasing sales of oximeter is expected to drive the market growth in the near future.
The global pulse oximeter market by North America and it held around 40% share of total revenue generated in 2016. This growth can be attributed to the presence of key players, and good health awareness among people. The growth is also due to a large number of respiratory diseases and growing geriatric population in this region. Europe is another leading regional market followed by North America on account of advanced medical facilities advanced healthcare, diagnosis centers. The region has a lot to offer, as the population is more health conscious and has a faster adoption rate of a medical device in daily life. The Asia Pacific was a fastest growing market on account of rising population, high disposable income and increasing consumer spending towards healthcare. The region is fastest developing owing to initiatives taken by government bodies in raising awareness among people and use of medical devices in hospitals and healthcare facilities.
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Latin America was emerging market with rising healthcare infrastructure in this region. Brazil and rest of Latin America are anticipated to fuel the market growth in coming years.
Some of the key players operating in the market such as Covidien, Carefusion Corp, GE Healthcare, Philips Healthcare, Masimo, CAS Medical Systems, Inc., Opto Circuits India Ltd., Nonin Medical, Inc., Smiths Medical, Welch Allyn, Spacelabs Healthcare, Zensorium, Meditech Equipment Co., Ltd., Nihon Kohden Corporation and others.