A pulse oximeter is a noninvasive device used for continuous monitoring of the oxygen saturation of a patient's blood and changes in skin color. It consists of a probe device that clips onto a patient's finger or other appendage such as an earlobe or foot. The pulse oximeter probe consists of light emitters, usually red and infrared LEDs, and a photodetector that measures the amount of transmitted and absorbed light. It determines oxygen saturation by measuring the pulsing signal from absorbed and transmitted red and infrared light as it passes through the blood vessel.
The global pulse oximeter market is estimated to be valued at US$ 3,683.27 million in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The global market is primarily driven by growing prevalence of chronic respiratory diseases such as asthma and COPD leading to increased demand for pulse oximeters. Furthermore, rising geriatric population, growing demand for home healthcare devices, and technological advancements in pulse oximeters are some other factors expected to support market growth over the forecast period.
Market Dynamics:
The pulse oximeter market opportunity highlighted in the heading is growing demand for home healthcare devices. Home healthcare refers to health services provided at home for patients with acute or chronic conditions who require medical care but do not necessarily need hospitalization. With rising healthcare costs, home healthcare allows patients to receive treatment at home, which is more convenient and cost-effective. This is driving increased adoption of portable pulse oximeters which can monitor patients' oxygen saturation levels remotely as needed.
Another key driver for the market is rising prevalence of chronic respiratory diseases. Chronic lower respiratory diseases such as COPD are among the top five causes of death worldwide. Pulse oximeters are used to monitor oxygen saturation levels in patients with respiratory diseases as low oxygen levels can indicate worsening of the condition. Growing COPD and asthma patient numbers therefore support demand for pulse oximeters for monitoring and enabling early medical intervention when required.
Segment Analysis
The pulse oximeter market can be segmented by type, end-use, and geography. Based on type, the market can be divided into fingertip pulse oximeters, handheld pulse oximeters, wrist-worn pulse oximeters, and tabletop/bedside pulse oximeters. Tabletop/bedside pulse oximeters are currently dominating the market as they can be used for continuous and prolonged monitoring of patients in hospitals and long-term care facilities.
PEST Analysis
Political: Governments across the world are increasingly focusing on improving healthcare infrastructure and services which is driving investments and reforms in the healthcare sector. This will boost demand for various medical devices like pulse oximeters.
Economic: Rising per capita income is enabling more people to afford advanced healthcare devices for personal and family use. Growing healthcare expenditures by governments and individuals are fueling market growth.
Social: Growing elderly population susceptible to respiratory illnesses is a major factor driving pulse oximeter sales. Growing health awareness is also raising the adoption of self-monitoring devices.
Technological: Manufacturers are increasingly focusing on product innovations including wireless connectivity features, smartphone applications, and compact designs to make pulse oximeters more user-friendly and accessible.
Key Takeaways
The Global Pulse Oximeter Market Demand is expected to witness high growth over the forecast period supported by factors like the ongoing COVID-19 pandemic increasing demand for remote monitoring devices, rising cases of respiratory diseases, and growing elderly population globally. The global pulse oximeter market is estimated to be valued at US$ 3,683.27 million in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Regional analysis: North America currently accounts for the largest share in the pulse oximeter market due to rapid adoption of new technologies and presence of major players. Asia Pacific is expected to witness the fastest growth due to improving healthcare infrastructure and increasing medical expenditures in countries like China and India.
Key players: Key players operating in the pulse oximeter market are CAP Biomaterials, LLC, Kemapco Arab Fertilizers & Chemicals Industries LTD, Merck KGaA, AARTI INDUSTRIES LIMITED. Wrist-worn and fingertip pulse oximeters are gaining popularity due to their convenience. Major players are expanding their offerings of compact user-friendly devices to increase adoption.
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