Pulse oximeters deal in the measurement of vital health parameters, such as respiratory rate, heart rate, and pulse rate. These are used to monitor a patient’s status prior to or during diagnosis of health condition. Pulse oximeters are used in a medical setting, home, or at the site of medical emergency. Factors such as increase in geriatric population, rise in inclination towards home monitoring, upsurge in incidence rate of chronic diseases, such as cardiovascular disorders, obesity, and rise in awareness among patients about advanced pulse oximeters are expected to drive the market. However, lack of awareness about these devices in low- and middle-income economies hampers the market growth.
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The global pulse oximeter market was valued at $1,234 million in 2015, and is estimated to reach $1,901 million by 2022, registering a CAGR of 6.3% from 2016 to 2022. The table-top/bedside pulse oximeters segment accounted for more than three-fifths share of the global market in 2015.
The table-top/bedside pulse oximeters segment is anticipated to dominate the global pulse oximeters market until 2022, owing to increase in the global incidence of respiratory disorders, such as COPD. The fingertip pulse oximeters segment is projected to be the fastest growing segment, on account of the benefits such as ease of use and increase in home healthcare facilities, globally.
“Rise in incidence of respiratory disorders and need for early diagnosis of diseases have boosted the market growth. In addition, increase in the out-of-pocket expense would boost the adoption of wireless pulse oximeters (fingertip and wrist-word pulse oximeters)”.
The global pulse oximeter market by end user is segmented into hospitals & clinics, ambulatory surgery centers (ASCs), and home care settings. The hospitals & clinics segment was the highest revenue contributor to the global market in 2015, accounting for $678 million, and is estimated to garner $1,015 million by 2022, registering a CAGR of 5.8% during the forecast period. These devices facilitate early detection of a patient’s deteriorating health condition; thereby, enabling speedy intervention and diagnosis of diseases. However, the ASCs segment is estimated to grow at the highest CAGR of 7.4% during the forecast period.
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North America is expected to dominate the global pulse oximeter market in 2015, and is expected to maintain this trend during the forecast period. This is attributed to the increase in prevalence of respiratory disorders, growth in awareness among patients regarding cost-effective pulse oximeters, and availability of advanced healthcare facilities in North American countries. However, Asia-Pacific is expected to be the fastest growing region in the near future, owing to its high population base, high disposable incomes, and improvement in patient awareness about advanced pulse oximeters
KEY FINDINGS OF PULSE OXIMETER MARKET:
- Based on product type, the table-top/bedside pulse oximeters segment accounted for more than three-fifths share of the total market in 2015.
- The home environment segment is expected to grow at a significant CAGR of 7.8% from 2016 to 2022, as fingertip pulse oximeters can be used easily by patients and do not require trained professional for operating the device.
- LAMEA is projected to be the fastest growing region until 2022, owing to the presence of ample growth opportunities in terms of unmet medical needs for the treatment of hypertension, COPD, and infectious diseases in this region, and increase in disposable income of the population.
- In 2015, Germany and France jointly accounted for about one-third share of the European pulse oximeters market.
The key players profiled in the report are include Contec Medical Systems Co., Ltd., General Electric Company, Halma plc, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., Omron Corporation, and Smiths Group plc.
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