Pulse oximeters are devices used to measure essential health parameters, like heart rate, respiratory rate, and pulse rate. They are utilized to keep tabs on a patient’s status during or before diagnosis of health condition. They are mainly utilized in a medical setting, at the location of medical emergency, or home.
With the occurrence of the COVID-19 pandemic, the count of admission to hospital with shortening of breath, pneumonia and decreased levels of oxygen in blood has escalated. Constant checking of respiratory parameters is essential in patients who have contracted the novel coronavirus. Thus, this has augmented the need for pulse oximeter in several healthcare settings, thereby fueling the global pulse oximeters market growth. Further, rise in elderly population, increase in occurrence of chronic diseases, like obesity & cardiovascular disorders, increase in preference for home monitoring, and increase in alertness among patients regarding innovative pulse oximeters will also fuel market growth. In addition, increasing commonness of sleep apnea, COPD, ischemic conditions, cardiac arrhythmia, hypertension, diabetes, asthma, and hyperlipidemia is also projected to boost the growth of the market during the coming years.
The global pulse oximeters market is bifurcated based on end-user, product type, and geography. the market, on the basis of product type, is segregated into fingertip, table-top/bedside, wrist-worn, hand-held, and pediatric pulse oximeters. On the basis of end-user, the global market is divided into ambulatory surgery centers (ASCs), hospitals & clinics, and home care settings.
Geographically, the global pulse oximeter market is dominated by North America, and is projected to hold on to the supreme position during the forecast period as well. This expansion can be credited to the rising incidence of respiratory disorders, accessibility to innovative healthcare facilities, and growing cognizance among people about cost-effective pulse oximeters. Likewise, Asia Pacific is anticipated to witness the quickest expansion during the years to come due to its elevated population base, enhancement in patient alertness regarding advanced pulse oximeters, and high disposable incomes.
The leading players actively participating within the global pulse oximeter market comprise General Electric Company, Nonin Medical, Inc., Contec Medical Systems Co., Ltd., Smiths Group plc., Koninklijke Philips N.V., Halma plc, Medtronic plc, Masimo Corporation, Nihon Kohden Corporation, and Omron Corporation, among others. These players have implemented product innovation and launch as their prime expansion approach to strengthen their market presence. To cite, in July 2020, a Biomedical Research Engineer, Mitocon Biomed, introduced a pulse oximeter dubbed Oxysat at a reasonable cost, with 18 months replacement warranty.