Pulse oximetry segment is fastest growing segment fueling the growth of Pulse Oximeter Market
Market Overview:
Pulse oximeters are devices attached to a fingertip or earlobe that pass light through blood vessels to measure oxygen saturation and pulse rate. They provide advantages such as non-invasive, real-time monitoring and cost-effective measurements that aid in diagnosis and treatment of medical conditions.
Market key trends:
The increasing adoption of portable and wireless pulse oximeters is one of the key trends witnessed in the pulse oximeter market. The demand for portable devices is increasing owing to patient mobility needs, remote monitoring capabilities, and advanced wireless connectivity that transmits patient data to smartphones and electronic health records. For instance, Masimo offers Radius PPG which is a tetherless pulse oximeter that transmits data to Apple or Android smartphones up to 30 feet away through Bluetooth connectivity.
Segment Analysis
The global pulse oximeter market is segmented into product type, sensor type, end user, and region. Based on product type, the market is bifurcated into table top/bedside and fingertip/handheld pulse oximeters. The fingertip/handheld pulse oximeters segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. This is owing to the high preference for these devices due to their affordable cost, ease-of-use, and portability.
Based on sensor type, the market is classified into reusable sensors and disposable sensors. The disposable sensors segment accounted for the largest share of the market in 2022 due to the lower risk of infection transmission with disposable sensors.
The Global Pulse Oximeter Market Demand is estimated to be valued at US$ 3683.27 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Key Takeaways
The global pulse oximeter market is expected to witness high growth, exhibiting a CAGR of 7.5% over the forecast period, due to increasing prevalence of chronic respiratory diseases and growing geriatric population.
Regional analysis
North America dominated the global market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to the rising healthcare expenditure and well-established healthcare infrastructure in the region. Asia Pacific is expected to exhibit the fastest growth during the forecast period owing to increasing healthcare awareness, large population base, and improving access to healthcare facilities.
Key players
Key players operating in the pulse oximeter market are Masimo, Medtronic Plc, Nihon-Kohden Corporation, GE Healthcare, Koninklijke Philips N.V., Hill-Rom Services, Inc.,Smiths Medical, Nonin, MICROTEK, OSI Systems, Inc. Honeywell International Inc., Promed Technology Co.Ltd., Beurer, Contec Medical Systems Co., Ltd., ChoiceMMed, CONMED Corporation, Stryker, Medline Industries, Inc., Curbell Medical Products, Inc., and Ecomed. Masimo dominates the market owing to its innovative product offerings and strong global footprint.
For more details on the report
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