The global Pulse Oximeter Market is estimated to Propelled by rising demand from medical sector to monitor blood oxygen levels
Pulse oximeters are medical devices used for monitoring the oxygen saturation level in blood and pulse rate of patients non-invasively. The pulse oximeter market consists of various advantages such as it helps in measuring oxygen saturation levels accurately, monitors patients condition in absence of doctors, provides early signs of respiratory and cardiac issues, and aids in treatment of patients suffering from chronic obstructive pulmonary disease among others. With increasing cases of respiratory issues and other lifestyle associated diseases, demand for pulse oximeters is increasing in hospitals, homecare settings and ambulances for continuous patient monitoring.
The global Pulse Oximeter Market is estimated to be valued at US$ 3683.27 Mn 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.
Market key trends:
The rising demand from the medical sector to monitor blood oxygen levels non-invasively is expected to drive the growth of the global pulse oximeter market over the forecast period. Pulse oximeters help detect hypoxemia or abnormally low oxygen levels in blood at an early stage thereby helping doctors to treat respiratory issues timely. Furthermore, advancements in technologies have led to development of compact pulse oximeters offering wireless data transmission and recording capabilities thereby finding increased usage in homecare and ambulatory settings for remote patient monitoring. This is further expected to support market growth in coming years.
SWOT Analysis
Strength: Pulse oximeters provide non-invasive, accurate, and rapid estimation of oxygen saturation in the blood, which makes it an attractive device for critical care monitoring and management.
Weakness: Low accuracy of pulse oximeters for patients with hypotension, hypothermia, vasoconstriction, skin pigmentation, nail polish, or low perfusion.
Opportunity: Increasing prevalence of respiratory diseases and chronic disorders catalyzing the adoption of pulse oximeters and growing application areas of pulse oximeters outside hospitals into home care settings.
Threats: Alternatives like arterial blood gas analysis offer superior accuracy compared to pulse oximeters especially in critical conditions.
Key Takeaways
The Global Pulse Oximeter Market Demand is expected to witness high growth. The global Pulse Oximeter Market is estimated to be valued at US$ 3683.27 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Regional analysis comprises- North America dominates the global pulse oximeter market owing to the growing geriatric population, high prevalence of respiratory diseases, rising adoption of home healthcare services and presence of major players in the region. Asia Pacific is anticipated to register the highest CAGR over the forecast period with rapidly growing medical tourism sector in countries like India and China.
Key players operating in the pulse oximeter market are CAP Biomaterials, LLC, Kemapco Arab Fertilizers & Chemicals Industries LTD, Merck KGaA, AARTI INDUSTRIES LIMITED, Hindustan Phosphates Pvt. Ltd., Guizhou Zerophos Chemical Co., Ltd. Gujarat Narmada Valley Fertilizers & Chemicals Ltd, Bamni Proteins Limited, Innophos, Mitushi Biopharma, Phosphea, Ecophos Group, and Sudeep Pharma Pvt. Ltd. Most players are focusing on new product launches and strategic collaborations to expand their share in the pulse oximeter market.
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