According to our latest study on “Pulse Oximeters Market Forecast to 2027 –COVID-19 Impact and Global Analysis – by Type, Sensor Type, and End User,” the market was valued at US$ 1,892.00 million in 2019 and is projected to reach US$ 3,693.92 million by 2027; it is expected to grow at a CAGR of 8.6% during 2020–2027.
The report highlights the trends prevailing in the global pulse oximeters market, and drivers and restraints pertaining to its growth. The growth of the market is mainly attributed increasing prevalence of respiratory diseases. However, the high cost of pulse oximeters devices hinders the market growth. Further, the rising demand for neurostimulation devices to treat chronic pain offer lucrative opportunities for the players operating in the global pulse oximeters market.
Pulse oximeter is a non-invasive device used for monitoring oxygen saturation level in blood. It is a small, clip-like device that is attached to a body like finger or earlobe. It is mostly used in intensive care, operating, emergency care, and patient at high altitude for assessment of patient’s oxygenation to determine if there is need for supplemental oxygen. Furthermore, pulse oximeters are useful for patients with cardiac problem, respiratory problems, and chronic obstructive pulmonary diseases.
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The growing prevalence of the respiratory diseases is related to the decrease in the size of the upper airway lumen with increasing age of individuals. A large percentage of population suffers from various types of respiratory diseases globally. Smoking, genetic factors, and infections are among the common factors causing respiratory diseases. Chronic obstructive pulmonary disease (COPD), sleep apnea, cardiac arrhythmia, ischemic conditions, diabetes, hypertension, and asthma are among the medical conditions exerting significant burden on public healthcare system in various countries. As per the American Lung Association, COPD is the third leading cause of death in the US, wherein more than 16.4 million people are diagnosed with the condition. In addition, as per the US Department of Health and Human Services, ~25 million people in the US had asthma in 2019, which is one of the world’s most common respiratory diseases.
The increasing number of COVID-19 cases worldwide is also boosting the demand for pulse oximeters. The continuous monitoring of respiratory parameters is one of the prime stages in the treatment of COVID-19 patients. Therefore, for the accurate management and treatment of COVID-19 cases, healthcare professionals are dependent on pulse oximeters and other multi-parameter monitors. Moreover, different types of pulse oximeter devices are being widely used for routine monitoring at home.
Market leaders are involved in partnerships, product launches, acquisitions, and other strategies to improve their performance and consolidate the market position. For instance, In April 2019 Edwards Lifesciences Corporation completed the acquisition of CASMED, a medical technology company dedicated to noninvasive monitoring of tissue oxygenation in the brain.
Nonin, Koninklijke Philips N.V.; Vyaire Medical, INC; Smiths Medical; Hill Rom Holding Inc.; Edwards Lifesciences Corporation; Medtronic; Masimo, Beurer GmbH; and Maxtec are among the players operating in the pulse oximeters market. These players focus on product development and innovation to sustain their market positions. For instance, in April 2019 Edwards Lifesciences Corporation completed the acquisition of CASMED
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