Global Pulse Oximeter Market Overview, 2022-27

Global Pulse Oximeter Market Overview, 2022-27

According to the report titled, “Global Pulse Oximeter Market Overview, 2027”, published by Bonafide Research the market is segmented on the basis of Product type and end-user. The increasing advent of cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. In the year 2021, the global pulse oximeter market was valued at around USD 2 Billion. The major factors for the growth of the pulse oximeters market apart from the rising cases of cardiovascular diseases are an increase in the geriatric population across the globe and the growing demand for portable monitoring devices which provide convenience to monitor health everywhere. The rising awareness regarding applications of pulse oximeters post the Covid-19 and the increasing prevalence of target diseases is expected to drive the market growth during the forecast period with an anticipated CAGR of over 7%.

The availability of new products and high unmet needs in developing and least-developed economies are expected to boost market growth over the forecast period. In response to this the manufacturers have started developing new products with value added features. These technological advancements consist of data storing capabilities along with alarm systems when the Spo2 level goes down. Further, the integration of IoT in these devices can help get real time data to medical practitioners an at the same time the levels can be tracked for multiple patients.

The handheld segment dominated the market for the pulse oximeter and accounted for the largest revenue share of over half of the market share. The market is primarily driven by the fact that these oximeters are easy to use in case of emergencies. A rise in the number of stroke cases and surgeries is anticipated to boost market growth over the forecast period. Recording the highest anticipated growth rate, the fingertip segment is expected to grow at over 10%. Technological advancements in oximeters are expected to drive the segment. This high growth rate is attributed to the convenience feature of fingertip devices along with the low economic cost of the product.

The pulse oximeters are used in a medical setting as well as at home or at the site of a medical emergency. The Non-Homecare segment is the highest revenue contributor to the global market, holding closely to 90% of the market share. These devices facilitate early detection of patients deteriorating health conditions; thereby, enabling speedy intervention and diagnosis of diseases. Factors such as an increase in the geriatric population, a rise in inclination towards home monitoring, an upsurge in the incidence rate of chronic diseases, and a rise in awareness among patients about advanced pulse oximeters are expected to drive the market. The home care segment is expected to demonstrate the growth of over 15% in the coming years. However, a lack of awareness about these devices in low- and middle-income economies is hampering market growth.

According to the WHO, around 64 Million patients are currently living with COPD worldwide with approximately 90% of deaths due to COPD occurring in low- and middle-income countries. South America, along with the Middle East & Africa could hardly contribute to a market share of 15% by the end of the forecasted period. Globally, North America leads the market, attributing to the increasing respiratory disorders and awareness about the cost-effective devices coupled with the availability of advanced healthcare facilities across the region. However, Asia-Pacific is expected to be the fastest-growing region in the future, owing to its high population base, high disposable incomes, and improvement in patient awareness about advanced pulse oximeters.

COVID-19 Impact
The pandemic affected many different industry verticals across many different regions of the world, while majority of the industry majorly faced negative consequences, the pulse oximeter market was amongst the few to observe a positive effect. This is majorly due to the fact the Covid-19 virus directly affects the respiratory function of the patient which reduces the SPO2 levels. Early diagnosis of saturation levels proved to be crucial in fighting the virus and provided the pulse oximeter market with an excellent growth.

Major Companies Included: CASMED (Edwards Lifesciences Corporation ), Covidien (Medtroni PLCc), Koninklijke Philips NV, Nihon Kohden corporation, ICU Medical Inc., Hillrom Services, Inc., Beckton Dickinson and Company, Contec Medical Systems Co. Ltd., Microtek international private limited, Rossmax International Ltd, Spacelabs Healthcare
Considered in the report
• Geography: Global
• Base year: 2021
• Historical year: 2016
• Forecasted year: 2027

Regions covered:
• North America
• Europe
• Asia
• South America
• Middle East & Africa

Aspects covered in the report
• Market Size by Value for the period (2016-2027F)
• Market Share by Product type (Fingertip, Handheld & Others)
• Market Share by End User (Hospital and Health Care Facilities & Home Care)
• Market Share by Region
• Market Share by Country
• Market Share by Company

The approach of the report:
We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free.

Intended Audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the medical device industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.