DUBLIN--(BUSINESS WIRE)--The "Pulse Oximetry Market - Global Drivers, Restraints, Opportunities, Trends, and Forecasts to 2025" report has been added to ResearchAndMarkets.com's offering.
The global pulse oximetry market will grow at a CAGR of 6.2% during the forecast period.
The market has witnessed steady growth in the past few years, and the development in technology with the introduction of lightweight, compact, and easy to use wearable pulse oximeters has increased the acceptance of pulse oximeters in the market. The global market is fueled by government endorsement to use pulse oximeters.
The market continues to grow, and pulse oximeter is one of the most widely used respiratory monitoring systems due to its features and capabilities. The advanced technology has made the device simple and fast along with the precise use of mobility at the point of monitoring.
Vendors are focusing on new product launch and targeting the end-users perspective. The majority of the revenue is generated by the leading players in the market with sales dominated by Masimo Corporation, Medtronic, Philips, GE Healthcare, Smith Medical, and Nihon Kohden Corporation.
According to analysis, North America accounted for the largest share of the global pulse oximetry market in 2018. The primary reasons for growth in North America are the increasing incidence of chronic diseases, growing technological advancements, increase in general surgical procedures, and the introduction of smart pulse oximeters with high efficacy. Asia Pacific is likely to witness the fastest growth rate due to the large patient pool and rising healthcare expenditure.
Market Dynamics
Drivers
- Rising Prevalence of Respiratory Diseases
- Government Endorsement to Use Pulse Oximeter
- Inexpensive Nature of the Devices
Restraints
- Limitations of Pulse Oximetry
- Availability of Substitutes
- Stringent Regulations for Approval & Mandatory Licensing for Practitioners
Opportunities
- Technological Advancement
- Growing Demand for Home Care Settings
By Product
- Table-top/Bedside Pulse Oximeters
- Fingertip Pulse Oximeters
- Hand-held Pulse Oximeters
- Wrist-worn Pulse Oximeters
- Others
In 2018, the table-top pulse oximetry segment occupied the largest share due to its ability to monitor for long hours constantly. Also, these systems are versatile and have good efficacy.
By End-user
- Hospitals
- Ambulatory Service Centers
- Home Care
In 2018, hospitals gained the highest share in the pulse oximetry market with the largest diagnostic volumes globally.
By Region
- North America
- Europe
- APAC
- RoW
Geographically, North America is the global leader with the US accounting for the significant market share, followed by Europe. Asia Pacific is the fastest growing region in the pulse oximetry market. In October 2018, Mindray became the first Chinese company to obtain List A CE mark.
Pulse Oximetry Market Research Competitive Analysis
The global pulse oximetry market has massive growth opportunities in both developed and developing regions. Initiatives are being taken by the governments to progress the current application areas of pulse oximeters. In 2017, The European Pulse Oximetry Screening Workgroup recommended pulse oximetry screening (POS) for CCHD.
Recently, in June 2018, the United Arab Emirates Ministry of Health & Prevention also adopted this for monitoring patients during critical and emergency care. All these endorsements for the devices in various applications have helped the market to grow.
The integration of AI with pulse oximeters has increased the demand for home care settings. Therefore, many players are concentrating on expanding their product portfolio for home care settings. In June 2016, Nonin Medical introduced Apple iOS-compatible NoninConnect Elite Model 3240 Bluetooth Smart Wireless Finger Pulse Oximeter.
Key Vendors
- Masimo Corporation
- Medtronic PLC
- GE Healthcare
- Philips Healthcare
- Smith Medical
- Nihon Kohden Corporation
- Draegerwerk
- Omron
- Nonin Medical Inc.
- Becton Dickinson and Company
- Mindray Medical International Limited
Competitive Facts
- The market is highly competitive with all the players competing to gain market shares. Intense competition, rapid advancements in technology, government policies, and the prices are the key factors that confront the market.
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Smart devices are designed to improve better management of daily
medication. Mobile platform and wearable devices are developed to
predict oxygen saturation of the patients at various end-user settings.
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