Rising awareness regarding pulse oximeters will boost the pulse oximeter market, forecast to touch US$ 3.1 Bn by 2025 at a CAGR of 6%
Noida, Uttar Pradesh, India, March 11 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Rising awareness regarding pulse oximeters applications in COVID-19 management and the growing prevalence of target diseases such as asthma, hypertension, diabetes, hyperlipidemia, cardiac arrhythmia, ischemic conditions, sleep apnea, and chronic obstructive pulmonary disease (COPD) are expected to drive the market growth. The rising new product availability and high unmet needs in developing countries for developed products are further expected to boost market growth during the forecast period. Around 43 US states have made pulse oximetry mandatory for newborn screening. It is gaining popularity in other countries owing to rising Congenital Heart Defects (CHD) detection demand and other heart or respiratory conditions.
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According to the WHO, about 64 million patients living with COPD worldwide, with approximately 90% of deaths due to COPD in low and middle-income countries. Following these promising developments, the Global Pulse Oximeter Market is estimated to see healthy growth, pegged at a CAGR of around 6% throughout the forecast period 2020-2025.
High-quality pulse oximeters are considered critical for the early COVID-19 patient’s treatment. The market players and supply chains of pulse oximeters are likely to witness challenges during the forecast period, as most companies are working at half their production capacities. Furthermore, trade restrictions across positively impacted countries are further expected to limit product distribution. However, the companies are working to ensure an adequate supply of fingertip and handheld pulse oximeters to meet the newly generated need due to rising cases of COVID-19 at an exponential rate.
Home care captures people’s imagination, mainly for convenience and cost-associated reasons, particularly in regions where reimbursement policies are weak and contribute heavily to the product’s demand. It is also witnessing the demand for remote monitoring due to rapid rise as continuous monitoring is an expensive task, propelling the market’s growth as spot-checking through fingertip variants or handheld oximeters, which is expected to reduce its cost. Other critical factors include a rise in the geriatric population and an increase in chronic disease incidence are predicted to enhance the consumption and demand for pulse oximeter worldwide over the forecast period.
North America anticipated to dominate the global pulse oximeter market during the forecast period and is anticipated to continue dominance during the forecast period. This is attributed to the increase in the prevalence of respiratory disorders, growth in awareness among patients regarding cost-effective pulse oximeters, and availability of advanced healthcare facilities in the region. However, Asia-Pacific region is estimated to raise at the highest CAGR globally during the forecast period, owing to its high disposable incomes, high population base, and improvement in patient awareness about advanced pulse oximeters.
Segmentation Overview of the Global Pulse Oximeter Market
The pulse oximeter market is segmented based on Type and End-Use. These primary market segments are further categorized into various sub-segments to study the market in detail.
By Type Outlook (Fingertip, Handheld, Others)
By End-use Outlook (Hospitals & Other Healthcare Facilities, Homecare)
Key Players Insights
Medtronic (Covidien), GE Healthcare, Carefusion Corp., Philips Healthcare, CAS Medical Systems, Inc., Masimo, Nonin Medical, Inc., Smiths Medical, Opto Circuits India Ltd., Welch Allyn, Meditech Equipment Co., Spacelabs Healthcare, and Nihon Kohden Corporation, among others, are some significant players included in the research study of the global pulse oximeter market.
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