Pulse Oximeter Market a 7.6% CAGR from 2022 to 2032
According to a recently published Future Market Insights report, the Pulse Oximeter Market is According to Future Market Insights’ recently published Pulse Oximeter Market analysis report, the market’s global sales in 2021 were stable at US$ 2.3 billion. The market is anticipated to reach a size of US$ 5.1 billion by 2032 with a 7.6% CAGR from 2022 to 2032. With a CAGR of around 8.4% from 2022 to 2032, the Handheld Pulse Oximeter Market type is anticipated to generate the most amount of revenue.
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The key product for Pulse Oximeter is handheld pulse oximeter, and the demand for Pulse Oximeter through handheld pulse oximeter was recorded at 7.4% between 2017 and 2021, with a CAGR of 7.6% expected between 2022 and 2023.
The pulse oximeters market is being driven by the Covid-19 pandemic. Bloomreach, an e-commerce software company, reports a 527% increase in US sales of fingerprint pulse oximeters during the week of January 2020 in the US. Midway through February, it began to rise again, and weekly sales have risen since then, despite a slower rate of decline.
According to Google Trends, there had been an increase in searches for “pulse oximeter coronavirus” on Google since the middle of February. Customers purchased several personal diagnostic and health monitoring devices throughout the course of four months in April 2020, according to Snapdeal India. The most demanding ones include glucometers, blood pressure monitors, digital thermometers, and pulse oximeters. At-home diagnostic kits have shown an increase in demand after March 2020, not just on Snapdeal but also on Flipkart. Due to the COVID-19 outbreak, which necessitates their use to ensure safety, Flipkart has observed an increase in demand for these products. According to flipkart, the demand for pulse oximeters has grown by a factor of about 23. The product’s premium market segment has also experienced significant growth.
The key companies in Pulse Oximeter Market are focused on alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their market share.
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Some of the recent developments of key Neural Implants providers are as follows:
- Smart Meter, a manufacturer of patient monitoring equipment, has announced the release of iPulseOx in March 2022. The first cell phone-connected pulse oximeter provides remote patient monitoring for chronic diseases such as heart disease and chronic obstructive pulmonary disease (COPD). This product launch has enhanced the company’s standing by providing them with a competitive technological advantage over their competitors and expanding their customer base.
- DetelPro announced the release of the Oxy10 pulse oximeter in June 2021. The results of this product can be determined by using an LED display. Because of this product launch, the company’s pulse oximeter portfolio was expanded across numerous hospitals and homecare facilities, resulting in increased revenue.
- Masimo acquired LiDCO, a provider of noninvasive and minimally invasive hemodynamic technology, in February 2021, adding enhanced measuring and patient monitoring capabilities.
- Tyto Care, a telehealth company, introduced a fingertip pulse oximeter that connects to the TytoCare device via a cable to log test results to patients’ EHRs and enable remote monitoring by clinicians in January 2021.
- GE Healthcare increased its AI products and Edison ecosystem in November 2020 to capitalise on the digital health trend and ongoing investments in innovation. The company is also introducing cutting-edge imaging technologies.
- Masimo and Royal Philips reaffirmed their partnership in May 2020, with Philips incorporating additional Masimo measurement technologies into specific IntelliVue MX-series multiparameter monitors to assist doctors in determining cerebral oximetry and ventilation status.
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Pulse Oximeter Market Segmentation
- Hospitals & Other Healthcare Facilities
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