The global pulse oximeters market size is expected to reach USD 2.8 billion by 2025, based on a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.3% during the forecast period. The growth can be attributed to high prevalence of target diseases, such as Chronic Obstructive Pulmonary Disease (COPD), sleep apnea, cardiac arrhythmia, and ischemic conditions. Pulse oximetry is mandatory for newborn screening in almost 43 states in the U.S. It is also gaining roots in other parts of the world as it helps in detection of Congenital Heart Defect (CHD).
Technological advancements in pulse oximeters to make the devices more efficient and user-friendly can boost the demand. For instance, in August 2015, Nonin Medical, Inc. launched NoninConnect Model 3230, a wireless fingertip oximeter that can be operated via Bluetooth. The product has low power usage and was intended for the identification of early intervention patients with respiratory conditions, such as COPD.
Asia Pacific is anticipated to register the fastest growth over the forthcoming years. Increasing investments from industry players is the key driver for the regional growth. In January 2017, Masimo launched two patient monitoring products in India, namely, Rad-97 Pulse-CO Oximeter and SedLine Brain Function Monitoring. These products are expected to improve the patient monitoring capabilities of clinicians in the region.
Product innovation and R&D are some of the major strategies adopted by the key companies operating in the market for pulse oximeters. For instance, in September 2018, Masimo announced the FDA approval of rainbow Acoustic Monitoring RAS-45 Sensor, a noninvasive respiration rate measurement system for infant and neonatal patients. In July 2018, the company launched the Vital Signs Check Application- a comprehensive patient data collection application for the Masimo Root patient connectivity and monitoring platform.
Further Key findings from the study suggest:
- Handheld segment led the market in 2018, attributed to the rising number of surgeries and emphasis on patient safety during anesthesia. These devices are preferred for long-term monitoring in hospitals and emergency rooms
- Fingertip oximeters is the most lucrative segment. The ease of use and easy availability across stores, such as Wal-Mart and CVS is the key reason for the growing popularity of these devices
- The hospitals and other healthcare facilities segment led the end use segment in 2018 and is expected to maintain its dominance during the forecast period, due to the presence of a large patient base and growing use of vital stats monitoring devices
- North America held the largest market share in 2018 and is expected to maintain its position during the forecast period. The mandatory CCHD screening for newborns imposed by the Centers for Disease Control and Prevention (CDC) and American Academy of Pediatrics (AAP) in September 2014 is one of the major drivers
- Some of the key players operating in the pulse oximeters market are Covidien; CareFusion Corp; GE Healthcare; Koninklijke Philips N.V.; Masimo; CAS Medical Systems, Inc.; Opto Circuits India Ltd.; Nonin Medical, Inc.; Smiths Medical; Welch Allyn; Spacelabs Healthcare; Zensorium; Meditech Equipment Co. Ltd.; and Nihon Kohden Corporation.