Pulse Oximeter Market Size Worth $3.4 Billion By 2028 | CAGR: 6.4%: Grand View Research, Inc.

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Mar 16, 2021, 04:35 ET

SAN FRANCISCO, March 16, 2021 /PRNewswire/ -- The global pulse oximeter market size is expected to reach USD 3.4 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. Technological advancements in products, growing healthcare costs, and readmission, and increasing adoption of pulse oximetry devices are expected to boost market growth during the forecast period. Market players are introducing devices that are more efficient and support telehealth approaches. For instance, in February 2017, the company received a CE mark for Rad-97 Pulse CO-Oximeter used to monitor blood pressure at set intervals. It is also capable of transferring the data to a remotely connected device.

Key suggestions from the report:

The fingertip pulse oximetry devices are being used by customers to self-monitor symptoms of COVID-19 contributing to segment growth since the onset of the pandemic
In handheld pulse oximetry devices, the probe, which is very delicate and prone to damage, can be replaced, unlike in fingertip oximeters, and is expected to be in high demand due to the advantage of reduced risk of COVID-19 transmission
There is an upward trend in the use of the medical device in homecare settings as it enables tracking and storing of patient's oxygen level readings, which reduces the need for hospital readmissions
North America held the largest share in the market in 2020 due to factors such as availability of funds for R&D. The sales for fingertip pulse oximetry devices soared in January 2020 and March 2020 in the U.S. post the country-wide spread of the novel coronavirus and release of the WHO guidelines citing the oximeter as an essential device for monitoring blood oxygen during self-management
In Asia Pacific, the demand for medical devices has increased from hospitals for monitoring critically ill COVID-19 patients. As the spread of the novel coronavirus has progressed significantly, the Ministry of Health and Family Welfare in India has notified all healthcare facilities to make necessary arrangements for devices used in diagnostics, treatment, and management of Severe Acute Respiratory Syndrome (SARS)
The industry is also witnessing mergers, acquisitions, and licensing agreements. For instance, in December 2016, Nihon Kohden announced an absorption-type merger of 11 wholly-owned consolidated subsidiaries to improve management and efficiency of operations

Read 80 page research report with ToC on "Pulse Oximeter Market Size, Share & Trends Analysis Report By Type (Fingertip, Handheld), By End-use (Hospitals & Other Healthcare Facilities, Homecare), By Region, And Segment Forecasts, 2021 - 2028" at: https://www.grandviewresearch.com/industry-analysis/pulse-oximeter-market

There are various other types of oximeters such as wrist-worn oximeters, bedside, or desktop oximeters, and mobile phone pulse oximeters, the latest addition. These oximetry devices are equipped with a sensor that is compatible with the software installed in a user's mobile phone, which analyzes data to display information. For instance, iHealth Labs, a subsidiary of a China-based company, Andon Health, offers such products. In October 2013, the company received FDA approval for its wireless pulse oximetry device.

Grand View Research has segmented the global pulse oximeter market on the basis of type, end-use, and region:

Pulse Oximeters Type Outlook(Revenue, USD Million, 2016 - 2028)

Fingertip
Handheld
Others

Pulse Oximeters End-use Outlook(Revenue, USD Million, 2016 - 2028)

Hospitals & Other Healthcare Facilities
Homecare

Pulse Oximeters Regional Outlook(Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain

Asia Pacific

China
Japan
India

Latin America

Brazil
Mexico

Middle East & Africa (MEA)

South Africa

List of Key Players of Pulse Oximeters Market

Medtronic (Covidien)
Carefusion Corp.
GE Healthcare
Philips Healthcare
Masimo
CAS Medical Systems, Inc.
Opto Circuits India Ltd.
Nonin Medical, Inc.
Smiths Medical
Welch Allyn
Spacelabs Healthcare
Meditech Equipment Co.
Nihon Kohden Corporation

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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