Pulse Oximeters Market to Reach $3.9 Bn, Globally, by 2031 at 6.3% CAGR: Allied Market Research
Rise in prevalence of cardiovascular diseases and respiratory diseases and development of innovative pulse oximeters by large number of key players drive the growth of the global pulse oximeters market.
PORTLAND, Ore., June 6, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Pulse Oximeters Market by Type (Bedside Pulse Oximeter, Fingertip Pulse Oximeter, Hand held Pulse Oximeter, Wrist worn Pulse Oximeter, Pediatric Pulse Oximeter), by End User (Hospitals and Clinics, Ambulatory Surgical Centers, Home Environment): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global pulse oximeters industry generated $2.1 billion in 2021, and is expected to reach $3.9 billion by 2031, witnessing a CAGR of 6.3% from 2022 to 2031.
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Drivers and Opportunities
Rise in prevalence of cardiovascular diseases and respiratory diseases, surge in demand for minimal invasive surgeries, and development of innovative pulse oximeters by large number of key players drive the growth of the global pulse oximeters market. In addition, technological innovations, development of pharmaceutical & medical device industries, and increase in number of product approvals present new opportunities in the coming years.
Covid-19 Scenario
- The demand for remote monitoring solutions in homecare settings and hospitals increased considerably during the Covid-19 pandemic. This led to rise in demand for pulse oximeters.
- Monitoring arterial oxygenation levels became a necessity for susceptible and infected patients during the pandemic. This increased the demand for fingertip pulse oximeters at homes, hospitals, and clinics.
The fingertip pulse oximeter segment to maintain its leadership status during the forecast period
Based on type, the fingertip pulse oximeter segment accounted for the highest market share in 2021, contributing to more than one-third of the global pulse oximeters market, and is expected to maintain its leadership status during the forecast period. This is due to rise in demand and adoption of fingertip pulse oximeter devices and technological advancements. However, the wrist worn pulse oximeter segment is expected to witness the highest CAGR of 11.3% from 2022 to 2031, owing to ability to measure blood oxygen levels and pulse rate without restricting wrist movements.
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The hospitals and clinics segment to maintain its lead position during the forecast period
Based on end user, the hospitals and clinics segment held the highest market share in 2021, accounting for nearly two-thirds of the global pulse oximeters market, and is expected to maintain its lead position during the forecast period. This is due to rise in number of surgeries and emergency room visits. However, the home environment segment is projected to manifest the fastest CAGR of 7.3% from 2022 to 2031. This is attributed to increase in at-home adoption of remote patient monitoring devices.
North America to maintain its dominance in terms of revenue by 2031
Based on region, North America contributed to the highest market share in terms of revenue in 2021, accounting for around two-fifths of the global pulse oximeters market, and is expected to maintain its dominance in terms of revenue by 2031. This is due to increase in the product launches and rise in number of regulatory approvals. However, Asia-Pacific is projected to manifest the fastest CAGR of 8.0% during the forecast period. This is attributed to increase in incidence of respiratory diseases and the presence of advance healthcare infrastructure in the region.
Leading Market Players
- Contec Medical Systems Co. Ltd
- Masimo Corporation
- Meditech Equipment Co. Ltd.
- Medtronic Plc.
- Nonin Medical Inc.
- Omron Corporation
- Koninklijke Philips N.V.
- Promed Technology Co.Ltd
- Smith Group Plc
- Tenko Medical Systems
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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SOURCE Allied Market Research
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