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DUBLIN--(BUSINESS WIRE)--Sep 23, 2022--
The "Pulse Oximeters Market By Type, By End User: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The pulse oximeter market was valued at $211.63 million in 2021 and is expected to reach $3,910.55 million by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
Key Market Players
Pulse oximeter is a non-invasive device used for monitoring oxygen level and heart rate of patients. These devices offer clinically relevant information regarding the health status of patients during diagnosis and post-surgery management. This information plays a vital role in deciding if a patient needs to be kept on a ventilator. Pulse oximeters are used during emergencies, pre-and post-surgery, on-going treatment at hospitals, and home healthcare. These devices are useful for people suffering from chronic obstructive pulmonary disease(COPD), asthma, and other respiratory conditions.
Increase in importance of oxygen level monitoring at home care settings and improvement in reimbursement scenario of developed countries, are factors responsible for the growth of the pulse oximeter market.
In addition, surge in geriatric population and rise in chronic health conditions including COP and sleep apnea, have fueled the growth of pulse oximeters market. Moreover, increase in use of pulse oximeters for fitness monitoring and rise in ambulatory surgery centers across various countries that use monitoring devices routinely have fueled the market growth.
In addition, increase in prevalence of diseases such as hypertension, asthma, diabetes, and cardiac arrhythmia has significantly uplifted the demand for pulse oximeters. According to the World Health Organization, 64 million patients are currently suffering with COPD and is expected to be the major driver for the pulse oximeter market during forecast period.
Increase in patient pool for the detection of congential heart defects and respiratory conditions thereby increased the demand for pulse oximeter, thus making way for opportunities for the growth of the market. However, lack of awareness toward these devices in the low- and middle-income countries hamper the market growth.
In addition, key industry players are undertaking major initiatives such as agreement, partnership, and acquisition of another companies to strengthen their market presence. For instance, in 2021, Masimo acquired LiDCO, a supplier of non-invasive and minimally invasive hemodynamic equipment expanding its portfolio of patient monitoring.
Moreover, according to the Worldometer, the virus has affected over 160 million people globally as of May 2021 and resulted in 3,346,760 deaths. This outbreak has led to concerns over timely medical attention leading to increased demand for pulse oximeter market.
In addition, the demand for portable pulse oximeters has increased over the years due to growth in preference for homecare patient monitoring. Monitoring of oxygen saturation level in home setting helps doctors to diagnose disease, including hypoxemia faster, reduce healthcare costs, and keep track of the course of treatment. Portable pulse oximeters offer several benefits such as ease-of-transportation and monitoring patient condition in pre-hospital situations (emergency or disaster). Almost all major players offer these portable pulse oximeters.
Fingertip pulse oximeters are one such portable oximeters used in all healthcare settings including homecare, clinical settings, and hospitals. Patients with breathing disorders, such as chronic obstructive pulmonary disease (COPD), can monitor blood-oxygen levels themselves using these pulse oximeters. Fingertip pulse oximeter is a non-invasive and safe way of monitoring oxygen level in blood.
Key Benefits For Stakeholders
Key Market Segments
By Type
By End User
By Region
For more information about this report visit https://www.researchandmarkets.com/r/r0fxsw
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KEYWORD:
INDUSTRY KEYWORD: MEDICAL DEVICES HEALTH
SOURCE: Research and Markets
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PUB: 09/23/2022 07:56 AM/DISC: 09/23/2022 07:56 AM
http://www.businesswire.com/news/home/20220923005264/en