The need for regulating and monitoring oxygen levels in the body has given a thrust to the growth of the global pulse oximeters market. The configuration of standard pulse oximeters has evolved the years, and several next-generation models are now available in the market. The healthcare industry has played a vital role in driving sales across the global pulse oximeters market. Use of regulatory medical technologies has become commonplace across hospitals and healthcare centers. In addition to this, non-invasive technologies have become a matter of discussion across the healthcare industry. Patients are increasingly inclined towards the use of pulse oximeters to monitor their pulse rate and oxygen levels.
In this article, Factmr looks into the leading dynamics responsible for the growth of the global pulse oximeters market. The CAGR of the global pulse oximeters market for the period between 2019 and 2029 is tabulated at 5%. The total volume of revenues for this market is also expected to increase by leaps and bounds. Emergence of wireless pulse oximeters has helped the market vendors in targeting in niche segments. Use of pulse oximeters by patients suffering from critical cardiovascular diseases has also generated ripples across the global market. Finger-top and hand-held devices for pulse oximeters are receding out of popularity, while wireless devices have gained traction in recent times.
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Applications of Oximeters as Drivers of Market Demand
Mayo Clinic gives important details about the uses of pulse oximeters, and this is an important consideration for market growth. The rising incidence of hypoxemia, or low blood oxygen levels, has emerged as an important dynamic of market growth. Availability of pulse oximeters with multiple ranges has generated fresh opportunities for growth across the global market. Rising incidence of diseases related to the heart has also impelled the growth of this market. The next decade shall pave way for improved technologies within the healthcare industry. Besides, expertise of medical professionals in handling premium technologies is also an important consideration for market growth.
Advent of Wearable Pulse Oximeters
The growing popularity of wearable devices has garnered the attention of the market vendors. Availability of wearable pulse oximeters shall help in driving sales across the global market. Rising incidence of cardiovascular diseases, and the focus of medical practitioners on easy diagnosis, is an important consideration for vendors. Haemoglobin saturation can be duly measured with the help of pulse oximeters, making these devices integral in the domain of cardiology. Treatment of anaemia and blood flow problems also necessitates the use of oxygen measurement devices.
Rising Incidence of Pulmonary Disease to Aid Market Growth
Need to manage and control chronic obstructive pulmonary diseases (COPD) has become a key dynamic of market growth. Besides, measurement of SpO2 levels in the body also holds importance in the medical fraternity. Healthcare manufacturing has witnessed several advancements in recent times, and this is an important consideration from the perspective of market growth. Besides, the growing relevance of observational studies in healthcare and medicine has also transcended as an important driver of demand. The growth of the global pulse oximeters market largely hinges on to popularity of wearable medical technologies.
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Approval of wrist-worn pulse oximeters by the FDA has helped several players in earning a palpable amount of revenues. These vendors have recalibrated their focus towards manufacturing utility-driven, wearable oximeters for niche consumers.
The key players operating are Contec Medical Systems Co., Ltd., General Electric Company, Halma plc, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., Omron Corporation, and Smiths Group plc.