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.
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.
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Release @ Pulse Oximeter Market Report
Pulse Oximeter Market Report Highlights
- 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
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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