Selbyville, Delaware, June 02, 2022 (GLOBE NEWSWIRE) --
The pulse oximeter market value is expected to reach USD 2.5 billion by 2030, according to a new research report by Global Market Insights Inc. Increasing demand for pulse oximeters along with surging prevalence of respiratory diseases will fuel the business expansion.
Advanced pulse oximeters function by measuring the oxygen saturation level of the blood. It is a non-invasive test that can detect even small changes in oxygen levels. The market players are focusing on R&D activities for developing innovative and technologically advanced pulse oximeters will have a positive impact on patient monitoring and management due to its improved clinical applications.
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Fingertip pulse oximeters segment was valued at USD 716 million in 2021. The working of a fingertip pulse oximeter involves a cool light source that shines through the fingertip, causing the tip to appear red. The device determines the proportion of oxygen in the red blood cell by examining the light from the light source that travels through the finger. The considerable rise in the market share is owing to the increased instances of the respiratory diseases such as bronchiectasis.
Some major findings of the pulse oximeter market report include:
- The technological advancements in pulse oximetry offering rapid and accurate SpO2 readings has led to the high adoption rate of pulse oximeters.
- Owing to the rising awareness, significant use of pulse oximeters is observed during increased instances of COVID-19.
- Competitors are emphasizing on strategic collaborations, partnerships, and product launches to garner considerable market share and improve their market position.
Browse key industry insights spread across 170 pages with 229 market data tables & 19 figures & charts from the report, “Pulse Oximeter Market Analysis By Product Type (Fingertip Pulse Oximeters, Hand-held Pulse Oximeters, Wrist-worn Pulse Oximeters, Table-top/Bedside Pulse Oximeters), Technology (Conventional, Connected), Age Group (Adult, Pediatric), End-use (Hospitals and Clinics, Homecare), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/pulse-oximeters-market
Pulse oximeter market from conventional pulse oximeter segment exceeded USD 1,423 million in 2021. This is attributed to rising awareness towards patient monitoring during diagnosis and treatment of various respiratory diseases. Improved patient monitoring ensures better access to healthcare, improved quality of care, peace of mind and daily assurance, better support, and feedback. Conventional pulse oximeters aide in diagnosis of hypoxia, which is commonly observed in acute respiratory diseases as well as in COVID-19 infection. According to the WHO report, the pandemic resulted in 446,511,318 COVID-19 cases as of March 2022, globally.
Adult segment is anticipated to expand at 4.1% CAGR from 2022 to 2030 due to the rising number of respiratory diseases in adults coupled with increasing hospitalization rate. Growing prevalence of chronic bronchitis among adult population has resulted in increased risk of mortality from improper patient diagnosis. As a result, the increasing number of adult patients, has significantly resulted in the need for accurate oxygen monitoring devices in hospitals and homecare centers. Factors such as rising cases of Covid-19, lung cancer, acute respiratory disorders, etc. are also contributing to the significant demand for advanced pulse oximeters.
China pulse oximeter market surpassed USD 193 million in 2021. The high prevalence of chronic respiratory diseases with the rapidly aging population is augmenting the demand for pulse oximeters in China. As per the availability of data, China was the first country to witness the origin of corona virus resulting in a pandemic worldwide. According to WHO reports, in February 2022, China witnessed over 2,97,523 Covid-19 positive cases that led to rise in number of hospitalizations across the country. This in return increased the demand for pulse oximeters to determine the oxygen saturation in blood and allow the doctors to monitor patient medications.
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Some of the major business players operating in the pulse oximeter market are Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., and Smiths Group plc. among others. These prominent players are involved in the adoption of several strategic formulations such as collaborations, product launches, research activities to expand their product portfolio and market presence.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
