The Pulse Oximeter Market to Grow at Highest Pace Owing to Increasing Prevalence of Respiratory Diseases in the Region
The Pulse Oximeter Market to Grow at Highest Pace Owing to Increasing Prevalence of Respiratory Diseases in the Region
The Global Pulse Oximeter Market is estimated to be valued at US$ 4243.13 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2030.

Pulse oximeters are medical devices that measure the oxygen saturation level in a patient's blood and assess how well the lungs are working by shining a light through the skin and measuring how much light is absorbed by oxygenated hemoglobin. They are non-invasive and painless, making them ideal for measuring oxygen saturation on a regular basis without discomfort. Pulse oximeters are commonly used in general wards, intensive care units, neonatal units, operating rooms, and emergency departments for the screening and monitoring of patients with respiratory illnesses.

The global pulse oximeter market is estimated to be valued at US$ 4243.13 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period of 2024 to 2030.

Key Takeaways

Key players operating in the pulse oximeter market are Turner Construction Company, Jacobs Engineering Group Inc., HOK Group, Inc., Skanska AB, AECOM, Balfour Beatty plc, Gensler, Lendlease Group, ISG plc, DPR Construction, PCL Construction Enterprises, Inc., Structure Tone, Clark Construction Group, LLC, HBA, JLL (Jones Lang LaSalle). The major players are focusing on product launches and regulatory approvals to expand their geographic presence globally.

 

The key opportunities in the pulse oximeter market include increasing investments by major players for the development of new and advanced products, rising adoption of medical devices in home healthcare, and growing awareness about pulse oximetry screening.

 

The major players are focused on geographic expansion strategies to capitalize on the high growth opportunities in emerging regions such as Asia Pacific, Latin America, and the Middle East and Africa. Manufacturers are investing heavily in building manufacturing facilities, distribution networks, and partnerships with regional hospitals and diagnostic chains.

Market Drivers

The rising prevalence of chronic respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), pneumonia, and tuberculosis is a major factor driving the growth of the Global Pulse Oximeter Market. According to WHO estimates, around 381 million people suffer from COPD globally, while over 10 million new cases and 1.5 million deaths due to tuberculosis are reported each year, fueling the demand for pulse oximeters for screening and monitoring patients.

Market Restrain

Data inaccuracies and misreading issues associated with pulse oximeters in certain conditions such as arrhythmias, peripheral vascular diseases, and venous pulsations are major restraining factors for the market. The improper placement of sensors has been found to cause erroneous measurement of oxygen saturation levels. This can negatively impact clinical decisions in critical care settings.

Segment Analysis

The pulse oximeter market is dominated by finger pulse oximeters segment. Finger pulse oximeters are widely used in hospitals and clinics as these devices are easy to use and provide accurate oxygen saturation levels. The devices are lightweight, easy to attach and remove which makes them suitable for continuous monitoring of patients. Moreover, these devices are less expensive as compared to other types of pulse oximeters which has increased their adoption rate.

Global Analysis

North America region holds the largest share in the pulse oximeter market owing to rising prevalence of chronic respiratory diseases, growing geriatric population and technological advancements. According to the Centers for Disease Control and Prevention (CDC), around 16 million adults suffer from chronic obstructive pulmonary disease in the US alone. Favorable reimbursement policies and strong presence of key players in the US and Canada are fueling the market growth. Asia Pacific is expected to be the fastest growing region during the forecast period. Expanding healthcare sector, large pool of patients and rising awareness will drive the demand. Additionally, growing penetration of pulse oximeter devices in home monitoring segment in countries like China, India and Japan is positively impacting the regional market.

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https://www.ukwebwire.com/pulse-oximeter-market-size-share-growth-outlook-2023-2/

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