The pulse oximeter market is estimated to garner a hefty amount of revenue by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market is projected to be primarily driven by the increasing awareness regarding the applications and importance of pulse oximeters in the wake of the COVID-19 pandemic. As the total number of cases of coronavirus are spiking, the sales of oximeters are also expected to witness a notable surge in the imminent months. According to the statistics by the World Health Organization, confirmed coronavirus cases grew from 41 cases on January 12, 2020 to a total of 166,814,851 cases on May 22, 2021. Moreover, the Americas registered a total of 66,158,798 cases, followed by Europe, South-East Asia, Eastern Mediterranean, Africa, and the Western Pacific with 54,108,090, 30,332,591, 9892010, 3446089, and 2876509 cases respectively.
Furthermore, growing availability of advanced medical products and rising demand for pulse oximeters in developing nations are also expected to fuel the expansion of market in the upcoming years. In addition to these, intensifying prevalence of heart diseases such as chronic obstructive pulmonary disease, hypertension, diabetes and heart failure are predicted to offer lucrative opportunities to the market in the near future. According to the World Health Organization, cardiovascular diseases (CVDs) are the foremost cause of deaths globally. On an average, 17.9 million people die each year from CVDs. CVDs constitute to around 50% of the share of non-communicable diseases (NCDs). Moreover, it is estimated that the low- and middle-income nations bear around 85% of the burden of the premature deaths caused due to non-communicable diseases (NCDs). On the other hand, increasing focus of the government of nations worldwide to lower premature mortality from non-communicable diseases is also anticipated to drive the market growth. For instance, the WHO has initiated the Global NCD Action Plan (2013-2020), which aims to reduce the number of premature deaths from NCDs by 25% by the end of 2025 through its nine voluntary global targets. Out of these nine voluntary targets, two targets directly focus on preventing and controlling CVDs. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented by type into fingertip, tabletop and handheld, out of which, the segment for handheld oximeters is anticipated to hold the largest share in the pulse oximeter market on account of their ease of usage during emergency, and the rising incidences of stroke cases worldwide.
Moreover, the fingertip segment is predicted to observe a significant growth in the near future owing to the compactness of these devices coupled with high accuracy and precision to measure oxygen level in blood. Additionally, on the basis of end user, the hospitals segment is evaluated to gather the largest market share, which can be ascribed to the increasing number of emergency room visits and surgeries. According to the Centers for Disease Control and Prevention (CDC), total number of emergency room visits in the U.S. was calculated to be 130 million in 2018. Out of these, 16.2 million people were admitted to a hospital facility.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the pulse oximeter market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the North America region is estimated to acquire the largest revenue share over the forecast period on the back of growing awareness associated with the importance of monitoring respiratory vitals and presence of strong healthcare infrastructure. As per the data by Centers for Medicare & Medicaid Services (CMS), U.S. healthcare spending increased by 4.6% in 2019, reaching up to USD 3.8 trillion.
Furthermore, implementation of government policies mandating the use of pulse oximeters for newborn screening is also anticipated to boost market growth in the region. Moreover, Asia Pacific is expected to witness noteworthy growth in the market during the forecast period owing to the rising investments of industry players in the region. The large number of COVID-19 cases in nations, namely India, Iran and Indonesia, is also evaluated to boost market growth in the present times and the near future.
The pulse oximeter market is further classified on the basis of region as follows:
Our in-depth analysis of the pulse oximeter market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major market growth drivers are growing awareness about pulse oximeters due to COVID-19 outburst and increasing availability of high-quality products.
The market is anticipated to record a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Rising accessibility to inaccurate oximeters in under-developed countries is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities to the market on the back of rising investments of industry players in the region.
The major players in the market are Koninklijke Philips N.V., Omron Healthcare, Inc., GENERAL ELECTRIC COMPANY, Smiths Group plc., Messe Düsseldorf GmbH, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, end user, and by region.
The hospitals segment is anticipated to hold largest market size and is estimated to grow at a modest CAGR over the forecast period and display significant growth opportunities.
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