by The pulse oximeter market has witnessed significant growth over the past few years owing to the growing prevalence of respiratory diseases like chronic obstructive pulmonary disease (COPD) and asthma. Pulse oximeters are non-invasive devices used to monitor oxygen saturation levels and pulse rates in patients’ blood. They play a vital role in determining the oxygenation level of individuals undergoing medical treatments or suffering from respiratory disorders, cardiovascular problems, or any other medical condition affecting blood oxygenation levels. Additionally, pulse oximeters offer several advantages such as portability, ease of handling, accurate readings, and wireless data transmission capabilities.
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 2031.
Key Takeaways
Key players 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). These players are focusing on new product launches and strategic collaborations to expand their market share.
The growing geriatric population suffering from chronic respiratory conditions and increasing cases of pre-term births present significant growth opportunities in the market. Additionally, advancing technologies are allowing manufacturers to introduce compact, wireless, and multi-parameter pulse oximeters with improved accuracy.
The market is witnessing rapid global expansion aided by rising respiratory healthcare expenditure, increasing demand from emerging countries, and growing adoption of Pulse Oximeter Market Growth in non-hospital settings such as homes and ambulances for remote patient monitoring.
Market Drivers
The increasing incidence of chronic obstructive pulmonary disease (COPD) is a major factor driving the pulse oximeter market. As per the World Health Organization (WHO), over 65 million people suffer from moderate to severe COPD worldwide. Pulse oximeters are widely used to monitor blood oxygen levels in COPD patients. Additionally, the growing geriatric population which is more susceptible to respiratory illnesses is also propelling the demand for pulse oximeters.
PEST Analysis
Political: The pulse oximeter market is regulated by government regulations and standards set for medical devices. Manufacturers have to comply with regulations for product approval and marketing.
Economic: Growing healthcare expenditure, rising awareness about patient monitoring and diagnosis are driving the demand for pulse oximeters. Economic growth is leading to increased spending on healthcare products.
Social: Rising incidence of chronic diseases, growing geriatric population and increasing affordability are key social factors promoting the use of pulse oximeters. Continuous patient monitoring enabled by these devices improves care.
Technological: Advancements in sensor technology, wireless connectivity and miniaturization are supporting new product introductions. Cloud-based data management platforms are enhancing the capabilities of pulse oximeters. Development of portable and wearable devices is expanding applications.
Geographical Regions with High Market Concentration
The North American region accounts for the largest share of the global Pulse Oximeter Market Regional Analysis in terms of value. This can be attributed to the rising prevalence of respiratory diseases, growing geriatric population and improved accessibility of healthcare facilities in countries such as the United States and Canada. Advanced healthcare infrastructure, availability of reimbursement and high awareness levels also contribute to the large market size of the region.
Fastest Growing Regional Market
The Asia Pacific region is poised to grow at the fastest pace during the forecast period. Factors such as the large population base especially in highly populated countries such as China and India, increasing healthcare spending, growing incidence of chronic diseases and rising standards of living are driving higher product adoption. In addition, increased focus on expanding healthcare access in the region supports the growth of the Asia Pacific pulse oximeter market
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1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
Alice Mutum
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.LinkedIn
