by Market Overview:
A pulse oximeter is a noninvasive device used to measure the oxygen saturation of blood (SpO2) and assess the pulse rate. It uses light absorption to determine blood oxygen saturation by sending two wavelengths of light, one red and one infrared, through a translucent part of the body, usually a fingertip or earlobe. Pulse oximetry is a low-cost and non-invasive method to estimate blood oxygen saturation levels and pulse rate. It has become an essential monitoring device in various clinical environments like hospitals, clinics, ambulance services and home healthcare as it helps in continuous monitoring of oxygenation of blood which is critical for patients suffering from various cardiorespiratory disorders.
Market key trends:
One of the key trends in the pulse oximeter market is the growing adoption of wireless remote patient monitoring solutions. Advancements in wireless technologies have enabled the development of wireless pulse oximeters that allow continuous monitoring of patients from remote locations. This is beneficial for home healthcare applications as it allows remote monitoring of patients without restricting their mobility. Another major trend is the wider adoption of pulse oximeters in non-hospital settings such as individual homes, clinics, and ambulatory surgical centers. The increasing prevalence of chronic respiratory diseases and cardiovascular disorders has propelled the usage of pulse oximeters in out-of-hospital monitoring of such high-risk patients. Growing awareness regarding pulse oximetry and its benefits in integrated care delivery is also expected to support the growth of the market.
The Global Pulse Oximeter Market Demand is estimated to be valued at US$ 3683.27 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the pulse oximeter market requires huge capital investment and established distribution networks. However, new entrants can provide technological advancements like wireless oximeters.
Bargaining power of buyers: The bargaining power of buyers is moderate as pulse oximeters are essential devices and buyers have variety of options from key players.
Bargaining power of suppliers: The bargaining power of suppliers is low as key components used in pulse oximeters like sensors and LEDs have many suppliers.
Threat of new substitutes: The threat of new substitutes is low as pulse oximeters are gold standard non-invasive devices to measure oxygen saturation levels and heart rate.
Competitive rivalry: High due to presence of numerous global and regional players providing differentiated products.
Key Takeaways
The global pulse oximeter market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing incidence of respiratory diseases, chronic obstructive pulmonary diseases (COPD) and sleep apnea.
The North America region dominates the pulse oximeter market owing to presence of advanced healthcare infrastructure, high healthcare spending and growing geriatric population. The Asia Pacific region is expected to exhibit the fastest growth owing to increasing disposable income, growing awareness and improving healthcare infrastructure in developing countries.
Key players operating in the pulse oximeter market are Masimo, Medtronic Plc, Nihon-Kohden Corporation, GE Healthcare, Koninklijke Philips N.V., Hill-Rom Services, Inc.,Smiths Medical, Nonin, MICROTEK, OSI Systems, Inc. Honeywell International Inc., Promed Technology Co.Ltd., Beurer, Contec Medical Systems Co., Ltd., ChoiceMMed, CONMED Corporation, Stryker, Medline Industries, Inc., Curbell Medical Products, Inc., and Ecomed.
