Pulse Oximeter Market Demand, Insights and Forecast up to 2024
Global Pulse Oximeter Market: Overview
As home care captures the imagination of people, mainly for convenience and cost associated reasons, particularly in regions where reimbursement policies are weak, contribute heavily to the demand for global pulse oximeter market. It is also quite pertinent to note here demand for remote monitoring is seeing a rapid rise as continuous monitoring is an expensive task, propelling growth in the pulse oximeter market as spot checking via fingertip variants or handheld oximeters can reduce these costs. For instance, this can cut down on readmission costs, which are quite commonly incurred by patients of COPD. Other critical factors include rise in geriatric population and increase in incidence if chronic diseases.
Owing to these factors, the global pulse oximeter market is expected to char a steady growth curve, owing to a notable CAGR (Compound Annual Growth Rate), generating a slew of opportunities, worth a significant market worth, over the forecast period of 2019 and 2027.
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Global Pulse Oximeter Market: Notable Developments
The global pulse oximeter market is witnessing a slew of developments which are shaping the way the market would operate over the forecast period and beyond. Some of these are also shaping up the competitive landscape.
2018: In the August of the year, Xhale Assurance Inc. was acquired by Philips. It is critical because with the acquisition Philips now has its hands on the next-generation sensors that were being developed by Xhale Assurance. It is important to note here that the pulse oximeters they have developed can also be used when the perfusion pressure is low, something the traditional variant lacks in. Thus, with the acquisition Philips gets a better place in the market – both in terms of market standing, and product diversification.
The global pulse oximeter market is fairly fragmented and players identified as notable include Contec Medical Systems Co., Ltd., General Electric Company, Halma plc, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., Omron Corporation, and Smiths Group plc, among others.
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Global Pulse Oximeter Market: Key Trends and Drivers
Factors driving growth in the global pulse oximeter market are many and varied. Few prominent ones are outlined below:
- World population is ageing. And, the pace of the process is dizzying. Statistics are grim. One in every six people and one in every four people will be aged 65and above in another 30 years in the world, and in North America and Europe, respectively. Also, people aged 60 and above will see growth in numbers – to 2 billion in 2050, from 900 million in 2015. Already, the world has witnessed history being created in 2018, when the number of geriatrics (aged 65 and above) surpasses the number of children aged five and below. This kind of a demographic shift occurred for the same time in the history of the world. Since, this demographic needs special care and attention, it will lead to more growth in the pulse oximeter market.
- Incidence of chronic diseases is rising. Of the total disease burden, these account for 73%. In 2002, the burden accounted for by pulse oximeter was 60%. As the incidence remains heavy, and cost of care in hospitals high, demand for pulse oximeter would be high over the forecast period.
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Global Pulse Oximeter Market: Geographical Analysis
North America is set to dominate the market landscape, owing to a high geriatric population better healthcare system, and presence of an active American Academy of Pediatrics, which endorses the product in a big way. All this together will propel significant growth in the global pulse oximeter market.
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