Pulse oximeters are non-invasive medical devices used to measure the blood oxygen saturation level. They are widely used in critical care, emergency medical services, and in-home settings to continuously monitor patients' oxygen saturation during conditions like respiratory infections. Pulse oximeters determine the oxygen saturation level of arterial blood with the help of sensors placed on a fingertip, head, or earlobe. They provide an early detection of hypoxemia or decreased level of oxygen in blood which is crucial for the treatment of respiratory diseases. The demand for pulse oximeters has significantly increased during the Covid-19 pandemic as they help in remote oxygen level monitoring of patients.
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.
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, and JLL (Jones Lang LaSalle). Turner Construction Company leads Global Pulse Oximeter Market with over 10% revenue share owing to its strong presence and large product portfolio.
The growing demand for pulse oximeters from home healthcare setups is supplementing the market growth. With the advancement of remote patient monitoring technologies, pulse oximeters are increasingly being used for oxygen level monitoring of non-critical and recovering Covid-19 patients at home which is driving the demand.
Technological advancements in pulse oximetry such as wireless connectivity, multi-wavelength sensors, and integration of artificial intelligence are enhancing the functionality of pulse oximeters. Devices with advanced features like screen displays, arrhythmia notifications, and connectivity to mobile apps via Bluetooth are gaining popularity.
Market Trends:
- Increasing demand for multi-parameter pulse oximeters: Devices with integration of additional vital parameters like respiration rate, ECG, and skin temperature are gaining adoption due to provision of comprehensive patient health data from a single device.
- Growing demand for wearable pulse oximeters: Wrist-worn and finger clip models are witnessing high demand for their portability and convenience in remote patient monitoring at home as well as in ambulance services.
Market Opportunities:
- Untapped markets in developing countries: Regions like Asia Pacific, Latin America, and Middle East offer significant opportunities for pulse oximeter manufacturers due to increasing healthcare infrastructure and rising incidence of respiratory diseases.
- Increasing adoption of telemedicine and telehealth: Connected pulse oximeters with AI capabilities and data transmission feature to healthcare portals or physician dashboards can enable remote monitoring of high-risk Covid-19 patients, especially in rural areas.
Impact of COVID-19 on Pulse Oximeter Market
The COVID-19 pandemic has significantly impacted the pulse oximeter market. There was a sudden spike in demand for pulse oximeters during the early phases of the pandemic as it was one of the important medical devices used to monitor oxygen saturation levels in COVID-19 patients. With rising cases, hospitals faced shortages and the demand far exceeded the supply of pulse oximeters. Manufacturers struggled to ramp up production to meet this surge in demand. The pandemic has highlighted the importance of pulse oximeters for remote patient monitoring. More investments are being made to expand production capacity. Telehealth solutions that allow remote oximetry monitoring are also being developed and adopted. It is expected that demand will remain high even in the post pandemic era as remote monitoring continues. However, supply chain disruptions during the peak phases of the pandemic slowed down the market growth. As the pandemic situation stabilizes, the market is estimated to bounce back and maintain the forecasted CAGR over the projected period.
In terms of value, North America holds the major share of the pulse oximeter market currently. With the high number of COVID-19 cases reported in America, there was immense pressure on the healthcare systems. This led to a massive increase in demand for pulse oximeters in this region. Many American companies also actively invested in ramping up production to address the supply constraints. Asia Pacific region is expected to witness the fastest growth during the forecast period for pulse oximeter market. As COVID-19 spreads, developing economies like India and China are increasingly focused on strengthening their healthcare infrastructure and remote monitoring capabilities. This will drive the adoption of pulse oximeters in these emerging countries over the coming years.
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