Pulse Oximeter Market Overview:
The Pulse Oximeter Market is projected to reach USD 3.7 billion by 2026 from USD 2.3 billion in 2021, at a CAGR of 10.1% during the forecast period. Growth in this market is majorly driven by the high prevalence of respiratory diseases worldwide; the increasing number of surgical procedures; the growing geriatric population and increasing incidence of chronic diseases; the growing investments to improve healthcare infrastructure and technological advancements in pulse oximeter devices. The growing medical device companies in emerging economies, increasing demand for patient monitoring in non-hospital settings, and upcoming opportunities in point-of-care testing are expected to offer significant growth opportunities for market players during the forecast period. On the other hand, concerns regarding the regulations on pulse oximeters and the accuracy of non-medical pulse oximeters are expected to limit market growth to some extent in the coming years.
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COVID-19 Impact on Pulse Oximeter Market
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. The impact of the coronavirus pandemic and the subsequent establishment of nationwide lockdowns is clearly visible in various industries, including the patient monitoring devices market. The overall growth of various sectors has been heavily impacted, specifically in countries with a high incidence rate of COVID-19, such as India, China, Brazil, the US, and several European countries (including Russia, Italy, and Spain). The pandemic has led to a significant increase in the demand for remote monitoring and patient engagement solutions. Most hospitals/healthcare facilities are currently trying to expand patient monitoring to home care settings or other temporary setups to provide optimal care. COVID-19 has led to a significant surge in demand for patient monitoring systems, both in the hospital and home care settings, and manufacturers are increasingly focusing on expanding production to meet the increasing need for respiratory monitoring devices, including pulse oximeters. During the first quarter of 2020, the market witnessed an increase in demand for certain products that are correlated to the response to COVID-19, including respiratory, multiparameter monitoring solutions, and point-of-care cardiac monitoring products. However, the demand and adoption of pulse oximeters have been constant throughout the year, and the trend has continued well in the first half of 2021. The pandemic has sparked a sudden interest in fingertip and wearable pulse oximeters, especially OTC products, with the major adoption being witnessed in non-hospital settings.
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The equipment segment is expected to account for the largest share of the pulse oximeter market in 2020
Based on the product, the pulse oximeters market is segmented into sensors and equipment. The equipment segment accounted for the largest share of the pulse oximeter market in 2020. The large share of this segment is attributed to the increasing adoption of fingertip devices during the COVID-19 pandemic for monitoring blood oxygen levels and technological advancements in wearable pulse oximeters.
The portable pulse oximeter segment is expected to account for the largest share of the pulse oximeter market
Based on type, the pulse oximeters market is segmented into portable pulse oximeters and bedside/tabletop pulse oximeters. The market for portable pulse oximeters is further segmented into fingertip, handheld, and wearable pulse oximeters. In 2020, the portable pulse oximeters segment accounted for the largest share of the pulse oximeters market. The rising demand and adoption of fingertip and wearable oximeter devices during the COVID-19 pandemic for continuous patient monitoring is the major factor driving the growth of this segment.
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The prominent players in this market include Medtronic plc (Ireland), Masimo Corporation(US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Meditech Equipment Co., Ltd. (China), Contec Medical Systems Co., Ltd. (China), GE Healthcare (US), ChoiceMMed (China), OSI Systems, Inc. (US), Nihon Kohden Corporation (Japan), Smiths Group plc (UK), Honeywell International Inc. (US), Dr Trust (US), HUM Gesellschaft für Homecare und Medizintechnik mbH (Germany), Beurer GmbH (Germany), The Spengler Holtex Group (France), Shanghai Berry Electronic Technology Co., Ltd. (China), Promed Group Co., Ltd. (China), Tenko Medical System Corp. (US), and Shenzhen Aeon Technology Co., Ltd. (China).
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