by Pulse oximeters are medical devices used for monitoring the oxygen saturation level in blood and pulse rates. They are widely used in healthcare settings for patients with respiratory conditions requiring supplemental oxygen. The increasing prevalence of chronic respiratory diseases such as asthma, COPD, and sleep apnea is the major factor driving the growth of the pulse oximeter market. It is estimated that 5% to 10% of adults worldwide suffer from COPD, while around 26 million Americans suffer from asthma.
The global pulse oximeter market is estimated to be valued at US$ 3683.27 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing prevalence of chronic respiratory diseases is one of the key trends spurring growth of the pulse oximeter market. Chronic lower respiratory diseases including COPD, asthma, and lung cancer are among the top ten causes of death globally. As per the Global Burden of Disease Study 2019, lower respiratory diseases caused over 2.45 million deaths in 2019. The growing geriatric population is another key factor fueling the market growth. Older adults are more susceptible to respiratory diseases due to age-related decline in lung function. Consequently, there is significant demand for pulse oximeters from long-term care facilities and hospitals for continuous monitoring of oxygen saturation levels, especially among elderly patients with respiratory conditions. Moreover, technological advancements in wearable pulse oximeters have further augmented their adoption.
SWOT Analysis
Strength: Pulse oximeters are portable, non-invasive, and easy to use, providing quick measurements of oxygen saturation levels and pulse rates.
Weakness: Pulse oximeters are susceptible to errors caused by factors like thin/poor blood circulation, nail polish, motion artifacts, low perfusion, etc.
Opportunity: Increasing incidence of respiratory diseases, chronic disorders, and rising geriatric population are driving the demand for pulse oximeters.
Threats: High cost of advanced pulse oximeters and availability of alternative technologies like mobile apps limit the market growth to some extent.
Key Takeaways
The Global Pulse Oximeter Market Size is expected to witness high growth due to the COVID-19 pandemic which increased demand for remote patient monitoring devices. The market size is projected to reach US$ 3683.27 Mn by 2024.
Regional analysis: North America dominates the pulse oximeter market currently due to favorable government initiatives and increasing prevalence of chronic respiratory diseases. However, Asia Pacific is expected to grow at the fastest pace owing to large patient pool, rising medical tourism, and growing awareness.
Key players: 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, JLL (Jones Lang LaSalle). They are focusing on new product launches and partnerships to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
