At-home pulse oximeter purchases have spiked more than 500% since the first COVID-19 case was identified in the U.S in early 2020.
According to Arizton’s market research report, the global pulse oximeters market size to reach revenues of $2.8 billion by 2025, growing at a CAGR of over 9% during 2019-2025.
Pulse Oximetry for COVID
The ongoing COVID-19 global pandemic is caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Common symptoms include fever, cough, shortness of breath, and other complications may include pneumonia and acute respiratory distress syndrome. During the early stage of the outbreak, the main strategy was focused on preventing the surge in a number of cases. The continuous monitoring of respiratory parameters is vital for patients infected with the novel coronavirus. Thus, healthcare professionals are highly dependent on medical devices, such as pulse oximeters for diagnosis, treatment, and management of COVID-19 symptoms. Furthermore, WHO guidelines for clinical management of the disease has mentioned oxygen therapy as a major intervention for patients with severe symptoms. This increasing demand for pulse oximeter globally has increased due to the number of new entrants that are offering local equipment at low cost and is boosting the level of competition in the pulse oximetry market growth. At-home pulse oximeter purchases have spiked more than 500% since the first COVID-19 case was identified in the U.S in early 2020.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by products, end-user, and geography
- Competitive Landscape – Profile of 6 key vendors and 35 other vendors
Pulse Oximetry Market Growth
In 2019, the hospital end-users segment accounted for around 56% share in the global market. The pulse oximetry market is growing due to the increase in geriatric population, which increases the risk of respiratory diseases, hypertension, CVD, diabetes, and other diseases that could affect the oxygen level in blood. This is propelling the adoption of various pulse oximeters by patients as well as care providers. Previously, the demand for pulse oximeters was majorly concentrated in developed countries such as the US, Japan, the UK, Germany, and France. Growing awareness about patient monitoring and an increase in target disease prevalence are expected to boost pulse oximetry market growth during the forecast period. Government initiatives and availability of new products are expected to further propel the growth in the coming years.
Prominent Vendors in Pulse Oximetry Market
- Koninklijke Philips
- Nonin Medical
- NIHON KOHDEN
- Smiths Medical
Pulse Oximetry Market – Geographical Analysis
In 2019, North America accounted for around 41% of the global pulse oximetry market share and is the first leading region in the market. Presence of well-established healthcare infrastructure, strict regulations for pulse oximeter at healthcare facilities, and high adoption of advanced pulse oximeter are among the primary factors contributing to the dominance of the region. North America is expected to hold a prominent share in the market during the forecast period. Increasing healthcare expenditure in the US and Canada, increasing prevalence of congenital heart defects (CHD), and other heart ailments, as well as respiratory conditions are increasing the usage of pulse oximeter to check oxygen level, avoid heart stroke, and other fatal condition that is boosting the adoption of pulse oximeters.
Europe offers huge opportunities for the pulse oximetry market growth. Also, the growth is supported by some of the prime factors that includes swift rise in geriatric population, increasing demand for home monitoring, and rise in cardiovascular disorders among people is expected to drive the market. Asia Pacific is expected to emerge as fastest growing region during the forecast period. Rapid economic growth, coupled with rising disposable income, and increasing demand for world-class healthcare facilities are playing an important role in boosting the demand for pulse oximeters across healthcare facilities in Asia Pacific. China is the largest revenue contributor in the APAC region with a share of 23% in 2019.
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