Pulse Oximeter Market is Anticipated to Witness High Growth Owing to Rising Prevalence of Chronic Respiratory Diseases
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Pulse Oximeter Market |
The Pulse oximeter market is
witnessing growing demand owing to rising incidences of respiratory disorders
and COVID-19 infections. Pulse oximeters are non-invasive medical devices that
measure the oxygen saturation level in blood and pulse rates. They work on the
principle of spectrophotometry and have enabled point-of-care monitoring during
emergencies and medical procedures. The global rise in respiratory illnesses
and the necessity of remote patient monitoring during the pandemic have fueled
sales of these devices in hospitals as well as for personal or at-home use.
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, JLL (Jones Lang LaSalle).
The increasing prevalence of chronic respiratory diseases worldwide due to
rising pollution levels and the growing geriatric population are fueling demand
for pulse oximeters. With remote patient monitoring gaining prominence, major
players are expanding their product portfolios and global presence to tap
growth opportunities in emerging markets.
The global incidence of
respiratory illnesses has been increasing rapidly. According to the World
Health Organization, respiratory diseases account for over 8% of total global
deaths annually. The growing burden of chronic obstructive pulmonary disease
(COPD) and asthma worldwide is driving the need for frequent oxygen saturation
level monitoring using pulse oximeters. With rising health awareness, sales of
personal use oximeters are also witnessing growth.
Major players in the market have
been expanding their international operations into developing regions to gain
larger shares. Turner Construction Company, Jacobs Engineering Group Inc. and
AECOM have established production and distribution networks across Asia Pacific
and Latin America in the last few years. This is allowing them to provide
devices as well as after-sales support and cater to the growing demand from
price-sensitive markets.
Market Drivers
The rapid surge in COVID-19 cases
globally has led to a significant increase in the demand for pulse oximeters from
both healthcare facilities and personal use. Monitoring oxygen saturation is
vital for the early detection and treatment of hypoxemia, a common complication
of the novel coronavirus. With their portability and ease of use, pulse
oximeters have found immense utility in screening and remote monitoring of
COVID-19 patients with mild to moderate symptoms. This widespread applicability
of the devices during the pandemic is a key factor driving market growth over
the forecast period.
Impact of geopolitical situation on market growth
The global pulse oximeter market
is witnessing challenges arising due to the geopolitical unrest across various
regions. The Russia-Ukraine war has severely impacted the medical device supply
chains. Both Russia and Ukraine are key suppliers of raw materials like neon,
palladium and others used in semiconductor manufacturing. Restrictions on trade
with Russia have led to price hikes and shortage of these raw materials,
negatively impacting pulse oximeter production. Meanwhile, the ongoing tensions
between US and China are also affecting industries reliant on trade between the
two countries. The political instability and conflicts in the Middle East
region have made it difficult for players to expand and establish operations.
Going forward, suppliers will need to diversify their sourcing strategies and
develop alternative supply networks to reduce reliance on politically volatile
regions for critical components. Companies must focus on improving local
manufacturing and forging new supply partnerships outside conflict-impacted
areas to minimize disruptions.
Geographical regions of concentrated market value
Presently, North America holds
the largest share of the global pulse oximeter market in terms of value. The
region accounted for over 35% value share in 2024, benefitting from established
healthcare infrastructure and growing incidence of chronic diseases.
Availability of advanced technologies, favorable reimbursement policies, rising
healthcare spending are fueling the North American market. Meanwhile, Asia
Pacific is emerging as the second largest and fastest growing regional market.
Countries like China, India and Japan with their large population bases and
improving access to healthcare present major opportunities. Rising purchasing
power, increasing cases of lifestyle diseases, growing medical tourism are
propelling the APAC pulse oximeter demand. Other developing regions of Latin
America and Middle East & Africa are also witnessing higher adoption driven
by expanding healthcare budgets and infrastructure investments.
Fastest growing region for the market
The Asia Pacific region is poised
to showcase the fastest growth in the Global
Pulse Oximeter Market during the forecast period. Expanding patient
pool affected by respiratory disorders, increasing healthcare expenditure,
rising disposable incomes, growing medical tourism are some key macro drivers
bolstering the APAC market growth. Another vital factor is the improving access
to healthcare facilities across rural and emerging urban centers of Asia
Pacific. This has led to increasing installation of pulse oximeters in primary
healthcare setups for continuous monitoring applications. Moreover, developing
Asia countries like India, China, Indonesia are witnessing significant
investments by leading industry players in manufacturing facilities which is
creating local employment opportunities and improving product availability.
This is expected to have a positive impact on the sales volumes over the coming
years in the APAC region.
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