The Global Pulse Oximeter Market Growth Accelerated by Remote Patient Monitoring Adoption
Pulse Oximete Market |
Pulse oximeters are non-invasive
medical devices that measure the oxygen saturation level in a patient's blood
and pulse rate. They are used to detect life-threatening conditions, diagnose
respiratory illnesses, and monitor a patient's response to certain medications
and treatments. Pulse oximeters provide vital information to healthcare
providers and are an essential tool in critical care monitoring.
The global pulse oximeter market
is estimated to be valued at US$ 4243.13
Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted
in a new report published by Coherent Market Insights.
Market Dynamics:
The rising prevalence of
respiratory diseases around the world is boosting the growth of the global
pulse oximeter market. Respiratory illnesses like chronic obstructive pulmonary
disease (COPD) and asthma lead to decreased oxygen saturation in the blood,
which requires constant monitoring using pulse oximeters. According to the WHO,
approximately 251 million cases of COPD were reported globally in 2016. Growing
geriatric population is another key factor fueling market growth as older
adults are at higher risk of respiratory and cardiac conditions. Furthermore,
increasing adoption of pulse oximeters in non-hospital settings like homes and
ambulatory care centers is driving market expansion. Technological advancements
facilitating remote patient monitoring are also proving beneficial for market
growth. However, availability of alternative monitoring devices may restrain
the market to some extent over the forecast period.
SWOT Analysis
Strength: Pulse oximeters are
non-invasive and easy to use, which makes them suitable for home use. They also
provide accurate and quick measurements of oxygen saturation levels and pulse
rates. Pulse oximeters are portable and compact in size allowing for
point-of-care testing. The devices are also relatively affordable.
Weakness: Finger pulse oximeters
can provide inaccurate readings in conditions like low perfusion, excessive
movement, or in patients with thick or nail polish on fingernails. Readings may
also be impacted in conditions like carbon monoxide poisoning and
methemoglobinemia.
Opportunity: Growing geriatric
population prone to chronic diseases is increasing the demand for pulse
oximeters for home monitoring. Rising cases of respiratory diseases like COPD
and asthma is also driving the market. The ongoing Covid-19 pandemic has
further increased the uptake of pulse oximeters. Development of next generation
devices with advanced features also presents an opportunity.
Threats: Presence of alternative
technologies like transcutaneous monitors poses a threat to the market. Data
privacy and cyber security issues related to integrated devices can hamper
market growth. Reimbursement issues in some regions also act as a challenge.
Key Takeaways
The Global
Pulse Oximeter Market Size is expected to witness high growth over the
forecast period of 2024 to 2031. The market size is anticipated to reach US$ 4243.13 Mn in 2024 from US$ 3236.26 Mn
in 2021, growing at a CAGR of 5.1%.
Regional analysis: North America currently dominates the market
owing to increasing incidence of chronic diseases, growing geriatric population
and supportive healthcare policies. Asia Pacific is expected emerge as the
fastest growing market driven by rising medical tourism, healthcare investments
and economic growth.
Key players: Key players operating in the pulse oximeter market are
Turner Construction Company, Jacobs Engineering Group Inc., HOK Group, Skanska
AB, AECOM, Balfour Beatty plc, Gensler, Lendlease Group, ISG plc, DPR
Construction, PCL Construction Enterprises, Inc., Structure Tone, Clark
Construction Group, LLC, and HBA, JLL (Jones Lang LaSalle).
The pulse oximeter market is
consolidated in nature with the top players collectively accounting for
majority share. They are focusing on new product launches, partnerships and
geographic expansions to strengthen their market position.
Get More Insights Here
https://masstamilan.tv/recombinant-protein-the-future-of-biomanufacturing/
https://www.pressreleasebulletin.com/pulse-oximeter-market-size-share-growth-outlook-2023/
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