Know More About “Pulse Oximeter Market 2023-2030” Growth Worldwide…..|Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on July 4th, 2023 The global pulse oximeter market size is expected to reach USD 3.9 billion by 2030, registering a CAGR of 6.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The pulse oximeter industry is anticipated to witness exponential growth opportunities owing to technological advancements and rising demand for minimally invasive devices. In addition, the market is also driven by the increased focus towards continuous patient monitoring during diagnosis and treatment. Moreover, increasing innovation and rising product approvals are expected to provide lucrative growth opportunities for the market in the coming years. The COVID-19 pandemic has significantly driven the global market as oximetry is the crucial method to measure blood oxygen saturation. The increasing prevalence of chronic respiratory diseases such as COPD, asthma, sleep apnea, cystic fibrosis, and other respiratory infections are expected to drive the market at certain extent as oxygen saturation is a vital parameter in COPD and asthma and pulse oximeters can accurately measure the blood oxygen levels in such patients. According to the American Lung Association, COPD is the leading reason for death in the U.S. and more than 12.5 million people have been diagnosed with COPD and several other patients may have this condition without even knowing about it. Moreover, technological advancements in terms of accuracy, safety and automation are anticipated to cater to market growth throughout the forecast period. Manufacturers are emphasizing on developing automated, wireless, and remote oximeters for self-monitoring thereby reducing hospitalization and physician visits. For instance, in December 2021, Teli Health announced the delivery of its first U.S. FDA-approved 4G connected oximeter. This newly introduced oximeter is suitable for remote patient monitoring. Furthermore, emerging economies are anticipated to offer lucrative growth opportunities to medical device manufacturers operating in the pulse oximeters industry. Governments like China and India are continuously bolstering their investments in healthcare modernization and value-based care systems. In addition, the market players are devising novel operating strategies in emerging nations to strengthen their business avenues. For instance, in October 2022 Max Ventilator announced niche expansion through the launch of intelligent devices including ECG, monitors, and pulse oximeters. The increasing burden of respiratory conditions like asthma, COPD, and others is the major factor driving the global market. Moreover, the surge in the number of surgical procedures, and hospitalizations coupled with technological advancements in pulse oximeter devices are the other factors propelling the market demand. For instance, according to American Hospital Association’s data published in January 2022, the U.S. reported an overall 3.1 million admissions in community hospitals. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/pulse-oximeter-market/request/rs1 Moreover, the COVID-19 pandemic had a positive impact on the market as it significantly drove demand for remote monitoring solutions used for both hospitals and homecare settings. People became more aware about measuring their blood oxygen levels as a part of preventive healthcare. Also, the higher demand for these devices pushed companies to bolster their production capabilities. For instance, in April 2021 Konica Minolta, Inc. in collaboration with Seki Aoi boosted its manufacturing capacity of pulse oximeters by 20 times. Thus, the higher demand for pulse oximeters used for self-screening is anticipated to exhibit lucrative growth during the forecast period. Governments across the globe have mandated the continuous oxygen saturation level monitoring in patients suffering from chronic respiratory conditions like COPD. Government recommendations and guidelines on pulse measurement devices have been executed in developed as well as emerging economies. For instance, in November 2022 the U.S. FDA panel advised improvements in pulse oximeters as it is used to monitor blood oxygen levels and some results have shown less efficacy on people with darker skin. Pulse Oximeter Market Report Highlights
In addition, the ongoing efforts from private and public organizations to improve accuracy of the pulse oximeters for better patient outcomes is also expected to fuel the global market. For instance, in October 2022 the UCSF Center for Health Equity in Surgery and Anesthesia and UCSF Hypoxia Laboratory launched an “Open Oximetry Project” to improve access to safe pulse oximeters globally by sharing data and making novel technologies and standards for the pulse oximeter validation. Moreover, the availability of newer advanced products, presence of high unmet needs in developing countries, and rising adoption of oximetry in newborn screening are the factors pushing the market growth. For instance, the majority of the U.S. states have made pulse oximetry mandatory for newborn screening and is gaining traction in other countries owing to its application in detecting respiratory conditions and CHD. Furthermore, various organic as well as inorganic growth strategies implemented by the market players to strengthen their business avenues is further facilitating the global pulse oximeter industry. For instance, in November 2022 BioIntelliSense, Inc. announced the launch of its FDA-cleared pulse oximetry sensor chipset for robustly measuring blood oxygen levels across light and dark skin pigmentations. In addition, in February 2021 CONTEC MEDICAL SYSTEMS CO., LTD. announced an expansion of its manufacturing base in China to boost the regional employment rate and promote industrial optimization, which in turn facilitated the market growth. The presence of a stringent regulatory framework, frequent product recalls, and the presence of substandard products are the factors hampering the global market. For instance, in February 2021 the U.S. FDA issued a safety communication and warned about limitations and accuracy of the pulse oximeters. In addition, devices are recalled by FDA due to various reasons such as ambiguity in the display of an oximeter, which can lead to misinterpretation. In a few cases, the products have had a loose patient cable connector, leading to disconnection of the power of oximeters in case of movement, which hampered the continuous patient monitoring. List of Key Players in Pulse Oximeter Market
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