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Global Pulse Oximeter Market to grow at 7% CAGR: Actual Market Research
Jun, 24
2021

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Global Pulse Oximeter Market to grow at 7% CAGR: Actual Market Research

 

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One in three adults worldwide has multiple chronic conditions: cardiovascular disease alongside, diabetes, depression as well as cancer, or a combination of three, four, or even five or six diseases at the same time. Such high prevalence has been a support for the pulse oximeter market. A Pulse Oximeter is a clip-like device called a probe that is placed on a body part, such as a finger or ear lobe. The probe uses light to measure how much oxygen is in the blood. The growing prevalence of target diseases such as asthma, hyperlipidemia, hypertension, diabetes, ischemic conditions, cardiac arrhythmia, sleep apnea, and COPD is expected to be a major market driver over the forecast period. According to the WHO, around 64 million patients are currently living with COPD worldwide with approximately 90% of deaths due to COPD occurring in low- and middle-income countries.

The research report titled Global Pulse Oximeter Market Outlook, 2026 by Actual Market Research categorizes the market to forecast the revenues and analyze the trends in each of the following segments: based on product type, based on end-users, based on region, countries & major companies. With a high demand in the Covid period, the market is expected to witness a growth of over 7% CAGR in the forecasted period. The growing investments to improve healthcare infrastructure, technological advancements in pulse oximeter devices along the growing medical device companies in emerging economies will enhance the growth of this market. Through the forecasted period, the fingertip segment is to grow with a CAGR of over 10%, recording the highest growth. Moreover, the increasing demand for patient monitoring in non-hospital settings with an increasing number of surgical procedures and upcoming opportunities in point-of-care testing is expected to offer significant growth opportunities during the forecast period.

In COPD, asthma, and pneumonia, the lungs' airways are obstructed, making it difficult for air to move in and out of the lungs, which eventually leads to the low oxygen concentration in the blood. In the coming years, the prevalence of COPD is expected to increase due to rising tobacco consumption and the growing geriatric population. Although factors such as modifications in labeling requirements and changes in rules and regulations on the distribution of medical devices may slow down the approval process for now. But in the long run, they may result in benefits to approved products, such as improvement in quality and reduction in the number of product recalls.

North America region dominates the market for pulse oximeters, owing to increasing awareness regarding the importance of monitoring respiratory vitals among the common population. Moreover, for outpatients and patients opting for home settings, a pulse oximeter is considered a reasonable necessity and reimbursed after proper documentation. Thus, a favorable reimbursement infrastructure is expected to contribute to market growth. Latin America, along with the Middle East & Africa could hardly contribute to a market share of 15% by the end of the forecasted period.