1. Koninklijke Philips
2. CASMED (Edwards Lifesciences Corporation)
3. Covidien (Medtroni PLCc)
4. Nihon Kohden Corporation
5. ICU Medical Inc.
A Pulse Oximeter is a small, lightweight & noninvasive device used to monitor the oxygen level in the body. Usually attached to fingertips, this device assesses the pulse rate & displays the oxygen percentage and the current pulse rate. According to the report titled, “ Global Pulse Oximeter Market Research Report, 2027”, published by Actual Market Research, the global market was valued at around USD 2 Billion in the year of 2021. This market value achieved is majorly due to advent of cardiovascular diseases which is the number one cause of death globally, taking an estimated 18 million lives each year. Coupled with this the rise in the population of the geriatric demography have helped the market grow. Additionally the growing prevalence of breathing disorders and diseases like asthma, hyperlipidemia, hypertension, diabetes, ischemic conditions, cardiac arrhythmia, sleep apnea, COPD, etc. have been a major market driver for the Pulse Oximeter industry. A high-quality Pulse Oximeter is critical for the early diagnosis and treatment of patients with Covid-19. Even though the manufacturing & supply chain of the industry suffered challenges due to the pandemic restrictions, the manufactures ensured an adequate supply to the countries in dire need. The market is expected to witness a growth of over 7% CAGR in the forecasted period. Majorly divided into two types, the handheld segment dominates the market with over half of the share, yet declining in the coming years. The market is driven by a fact that these products are user-friendly and are easy to use in emergency cases. A rise in the number of stroke cases and surgeries is anticipated to boost market growth over the forecast period. The market shift is a result of technological advancements such as easy transfer of data, extensive memory, alarm system, and Bluetooth feature. Through the forecasted period, the fingertip segment is to grow with a CAGR of over 10%, recording the highest growth. This is due to the fact that fingertip pulse oximeters are extremely portable and are economically cheap. The low price of this type of product leads to higher adoption rate in economically developing countries. On the other hand the lower accuracy of these machines hinder there market growth rate. The Non-Homecare segment which include hospitals & health care centers hold a clear dominance in the Pulse Oximeter market accounting closely to 90% in the year 2021. It is due to an increase in the number of surgeries and emergency room visits across the world. Along with this the improvement in policies of many different governments looking to develop their medical infrastructure have driven this segment. The Covid-19 pandemic has restricted the visits to medical facilities hindering medical care services, giving a hike in the homecare segment. With the increasing awareness of self-monitoring, people are now actively participating in health management from their homes themselves, augmenting the demand for such monitoring devices. The home care segment is expected to demonstrate growth of over 15% in the coming years. North America dominated the market, holding to a share of around 30% in 2021, owing to increasing awareness of respiratory vitals monitoring among the common population. Recent changes in regulatory norms in Europe, which is the second-largest market, are expected to affect all medical device manufacturers. Although the Asia Pacific has a slightly declining birth rate, the number of infants born every day is considerably large. This results in a large target population for CHD. South America, along with the Middle East & Africa could hardly contribute to a market share of 15% by the end of the forecasted 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 global market is led by the US, where around 43 states have made pulse oximetry mandatory for newborn screening. Following this, China & Germany contributes to over 12.86% in the year 2020. Other major countries are becoming a popular market for the product due to applications in the detection of Congenital Heart Defects and other heart and respiratory conditions. Recent Development • In June 2022, The Garmin Vivosmart 5 fitness band has been launched in India. The new fitness tracker comes with Women’s health tracking, Heart rate monitoring, body battery energy monitoring, step count, calorie count, stress tracking, and blood oxygen level monitoring. • In March 2022, the development of remote patient monitoring services for chronic conditions like chronic obstructive pulmonary disease (COPD) and heart disease has been accelerated by Smart Meter's release of the iPulseOxTM. It is one of the first cellular-connected pulse oximeters in the world. Smart Meter is a pioneer in cellular-enabled remote patient monitoring (RPM) data and devices. • In June 2021, DetelPro releases the Oxy10 pulse oximeter. Users of the DetelPro Oxy10 can immediately review the outcomes thanks to the LED display that is built-in. The pulse oximeter, which displays both oxygen saturation and pulse rate, is small enough to be attached to a fingertip. COVID-19 Impact The pandemic affected many different industry verticals across many different regions of the world, while majority of the industry majorly faced negative consequences, the pulse oximeter market was amongst the few to observe a positive effect. This is majorly due to the fact the Covid-19 virus directly affects the respiratory function of the patient which reduces the SPO2 levels. Early diagnosis of saturation levels proved to be crucial in fighting the virus and provided the pulse oximeter market with an excellent growth. But on the other hand the market suffered with incompetency to provide with the supply for this demand due to hinderance in the supply and production activities across the globe owing to nationwide lockdowns and travel restrictions. Major Companies Included: CASMED (Edwards Lifesciences Corporation ), Covidien (Medtroni PLCc), Koninklijke Philips NV, Nihon Kohden corporation, ICU Medical Inc., Hillrom Services, Inc., Beckton Dickinson and Company, Contec Medical Systems Co. Ltd., Microtek international private limited, Rossmax International Ltd, Spacelabs Healthcare Considered in the report • Geography: Global • Base year: 2021 • Historical year: 2016 • Forecasted year: 2027 Regions & Countries covered: • North America (US, Canada, Mexico) • Europe (Germany, UK, France, Spain, Italy, Russia) • Asia-Pacific (China, Japan, India, South Korea) • South America (Brazil, Argentina, Colombia) • Middle East & Africa (UAE, Saudi Arabia, South Africa) Aspects covered in the report • Market Size by Value for the period (2016-2027F) • Market Share by Product type (Fingertip, Handheld & Others) • Market Share by End User (Hospital and Health Care Facilities & Home Care) • Market Share by Region • Market Share by Country • Market Share by Company The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modeling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations, validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the medical device industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.