pulse oximeters market size was worth USD 1.5 billion in 2015 which is anticipated to grow at a CAGR of more than 6.1% during the forecast period. The crucial application of the pulse oximeters in patient monitoring is responsible for its growth. Moreover, its use in anesthesia monitoring and safety have greatly reduced anesthesia-related deaths, which further contributes to the market potential.
Surgical
safety has been a major concern and so its provision is a priority worldwide.
Global initiatives such as the WHO Surgical Safety Checklist, which was created
in 2008 as an outcome of 2007 WHO Safe Surgery Saves Lives program, aims in the
application of minimum safety standards across hospitals in all countries.
Pulse oximeter, being an essential monitoring device in surgical treatments, is
largely affected by such global initiatives that influence its demand and are
likely to trigger the market growth.
Modernization
has boosted accessibility with the technological advancements in the cell
phones operating systems. In 2014, a company named Masimo launched iSpO2 pulse
oximeter, which is supported by the Android devices, facilitating ease of use
and monitoring.
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The
segmentation based on the type of devices is handheld, fingertip, and others.
In 2016, the handheld oximeter devices dominated the market owing to the ease
of use of the device in the case of emergency. The oxygen saturation of a
patient highly affects the course of treatment to be undertaken. Rising number
of emergency cases of strokes and surgeries is anticipated to augment the
market over the forecast period.
With
the growing preference towards portable technology due to its feasibility in
use, fingertip pulse oximeter segment is gaining prominence in the pediatric
treatment procedures and so are expected to show significant market growth over
the forecasted period. The fingertip pulse oximeters can withstand varying
storage conditions and thus is preferred.
Other
types of oximeters include stand-alone units that have provisions to monitor
parameters such as blood pressure and ECG. Lack of sufficient operative room
facilities in most of the developing countries, as per the findings of WHO,
initiatives are taken to increase the operative room facilities where each room
is equipped with at least one stand-alone monitoring units that would help in
increasing the penetration of the devices.
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The
conventional use of pulse oximeters is done in hospitals pre and post
surgeries. It is also used during surgeries when the patient is anesthetized.
The rising number of surgeries and emphasis on patient safety are responsible
for the increased use of pulse oximeters during every procedure. These devices
are once purchased and require servicing and are not replaced frequently. The
use of pulse oximeters in newborn screening also adds to the number of devices
procured by the hospitals in their maternity and pediatric care divisions.
However,
there is an upward trend of use of pulse oximeters in homecare settings due to
the expansion of the homecare market. Hospices and even nursing care centers
are procuring oximeters to provide better care to their customers.
Regional Insights
The
inequality in the distribution of the healthcare facilities worldwide is very
significant. For instance, North America has low burden of diseases but high
presence of healthcare workers and finances. Moreover, strong technological
base, availability, and adaptability of the recent advances in technology makes
North America dominate the market. However, African region has high burden of
the diseases but low presence of healthcare workers and finances, thus,
although a potential market, low awareness and affordability hinder the
development of pulse oximeter market in African region.
Asia
Pacific is anticipated to show fast growth over the forecasted period owing to
the moderate burden of global disorders and high adoption of modernization and
developing technology, realizing the need of better healthcare facilities and
early detection of disorders through increased use of monitoring devices such
as the pulse oximeters.
Competitive Insights
With
the trend of customized facilities, some companies are working toward
developing devices that are supported by the cell phones operating systems,
facilitating flexible, wireless and easy monitoring. For instance, Masimo’s
iSpO2 and Zensorium’s Tinke are the oximeter devices that are compatible with
iPhones, thus providing the iPhone users with the benefits of the new
technology. Such innovations are likely to attract the population and widen the
market size.
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