In 2018, the global pulse oximeter market reached a value of $1,979.0 million and is expected to attain $3,177.7 million in 2024, advancing at an 8.3% CAGR during the forecast period (2019–2024).
The market is growing due to the increasing government initiatives, rising number of patent approvals and product clearance, growing number of medication error cases, and surging incidences of targeted diseases. A pulse oximeter is utilized for ascertaining the saturation level of oxygen in blood and pulse rate.
In terms of end user, the pulse oximeter market is categorized into homecare, clinics & healthcare facilities, diagnostics centers, and hospitals. Out of these, hospitals accounted for the major share of the market during the historical period (2014–2018), holding a share of 36.5% in 2018.
This category is further projected to grow at the fastest pace during the forecast period. Pulse oximeters are utilized in various care units in hospitals, such as coronary care and cardiothoracic, pediatric intensive care, critical care, intensive care, surgical intensive care units, neonatal care, post critical care, and rehabilitation units.
Another factor resulting in the growth of the pulse oximeter market is the rising incidences of targeted diseases. Pulse oximeter has emerged as a highly useful device for the evaluation of patient’s oxygenation status and is used widely in different healthcare settings for different types of people that are being admitted in them.
These devices are required by patients suffering from multisystem trauma, apneic condition, drowning condition, cardiac arrest, and sickle-cell crises. Moreover, the increasing burden of chronic diseases is further leading to the rising demand for pulse oximeters for efficient monitoring of patients.
The rising adoption of home-care pulse oximeter devices is a key trend in the pulse oximeter market. Due to the technological advancements in medical devices industry, the usage of sensor-based pulse oximeters is rising in homecare settings.
This particularly caters to the needs of the geriatric population, which is why many players operating in the market are focusing on developing simple, home-based pulse oximeters, other than the conventional types. Various types of pulse oximeters, such as handheld, wrist-worn, and fingertip, are accepted among the geriatric population for monitoring their health regularly.
Hence, the increasing incidences of targeted diseases and rising number of medication error cases are contributing to the growth of the market.
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