Pulse Oximeters Market Significant Growth Foreseen by 2029
The global pulse oximeters market is projected to record a steady CAGR of 4% over the forecast period, 2019-2029. With technological advancements, smart pulse oximeters have been presented in the market, which will boost the pulse oximeters sales at a notable rate. Smart pulse oximeters are utilized via installed applications in smartphones.
"Technological progressions is prompting launch of new & advanced products and are providing notable growth prospects for the pulse oximeter market.," says a Fact.MR analyst.
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Key Takeaways
Hospitals are anticipated to remain dominant in the global market throughout forecast period.
Handheld pulse oximeters will be accounting for highest market share over the assessment period.
North America is anticipated to accounting for around 40% of the overall market share, followed by Europe.
Drivers
Technological progressions in design & development of pulse oximeter is projected to boost market expansion over the assessment period.
High demand for pulse oximeters and rise in end-users' expending sentiments on home patient monitoring devices all over the world is adding to market growth.
Rising awareness of patient monitoring as well as a rise in target ailment prevalence will boost market growth.
Constraints
Lack of awareness in emerging regions is anticipated to limit the market growth.
High cost associated with the devices can restrain the market growth.
Anticipated Market Impact by COVID-19 Outbreak
On the onset of COVID-19, the pulse oximeters market is foreseeing an increase in demand. As there is an increase in requirement all over the worldwide for respiratory devices. Oxygen therapy is a prime intervention for patients with grave COVID-19 infections, furthermore, healthcare providers are ensuring the accessibility of pulse oximeters along with other medical oxygen systems. The market is anticipated to witness an upsurge as they contribute to the remote monitoring of patients as well as early detection.
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Competition Landscape
Major companies identified in the pulse oximeters market are General Electric Company, Contec Medical Systems Co., Ltd., Halma plc, Masimo Corporation, Koninklijke Philips N.V., Medtronic plc, Nonin Medical, Inc., Nihon Kohden Corporation, Smiths Group plc, and Omron Corporation. Leading companies are focusing on extending their market share via acquisitions, strategic partnerships and licensing agreements, to fortify their market presence.
More on the Report
The Fact.MR's market research report provides in-depth insights into the pulse oximeters market. The market is scrutinized on the basis of product type (finger pulse oximeters, hand held pulse oximeters, table top pulse oximeters and wrist pulse oximeter), and end user (hospitals, clinics, ambulatory surgical centers and homecare settings), across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
Press Release: https://www.factmr.com/media-release/1232/global-pulse-oximeters-market