A pulse oximeter measures the level of oxygen saturation of hemoglobin in the arterial blood. It monitors the oxygen level in a patient’s blood and alerts if the oxygen levels drop below safe levels. It can detect hypoxia much sooner than the anesthesia provider can see clinical signs of hypoxia such as cyanosis. The pulse oximeter has the potential to act as a diagnostic device in respiratory and cardiac diseases. These devices are essential in places such as hospitals, intensive surgical units where patient’s blood oxygen levels are regularly monitored.
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The pulse oximeter market is expected to witness a robust growth in the near future. The market is mainly driven by rising prevalence of chronic obstructive pulmonary disease, respiratory diseases such as asthma. Furthermore, rising demand for portable and remote patient monitoring devices is resulting in increased demand for pulse oximeters. Moreover, growing awareness regarding noninvasive devices along with wide adoption of healthcare devices by population are expected to drive the growth of the market. However, high cost and low penetration of medical devices in developing countries are restraining the growth of the market. Technological advancements in medical devices are expected to present rewarding opportunities in the market in near future.
The pulse oximeter market is classified based on product type, end user, and region. On the basis of product type market is divided into handheld, fingertip, wrist-worn and bedside pulse oximeter. The pulse oximeter market is led by handheld pulse oximeters which dominated the market due to the wide use of monitoring devices and rising surgical procedures all around the world. Handheld pulse oximeters are followed by fingertip and handheld pulse oximeter.
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The popularity of fingertips devices segment is spreading rapidly. Fingertips devices are battery operated and available with novel features visual display accurate results. Innovative developments in oximeter technology are driving factor for this segment. On the basis of the end, user type market is divided into hospitals, ambulatory surgery centers, diagnostic centers, home-care settings and other. Hospitals lead the end user segment owing to its wide application in surgery procedures, diagnosis, and treatment of different diseases. The noninvasive nature of the device makes it a preferred option, especially for infants and neonates.
By geography, North America dominates the pulse oximeter market owing to the presence of advanced medical and healthcare facilities. The growth in this region is also due to the major presence of key players. Europe was the second after North America in terms of revenue generation. In many European countries, pulse oximetry is mandatory for monitoring patients during anesthesia. The growth in this region was also due to the rising prevalence of hypoxaemia, asthma and other lung diseases. Advanced healthcare infrastructure, higher demand for quality products are other factors which are driving the growth in this region.
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The high cost of pulse oximetry has been a significant barrier in many developing countries. Asia Pacific was a fastest growing market. This growth is mainly due to increasing aging population and rising use of pulse oximeter and other medical devices in surgical procedures in hospitals. Furthermore, raising awareness and emergence of health conscious population is expected to foster growth in future. Rising disposable income, favorable government policies are other factors which are resulting into growth in this region. Latin America is another key regional market and is expected to moderate growth in the coming years owing to rising healthcare infrastructure and raising awareness among the people. The Middle East and Africa is anticipated to witness significant growth within the forecast period.