Pulse Oximeter Market Emerging Trend, Advancement, Growth and Business Opportunities

Isabella Turner

The World Health Organization (WHO) estimates that approximately 17.9 million human lives were lost due to cardiovascular diseases (CVDs) in 2019. Of these deaths, nearly 85% were caused due to heart attacks and strokes. The WHO also reports that nearly 236,000 fatalities occurred due to drowning in 2019. Furthermore, the Centers for Disease Control and Prevention (CDC) states that sickle cell disease (SCD) affects around 100,000 Americans each year. The CDC also estimates that around 1 in 13 African-American babies is born with the sickle cell trait (SCT).

Pulse Oximeter Market

The surging incidence of heart attacks, SCD, and drownings will help the pulse oximeter market advance at a CAGR of 8.3% during 2019–2024. According to P&S Intelligence, the market revenue is projected to rise from $1,979.0 million in 2018 to $3,177.7 million by 2024. Additionally, the rising prevalence of multisystem trauma and apneic conditions will create a huge requirement for pulse oximeters, as they are used to evaluate the oxygenation status of patients.

Moreover, the increasing usage of these instruments can be attributed to the soaring government support for them. In recent years, pulse oximetry for anesthesia during surgery became a standard of care in developed and developing countries. Several governments have initiated policies and programs to meet the demand for such devices. For example, in 2016, Masimo Foundation, Bill & Melinda Gates Foundation, and Koninklijke Philips N.V. came together to support the Government of Ethiopia in providing pulse oximeters and medical oxygen for children and women.

In addition, the integration of artificial intelligence (AI) in these devices will fuel their usage at home and hospital settings in the foreseeable future. The surging use of AI-enabled pulse oximeters can be credited to the increasing adoption of wearable devices and mobile-based platforms to ascertain the level of oxygen saturation in patients. Besides, the enhancing accuracy and reliability of pulse oximeters, on account of the developments in light-emitting diodes (LED) and photoelectric sensors and microprocessor technology, will also augment their usage in the foreseeable future.

At present, hospitals, diagnostic centers, and clinics and healthcare facilities are using fingertip, earlobe, forehead, nose, palm/foot, hand-held, wrist-worn, and table-top pulse oximeters to evaluate the oxygen saturation level of neonatal, adult, and pediatric patients. In the coming years, wrist-worn pulse oximeters will be adopted at the highest rate owing to the escalating need for compact, sensor-based, and lightweight devices for oxygen level measurement.

Geographically, North America is expected to lead the pulse oximeter market in the forthcoming years due to the strong presence of established medical device manufacturers and high adoption of metabolic screening. Moreover, the growing prevalence of chronic diseases, such as chronic obstructive pulmonary disease (COPD), respiratory infections, and cardiac arrest, and mounting healthcare expenditure will propel the adoption of pulse oximeters in the region. The U.S. adopts them in higher numbers due to the soaring number of patients opting for metabolic screening and escalating number of hospitals and other kinds of medical centers.

Therefore, the rising incidence of chronic diseases, increasing integration of AI in medical devices, and growing government support will propel the usage of pulse oximeters globally.

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