Pulse oximeters are non-invasive medical devices used to measure oxygen saturation levels in arterial blood through a probe attached to the finger, toe or ear. It is one of the most commonly used patient monitoring devices worldwide for measuring oxygen saturation and pulse rates, especially for patients with respiratory, cardiac problems or post-surgery. Pulse oximeters present oxygen saturation level as a percentage of oxyhemoglobin saturation and provide early signs of declining oxygen levels in the body. The global prevalence of chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD), asthma, and lung cancer is on the rise owing to aging population, rising pollution levels and changing lifestyle patterns. As per the World Health Organization (WHO), chronic respiratory diseases account for significant healthcare expenditure globally and are one of the major causes of death worldwide. Advancements in pulse oximeter technologies providing accurate measurements even among patients with low perfusion and dark skin pigmentation have augmented their applications in telehealth, homecare and point of care settings.
The global Pulse Oximeter Market is estimated to be valued at US$ 3683.27 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the pulse oximeter market is the adoption of wireless and smartphone integrated devices. Manufacturers are focusing on development of wireless pulse oximeters with smartphone connectivity features which allow real-time monitoring of patients' oxygen saturation and heart rate levels. This enables remote patient monitoring and facilitates quick response in case of emergency. Moreover, wearable pulse oximeters are gaining traction owing to the ongoing trend of integrating healthcare devices with smartwatch and fitness trackers. Devices such as ring pulse oximeters and wrist-worn monitors have emerged as convenient alternatives to traditional clip-type devices. Furthermore, adoption of multi-wavelength technology enabling measurement of additional parameters such as carboxyhemoglobin and methemoglobin levels is expected to supplement pulse oximeter applications in critical care and surgery.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as significant capital investment required for manufacturing and distribution and established brand name of existing players in the market.
Bargaining power of buyers: The bargaining power of buyers is moderate as pulse oximeters are not highly differentiated and switching costs are low.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required are commoditized.
Threat of new substitutes: The threat of new substitutes is low as pulse oximeter is an essential device with no close substitute.
Competitive rivalry: Competitive rivalry is high as the market is dominated by few global players.
Key Takeaways
The Global Pulse Oximeter Market Demand is expected to witness high growth. The global Pulse Oximeter Market is estimated to be valued at US$ 3683.27 Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Regional analysis comprises Asia Pacific dominates the pulse oximeter market and is expected to grow at the fastest CAGR during the forecast period. Factors such as the increasing prevalence of respiratory diseases, large geriatric population, and heavy pollution levels are expected to boost the demand for pulse oximeters in the Asia Pacific region.
Key players operating in the pulse oximeter market are CAP Biomaterials, LLC, Kemapco Arab Fertilizers & Chemicals Industries LTD, Merck KGaA, AARTI INDUSTRIES LIMITED, Hindustan Phosphates Pvt. Ltd., Guizhou Zerophos Chemical Co., Ltd. Gujarat Narmada Valley Fertilizers & Chemicals Ltd, Bamni Proteins Limited, Innophos, Mitushi Biopharma, Phosphea, Ecophos Group, and Sudeep Pharma Pvt. Ltd. CAP Biomaterials, LLC focuses on providing high purity inorganic compounds for industrial and pharmaceutical applications. Kemapco Arab Fertilizers & Chemicals Industries LTD is engaged in manufacturing of urea and phosphate fertilizers.
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