Rising concerns pertaining to health among people and their efforts to stay fit are enhancing the adoption rate of pulse oximeters. This, in turn, is likely to boost growth of global pulse oximeters market. The device enables the users to effectively diagnose various health conditions, and track the health status for caregivers in the comforts of home.
Factors such as rise in elderly population across the world and increasing incidence of chronic disease are likely to drive global pulse oximeters market in coming years. Furthermore, rising demand for proactive monitoring devices and increasing expenditure on healthcare in developing countries are providing fresh growth avenues for market players.
A report added by Fact.MR provides insights about segments and drivers contributing to the growth of pulse oximeters market during the forecast period (2019-2029). Advancement in the medical device to track health status at any point in time is boosting the market growth. Compactness of pulse oximeters and ease-of-use are a few other factors driving the growth of global oximeters market.
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Ease-of-Use at Home Settings Influencing Adoption Rate of Pulse Oximeter
Surge in demand for pulse oximeters for use in home care settings is fueling growth of pulse oximeters market. The device allows instant measurement of pulses. Hence, it is widely used by patients suffering from chronic obstructive pulmonary disease (COPD), congestive heart failure (CHF), and other medical condition that requires oxygen therapy.
Earlier, the use of device was limited to hospital for continuous monitoring purpose and sleep studies at times when patient were on mechanical ventilation.
Personal pulse oximeters enables patients to monitor their oxygen saturation level in their blood. Further, they also help patient regulate oxygen delivery in order to get appropriate oxygen saturation levels during exercise and rest.
Integration of New Technology Boosts Pulse Oximeter Market Globally
To facilitate ease of use and provide multi functionality to the devices, manufacturing companies are integrating artificial intelligence (AI) with pulse oximeters. The innovation is likely to push the adoption rate of pulse oximeters in coming years. For example, Nonin Medical launched Apple iOS-compatible NoninConnect Elite Model 3240 Bluetooth. It is a smart wireless finger pulse oximeter. The device permits connectivity with mobile phone via bluetooth and data can be tracked instantaneously.
Some of the prominent players operating in the global pulse oximeter market are Omron Corporation, Nihon Kohden Corporation, Contec Medical Systems Co. Ltd., Smiths Group plc, General Electric Company, Nonin Medical Inc., Medtronic plc, Halma plc, Masimo Corporation, and Koninklijke Philips N.V.
In 2018, handheld pulse oximeters accounted for maximum revenue share in pulse oximeters market. They allow the use of various types of sensors, which can be clipped at finger, toe, earlobes, or hand. Either of the reusable or disposable type of sensor can be integrated with the device. Owing to flexibility, the segment is likely to exhibit consistent growth in forthcoming years.
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On the other hand, wrist pulse oximeters segment is, also, projected to show significant growth in the forecast period. The growth rate is attributed to compactness and portability of the device. The device can track health status using mobile app. As per a report published by Fact.MR, the segment will chart a CAGR of 5% through 2029. It is estimated that the segment will account for 15% of market share by the end of forecast period.
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