Pulse Oximeters Market size was worth USD 1.5 billion in 2015 which is anticipated to grow at a CAGR of more than 6.1% during the forecast period. The crucial application of the pulse oximeters in patient monitoring is responsible for its growth. Moreover, its use in anesthesia monitoring and safety have greatly reduced anesthesia-related deaths, which further contributes to the market potential.
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The key driving factors responsible for the growth of Pulse
Oximeters market :
Surgical safety has been a major
concern and so its provision is a priority worldwide. Global initiatives such
as the WHO Surgical Safety Checklist, which was created in 2008 as an outcome
of 2007 WHO Safe Surgery Saves Lives program, aims in the application of
minimum safety standards across hospitals in all countries. Pulse oximeter,
being an essential monitoring device in surgical treatments, is largely
affected by such global initiatives that influence its demand and are likely to
trigger the market growth.
Modernization has boosted
accessibility with the technological advancements in the cell phones operating
systems. In 2014, a company named Masimo launched iSpO2 pulse oximeter, which
is supported by the Android devices, facilitating ease of use and monitoring.
Type Insights
The segmentation based on the
type of devices is handheld, fingertip, and others. In 2016, the handheld
oximeter devices dominated the market owing to the ease of use of the device in
the case of emergency. The oxygen saturation of a patient highly affects the
course of treatment to be undertaken. Rising number of emergency cases of
strokes and surgeries is anticipated to augment the market over the forecast
period.
With the growing preference
towards portable technology due to its feasibility in use, fingertip pulse
oximeter segment is gaining prominence in the pediatric treatment procedures
and so are expected to show significant market growth over the forecasted
period. The fingertip pulse oximeters can withstand varying storage conditions
and thus is preferred.
Other types of oximeters include
stand-alone units that have provisions to monitor parameters such as blood
pressure and ECG. Lack of sufficient operative room facilities in most of the
developing countries, as per the findings of WHO, initiatives are taken to
increase the operative room facilities where each room is equipped with at
least one stand-alone monitoring units that would help in increasing the
penetration of the devices.
End User Insights
The conventional use of pulse
oximeters is done in hospitals pre and post surgeries. It is also used during
surgeries when the patient is anesthetized. The rising number of surgeries and
emphasis on patient safety are responsible for the increased use of pulse
oximeters during every procedure. These devices are once purchased and require
servicing and are not replaced frequently. The use of pulse oximeters in
newborn screening also adds to the number of devices procured by the hospitals
in their maternity and pediatric care divisions.
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