Global Pulse
Oximeters Market is foretold to provide a
robust support for industry players to lay a solid foundation for their
business growth. It includes a comprehensive evaluation of the industry growth
status and risk. In addition, it provides detail market variables, trends, key
opportunities, new entrants & competitors.
Pulse Oximeters Market
study offers detail overview of industry with all the requisite data to support
tactical business decisions and come up with strategic growth plans. This study
also proposes a comprehensive insight into the development policies and plans
in addition to manufacturing processes and cost structures.
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Industry Insights
The global 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.
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.
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.
However, there is an upward
trend of use of pulse oximeters in homecare settings due to the expansion of
the homecare market. Hospices and even nursing care centers are procuring
oximeters to provide better care to their customers.
Regional Insights
The inequality in the
distribution of the healthcare facilities worldwide is very significant. For
instance, North America has low burden of diseases but high presence of
healthcare workers and finances. Moreover, strong technological base,
availability, and adaptability of the recent advances in technology makes North
America dominate the market. However, African region has high burden of the
diseases but low presence of healthcare workers and finances, thus, although a
potential market, low awareness and affordability hinder the development of pulse
oximeter market in African region.
Asia Pacific is anticipated
to show fast growth over the forecasted period owing to the moderate burden of
global disorders and high adoption of modernization and developing technology,
realizing the need of better healthcare facilities and early detection of
disorders through increased use of monitoring devices such as the pulse
oximeters.
Competitive Insights
With the trend of
customized facilities, some companies are working toward developing devices
that are supported by the cell phones operating systems, facilitating flexible,
wireless and easy monitoring. For instance, Masimo’s iSpO2 and Zensorium’s
Tinke are the oximeter devices that are compatible with iPhones, thus providing
the iPhone users with the benefits of the new technology. Such innovations are
likely to attract the population and widen the market size.
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