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The pulse oximeter monitors the oxygen saturation of a patient's blood and changes in the blood volume in the skin, producing a photoplethysmogram (PPG), which may be further used for other measurements. A PPG is an optically obtained plethysmogram that can be used to detect blood volume changes in the microvascular bed of the tissue. A PPG is often obtained by using a pulse oximeter, which illuminates the skin and measures the changes in the amount of light absorbed. A pulse oximeter monitors the perfusion of the blood to the dermis and subcutaneous tissue of the skin.
Continuous monitoring of respiratory parameters has become a vital regimen for patients infected with the novel coronavirus. Thus, people are highly dependent on medical devices, such as pulse oximeters and multi-parameter monitors, for the diagnosis, treatment, and management of COVID-19. Furthermore, the World Health Organization (WHO)’s guidelines for the clinical management of the disease have mentioned oxygen therapy as an important intervention for patients with severe symptoms. Therefore, the government support for and rising incidence of COVID-19 have positively impacted the growth of the home-use pulse oximeter market.
Based on product, the home-use pulse oximeter market is categorized into fingertip, hand-held, and others. Among these, the fingertip pulse oximeter category is expected to hold the largest share in the market during the forecast period (2020–2030). This would be owing to features such as Bluetooth, alarm system, extensive memory, and easy transfer of data, which is why such pulse oximeters display increased efficiency.
Based on connectivity, the market is categorized into connected (smart pulse oximeter), and non-connected (normal pulse oximeter). Among these, the connected (smart pulse oximeter) bifurcation is expected to witness the faster growth in the home-use pulse oximeter market, owing to the increasing demand for mobile-based platforms and wearable devices which help detect the oxygen saturation in patients.
Based on patient type, the home-use pulse oximeter market is categorized into neonatal, pediatric, and adult. Among these, adult patients dominated the market in 2019, owing to the rising number of geriatric people and higher exposure of the working people (age group 40–60) to polluted air.
North America is expected to have the largest revenue share during the forecast period in the home-use pulse oximeter market. This would be due to the growing disposable income, which is resulting in a greater affordability of home-use pulse oximeters, coupled with the rising healthcare expenditure and increasing awareness regarding the importance of monitoring respiratory vitals among the population in the region. Furthermore, congenital heart disease (CHD) is one of the most-common birth defects in the U.S., therefore, the use of these devices has been mandated for screening newborns before they are discharged from a healthcare setting.
The increasing emphasis on patient safety during anesthesia and demand for consistent vital stat monitoring during an emergency and for newborns are expected to drive the growth of the home-use pulse oximeter market. Government initiatives and the availability of new products are expected to further propel the market growth in the coming years. These instruments are also gaining popularity in other parts of the world, as they can help detect CHD and other cardiac and respiratory conditions.
Moreover, the integration of artificial intelligence in pulse oximeters is one of the major driving factors for the home-use pulse oximeter market. Additionally, the rising demand for mobile-based platforms and wearable devices and technological advancements, including improvements in light-emitting diodes and photoelectric sensors, for more-accurate results, are helping drive the popularity of such medical devices. Further, the rising geriatric population and growing disposable income are significant factors for the home-use pulse oximeter market advance.
Companies offering such devices are actively involved in acquisitions and product launches to gain a significant share in the home-use pulse oximeter market. For instance, in August 2020, DetelPro, the health and hygiene vertical of Detel (SG Corporate Mobility Pvt Ltd.), launched the DI-OXY1 fingertip pulse oximeter designed for fast and accurate measurement of the oxygen saturation and pulse rate.
Moreover, in July 2020, Protonic Medical Systems Pvt. Ltd. launched a pulse oximeter, POM – 600, which is Conformité Européene (CE)-approved, to monitor the amount of oxygen carried in the body. This product is a non-invasive tool that measures the oxygen by attaching to the fingertip. After getting attached to the fingertip, two wavelengths of light are passed through the finger, which helps in measuring the pulse rate and oxygen present in the blood.
Some of the major players in the home-use pulse oximeter market are Medtronic plc, CareFusion Corp., General Electric Company, Protonic Medical Systems Private Limited, CAS Medical Systems Inc., Opto Circuits (India) Limited, Nonin Medical Inc., Meditech Equipment Co. Ltd. (Meditech Group), and Nihon Kohden Corporation.