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Valued at $2,101.0 million in 2018, the global pulse and regional oximeters market is projected to generate $3,365.0 million revenue in 2024, witnessing a CAGR of 8.2% during the forecast period (2019–2024).
Among all regions, North America is expected to lead the pulse and regional oximeters market during the forecast period. The presence of key players and high-end healthcare infrastructure are some of the major factors driving the growth of the North American market. Besides, the increasing prevalence of targeted diseases and surging geriatric population are also playing a pivotal role in the growth of the market.
Dynamics of Pulse and Regional Oximeters Market
In the pulse and regional oximeters market, manufacturers are actively involved in acquisitions to develop innovative and advanced devices. For instance, in August 2018, Koninklijke Philips N.V. acquired Xhale Assurance Inc., a U.S.-based scale-up company that develops and commercializes pulse and regional oximetry sensor technologies. Xhale Assurance Inc.’s disposable pulse and regional oximetry sensors are placed on the wing of the nose, and these can measure and transmit patient’s heart rate and blood oxygenation under low-perfusion conditions, which is challenging to achieve with conventional pulse and regional oximetry sensors. This technology broadens Koninklijke Philips N.V.’s portfolio of oxygen saturation monitoring solutions.
Pulse oximetry for anesthesia during surgery has been a standard of care in developed as well as developing nations. Thus, many government policies and programs are being adopted to meet the demand for pulse and regional oximeters. For instance, in 2016, Koninklijke Philips N.V, Government of the Federal Democratic Republic of Ethiopia, Bill & Melinda Gates Foundation, and Masimo Foundation collaborated to support the Government of Ethiopia in providing medical pulse and regional oximeters for women and children. The partnership promoted and extended to other countries in South Asia and Sub-Saharan Africa, where a large number of maternal, newborn, and child deaths were reported throughout the year. The World Health Organization (WHO) has undertaken several projects to increase the awareness about pulse and regional oximeters among caregivers, and these are included in the WHO safe surgical checklist as a standard of operation (SOP). Similarly, the Indian Society of Anaesthesiologists (ISA) also conducted several conferences to increase the demand for these devices in hospitals and declared them immediate first-aid devices to detect and prevent hypoxia and inadequate ventilation, and significantly reduce anesthetic mortality.
With the vast disparity between developing and developed countries, in terms of access to healthcare services, it can be construed that the developing economies hold a great potential for players operating in the pulse and regional oximeters market. The availability of proper tools, with respect to clinical monitoring, for the treatment of various chronic diseases, is low in low-income economies, thereby making it difficult for patients in these countries to get proper medical care.
To improve their affordability in developing countries, manufacturers and healthcare firms are actively involved in offering advanced medical devices and services, respectively. Thus, with the increasing use of pulse and regional oximeters in emerging economies, healthcare professionals can have easy access to clinically monitor the patients for the management of diseases.
Pulse and Regional Oximeters Market Segmentation Analysis
On the basis of product type, the pulse oximeter category is projected to witness the faster growth during the forecast period. Pulse oximeters can be used to alert healthcare providers about the low oxygen level in patients’ bloodstream, unlike regional oximeters, which only determine the oxygen saturation level in one part of the body, particularly the brain. Moreover, pulse oximeters can be used to assess the need for supplemental oxygen and monitor the oxygen saturation level in patients under general anesthesia.
Based on sensor type, the reusable category dominated the pulse and regional oximeters market, with a 75.4% share, in 2018. As they are ideal for repeated use, these devices are witnessing high adoption among end users across the world. In addition, reusable sensors/probes are more economical than disposable sensors.
On the basis of patient type, adult patient is the largest category in the pulse and regional oximeters market. This is mainly due to the growing geriatric population, which is more susceptible to various chronic diseases.
Hospitals are projected to be the fastest growing end-user category in the market. This can be mainly attributed to the increasing number of hospitals and government initiatives to improve the medical infrastructure in developing regions.
Based on connectivity, the nonconnected category held the larger share in the pulse and regional oximeters market. This is primarily attributed to the increasing use of nonconnected devices in hospitals and other healthcare facilities across the world.
Geographical Analysis of Pulse and regional oximeters market
North America is expected to hold the largest share, of 40.3%, in the market in 2024, mainly on account of the advanced healthcare infrastructure, presence of established players, and surging geriatric population.
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During the forecast period, the Asia-Pacific pulse and regional oximeters market is projected to witness the fastest growth, mainly attributed to the improving healthcare infrastructure in the region and increasing focus of market players on business expansion in developing countries, such as China and India.
Competitive Landscape of Pulse and Regional Oximeters Market
Some of the giant players operating in the pulse and regional oximeters market include General Electric Company, Medtronic Plc, Koniklijke Philips N.V., Edwards Lifesciences Corporation, Drägerwerk AG & Co. KGaA, Nihon Kohden Corporation, and Masimo Corporation. Some of the other players in the market are Smiths Medical, Opto Circuits Limited, Nonin Medical Inc., Halma Plc, and Spacelabs Healthcare.
Recent Strategic Developments of Pulse and Regional Oximeters Market Players
In recent years, the major players operating in the global pulse and regional oximeters market have actively engaged in getting regulatory approval for their products to gain a competitive edge and expand their product portfolio. For instance, in January 2017, Masimo Corporation received the U.S. Food and Drug Administration (FDA) approval for its TFA-1 disposable forehead sensor. The device uses proprietary SET Measure-through Motion and Low Perfusion technology to provide accurate readings.
Key Questions Addressed in the Report