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Valued at $687.3 million in 2018, the U.S. pulse and regional oximeters market is projected to generate revenue worth $1,101.4 million by 2024, witnessing a CAGR of 8.2% during the forecast period (2019–2024).
This growth is mainly due to the presence of key manufacturers and high adoption of pulse and regional oximeters for health monitoring across the country. Moreover, increasing number of patients opting for metabolic screening, rising awareness of surgical care programs, and increasing number of hospitals and medical centers are some other factors contributing to the growth of the U.S. pulse and regional oximeters market.
Dynamics of U.S. Pulse and Regional Oximeters Market
Key trend observed in the U.S. pulse and regional oximeters market is the increasing number of acquisitions and collaborations among players to expand footprints and consumer base. The market players, such as Edwards Lifesciences Corporation and Koninklijke Philips N.V., are actively involved in strategic activities to expand their product portfolios and market shares. For instance, in April 2019, Edwards Lifesciences Corporation acquired CAS Medical Systems Inc. (CASMED) in approximately $100 million. The objective of this acquisition is to use CASMED's FORE-SIGHT non-invasive cerebral oxygenation technology; and to pair the FORE-SIGHT technology with its HemoSphere advanced hemodynamic monitoring platform. The assembly helps to create a unique offering of enhanced recovery tools and predictive analytics capabilities for clinics.
Growing government initiatives is one of the major drivers for the U.S. pulse and regional market. The World Health Organization (WHO) has incorporated several projects of pulse and regional oximeters to increase their awareness among caregivers, and these are included in the WHO safe surgical checklist as a standard of operation. Also, many non-government organizations (NGOs) devote toward safe surgery and anesthesia treatment in developing countries. For instance, a U.S.-based NGO, Lifebox Foundation is focusing on providing hospital teams with a critical combination of medical equipment, medical knowledge, and doctor support. This helps to safeguard millions of lives during surgeries and anesthesia management. Similarly, the Indian Society of Perinatology and Reproductive Biology (ISOPARB) has trained various medical practitioners about the usage of pulse and regional oximeters to reduce surgical complications and maternal mortality.
U.S. Pulse and Regional Oximeters Market Segmentation Analysis
Based on product type, the pulse oximeter category held larger share in the U.S. pulse and regional oximeters market in 2018. Among various pulse oximeters, the wrist-worn category is expected to witness the fastest growth during the forecast period. The market dominance of this category can be attributed to the fact that wrist-worn oximeters are more advanced in terms of technology and are widely accepted among geriatric population in home-based care.
On the basis of sensor, reusable sensor accounted for larger share in 2018 in the U.S. pulse and regional oximeters market. Unlike disposable sensor, reusable sensor-based oximeters are designed for short-term, continuous monitoring, and quick spot-checks of oxygen level in patients. Also, these provide stable griping during monitoring as compared to disposable sensor-based pulse oximeters.
Based on patient type, the adult category is projected to hold the largest share in the U.S. pulse and regional oximeters market, owing to the surging geriatric population, which is more prone toward cardiovascular diseases. Moreover, elderly people prefer to use user-friendly, home-based, non-invasive devices to monitor their saturated oxygen level, which further increases the market share of this category in the coming years.
Among end users, the hospitals category held the largest share in the U.S. pulse and regional oximeters market in 2018. Moreover, this end user is also expected to be the fastest-growing category in the market during the forecast period.
Geographical Scenario of U.S. Pulse and Regional Oximeters Market
Among U.S. states, California was the largest market for pulse and regional oximeters during the historical period. The trend is projected to continue during the forecast period as well, as the market in the state is expected to progress at a CAGR of around 10.2%.
Minnesota is the fastest-growing pulse and regional oximeters market in the U.S., which is expected to progress at a CAGR of 12.1% during forecast period. This can be mainly attributed to the technological advancements, high incidence of lung diseases, and new product launches in the state.
Competitive Landscape of U.S. Pulse and Regional Oximeters Market
General Electric Company, Smiths Medical, Halma plc, Masimo Corporation, and Nonin Medical Inc. are some of the major players engaged in the manufacturing and commercialization of pulse and regional oximeters in the U.S.
Recent Strategic Developments of U.S. Pulse and Regional Oximeters Market Players
In recent years, major players operating in the U.S. pulse and regional oximeters market have actively engaged in strategic activities, such as product launches and regulatory approval, to gain a competitive edge in the industry. For instance, in May 2017, Midmark Corporation, a leading medical solutions provider for ambulatory care, partnered with Masimo Corporation. With this partnership, Masimo SET pulse oximetry technology is available with Midmark’s IQvitals Zone, which is the industry’s first monitoring device with Bluetooth low energy technology for auto-connecting during vitals acquisition process.
Furthermore, in August 2015, Nonin Medical Inc. launched NoninConnect model 3230 Bluetooth smart wireless finger pulse oximeter and Apple iOS mobile app for clinicians and patients outside of the U.S.
Key Questions Addressed in the Report