The pulse oximeter market is estimated to be valued at US$ 3683.27 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Pulse oximeters are medical devices that indirectly monitor the oxygen saturation level in the blood and heart rate. Pulse oximeters are painless, non-invasive and easy to use. They are essential devices in critical patient care to monitor blood oxygen levels and cardiac health. They are commonly used in hospital settings for patients with respiratory problems and during surgeries to continuously monitor oxygen saturation. Market key trends: Surging Demand due to COVID-19 Pandemic: The pulse oximeter market witnessed a surge in demand due to the ongoing COVID-19 pandemic. Pulse oximeters have been used to monitor patients' oxygen saturation levels amid the pandemic as low oxygen levels are one of the symptoms of coronavirus infections. Various government bodies and health organizations recommended using pulse oximeters at home to supplement other COVID-19 monitoring practices. This led to a spike in sales of pulse oximeters globally. Furthermore, ongoing innovation and technological advancements in pulse oximeter devices are also expected to support the market growth over the forecast period. The Global Pulse Oximeter Market Demand is estimated to be valued at US$ 3683.27 Mn in 2023 and is expected to exhibit a CAGR of 7.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Porter’s Analysis Threat of new entrants: The threat of new entrants is moderate as significant capital investment would be required to enter this market. Moreover, the industry is consolidating with large companies acquiring smaller ones. Bargaining power of buyers: The bargaining power of buyers is moderate as pulse oximeters are medical devices and customer loyalty exist towards brands. However, availability of substitutes provide some bargaining power. Bargaining power of suppliers: Suppliers have low bargaining power since components used in manufacturing pulse oximeters such as sensors, screens etc. are available from multiple suppliers globally. Threat of new substitutes: Threat from substitutes is low as new entrants face challenges in replacing existing pulse oximeters that have strong brand loyalties. Competitive rivalry: The competitive rivalry is high among existing players to gain market share and major players follow strategies like new product launches and acquisitions. SWOT Analysis Strength: Presence of major players with strong distribution network. Growing demand for remote patient monitoring and home healthcare. Weakness: High competition affecting pricing. Require skilled staff for operation. Opportunity: Increasing adoption in developing regions owing to expanding healthcare infrastructure. Growing use in applications beyond hospitals. Threats: Regular product innovations required to sustain. Stringent regulatory approvals delay product launches. Key Takeaways The global pulse oximeter market is expected to witness high growth, exhibiting CAGR of 7.5% over the forecast period, due to increasing investments in healthcare infrastructure and growing geriatric population suffering from chronic diseases. North America dominated the pulse oximeter market in 2023 and is expected to continue its dominance over the forecast period, owing to high healthcare expenditure and presence of major players in the region. Regional analysis explains fastest growing Asia Pacific region is poised to grow at a significant rate during the forecast period due to expansion of healthcare facilities, rising medical tourism, and growing awareness. Key players operating in the pulse oximeter market are Masimo, Medtronic Plc, Nihon-Kohden Corporation, GE Healthcare, Koninklijke Philips N.V., Hill-Rom Services, Inc.,Smiths Medical, Nonin, MICROTEK, OSI Systems, Inc. Honeywell International Inc., Promed Technology Co.Ltd., Beurer, Contec Medical Systems Co., Ltd., ChoiceMMed, CONMED Corporation, Stryker, Medline Industries, Inc., Curbell Medical Products, Inc., and Ecomed. These major players are focused on new product launches and acquisitions to strengthen their market position. Read More: https://www.insightprobing.com/pulse-oximeter-market-growth-demand-and-overview/
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