Pulse Oximeters Market 2019 | Business Strategies | Healthcare Industry Revenue, Upcoming Trends and Forecasts Till 2023
Worldwide
Industry - Analysis
The
global
pulse oximeters market
is anticipated to grow magnificently in the forecast period (2017 to 2023). It
should record an approximate CAGR of 6.5 percent during the said period. These
devices would observe rapid growth in the coming years, owing to the ability of
pulse oximeters to check the health of patients at their homes &
convenience and accurate detection of significant ailments. Taking into account
the worldwide scenario, the industry has a huge potential for further
expansion.
The
market is also propelled by burgeoning aged populace & chronic disorders.
On the contrast, absence of awareness regarding the availability of effective
treatments prevent the industry from gaining more shares. Rise in medical
expenses and the need for ‘on-the-spot’ monitoring are projected to offer
lucrative opportunities to the market. Obesity, unhealthy eating choices, and
inactive lifestyles may contribute to cardiac ailments, driving the growth of
pulse oximeters.
Escalating
development of alternative treatments, adoption of oximeter devices, & use
of low perfusion technologies are the other key industry drivers. These devices
are adopted for recording the vital signs of patients & paramount to their
healthy existence. The promotion of oximeter devices with novel & advanced
properties is said to offer prospects to industry participants. Wider
prevalence of sleep apnea, chronic obstructive pulmonary diseases, and cardiac
irregularities can also propel market growth in the near future.
With
time, more user-friendly & high-tech devices have come to the fore, leading
to higher growth. Higher demand for homecare facilities & patient comfort
is resulting in better industry opportunities. Speedy authorizations on
advanced technologies and the demand for remote patient monitoring are also
said to boost the incomes.
Division/Classification
The
overall industry is categorized into products, applications, and geographies.
By products, the market is segmented on the basis of fingertip, handheld, etc.
Homecare, hospitals, cardiac & breathing centers, and other kinds of
healthcare establishments constitute the applications. Geographical regions
contain Europe, the Middle East and Africa, Americas, and Asia Pacific.
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Leading
Sub-Segments
Handheld
devices have been dominating the industry. Their revenues were credited to the
increasing adoption of ‘key parameter’ checking devices and growing surgeries
across the globe. The premature detection of chronic disorders leads to
availing innovative therapies & having lesser complications. This has been made
possible with handheld devices.
Fingertip
instruments are also gaining recognition, with customers opting them for their
non-invasive characteristics. These devices are, however, the most profitable
sub-segment of the products market. They are very convenient to handle and are
being regularly sold at Walmart and other malls. Among applications, medical
facilities and hospitals led the market and will continue likewise throughout
the forecast period.
Americas
generated the largest sales in the past and would maintain its leadership till
2023. The compulsory testing of new born babies enforced by the CDC (Centers
for Disease Control and Prevention) is the main propeller behind this
leadership. Asia Pacific is projected to grow at the fastest rate from 2017 to
2023. Huge investments by regional participants drive it.
Advanced
Trends and Players & Their Strategies
In
2017, Masimo introduced 2 patient monitoring devices in India. Both the
products are very promising and hope to improvise the monitoring abilities of
national clinicians. Few among the many eminent players investing in the global
industry are CAS Medical Systems, Nonin Medical, Spacelabs Healthcare, and GE
Healthcare.
Oxitone
is yet another firm that believes in modern and high-tech patient care. With
the help of its products, patients have been able to live healthily &
happily. Its patents also facilitate the monitoring of pulse oximetry from
anywhere and anytime. The company’s products are very convenient to use and
have other advantages as well.
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