What will be the Growth Rate of the Pulse Oximeter Market?

The World Health Organization (WHO) estimates that approximately 17.9 million human lives were lost due to cardiovascular diseases (CVDs) in 2019. Of these deaths, nearly 85% were caused due to heart attacks and strokes. The WHO also reports that nearly 236,000 fatalities occurred due to drowning in 2019. Furthermore, the Centers for Disease Control and Prevention (CDC) states that sickle cell disease (SCD) affects around 100,000 Americans each year. The CDC also estimates that around 1 in 13 African-American babies is born with the sickle cell trait (SCT).

Get More details Pulse Oximeter Market Trends and Opportunities

The surging incidence of heart attacks, SCD, and drownings will help the pulse oximeter market advance at a CAGR of 8.3% during 2019–2024. According to P&S Intelligence, the market revenue is projected to rise from $1,979.0 million in 2018 to $3,177.7 million by 2024. Additionally, the rising prevalence of multisystem trauma and apneic conditions will create a huge requirement for pulse oximeters, as they are used to evaluate the oxygenation status of patients.

At present, hospitals, diagnostic centers, and clinics and healthcare facilities are using fingertip, earlobe, forehead, nose, palm/foot, hand-held, wrist-worn, and table-top pulse oximeters to evaluate the oxygen saturation level of neonatal, adult, and pediatric patients. In the coming years, wrist-worn pulse oximeters will be adopted at the highest rate owing to the escalating need for compact, sensor-based, and lightweight devices for oxygen level measurement.

Geographically, North America is expected to lead the pulse oximeter market in the forthcoming years due to the strong presence of established medical device manufacturers and high adoption of metabolic screening. Moreover, the growing prevalence of chronic diseases, such as chronic obstructive pulmonary disease (COPD), respiratory infections, and cardiac arrest, and mounting healthcare expenditure will propel the adoption of pulse oximeters in the region. The U.S. adopts them in higher numbers due to the soaring number of patients opting for metabolic screening and escalating number of hospitals and other kinds of medical centers.

Therefore, the rising incidence of chronic diseases, increasing integration of AI in medical devices, and growing government support will propel the usage of pulse oximeters globally.


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