Pulse oximeters are noninvasive patient monitoring devices that are used to check blood oxygen levels (also known as blood oxygen saturation) (SpO2). SpO2 levels are one of five essential physiological indicators of a person’s hemodynamic state. With the recent increase of COVID-19 cases, there is a greater emphasis on respiratory monitoring, as well as an increase in the use of pulse oximeters for remote and self-monitoring. As a result, the COVID-19 epidemic is driving the pulse oximeter market.
[Report of 277 pages] From 2021 to 2026, the worldwide pulse oximeter market is predicted to develop at a compound annual growth rate (CAGR) of 10.1 percent.
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High prevalence of respiratory disorders is a driving force.
COPD, asthma, and pneumonia are among the most common respiratory disorders in the world. The airways of the lungs become clogged in COPD, asthma, and pneumonia, making it harder to flow air in and out of the lungs, resulting in low oxygen levels in the blood. COPD is projected to become more common in the coming years as a result of rising tobacco smoking and an ageing population (Source: WHO). COPD prevalence rises with age, according to the AIHW, with the majority of cases occurring in adults aged 45 and up. Patients with COPD may live longer if their blood oxygen levels are regularly monitored.
OTC pulse oximeters are subject to regulations and accuracy concerns.
OTC medical items are those that have been approved by appropriate medical authorities to be sold directly to consumers without a prescription. OTC pulse oximeters do not require FDA approval and can be purchased without a prescription from any pharmacy. However, there are concerns about the safety and accuracy of over-the-counter pulse oximeters. While pulse oximetry can be helpful in clinical decision-making, the PAHO recommendations state that it is not a substitute for clinical evaluation and is not sufficient for diagnosis. With the growing need for effective COVID-19 patient diagnosis, monitoring, and treatment, as well as the necessity to prevent the virus from spreading further the pandemic,
Although pulse oximetry is beneficial for assessing blood oxygen levels, the US Food and Drug Administration (FDA) has issued a warning to patients and healthcare providers that it has limitations and can be inaccurate in certain situations. This could limit the market’s expansion to some extent.
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Key Players:
The prominent players in this market include Medtronic plc (Ireland), Masimo Corporation(US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Meditech Equipment Co., Ltd. (China), Contec Medical Systems Co., Ltd. (China), GE Healthcare (US), ChoiceMMed (China), OSI Systems, Inc. (US), Nihon Kohden Corporation (Japan), Smiths Group plc (UK), Honeywell International Inc. (US), Dr Trust (US), HUM Gesellschaft für Homecare und Medizintechnik mbH (Germany), Beurer GmbH (Germany), The Spengler Holtex Group (France), Shanghai Berry Electronic Technology Co., Ltd. (China), Promed Group Co., Ltd. (China), Tenko Medical System Corp. (US), and Shenzhen Aeon Technology Co., Ltd. (China).
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