Increasing investments in rising healthcare, technological developments in pulse oximeter devices, and the expansion of medical device companies in emerging economies will all contribute to the market's growth.
JERSEY CITY, N.J., July 8, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Pulse Oximeter Market" By Mode of Product (Sensors and Equipment), By Type (Portable Pulse Oximeters and Bedside/ Tabletop Pulse Oximeters. ), By Age group (Adult, Pediatric), By End-User (hospitals, home care facilities, and ambulatory care centers), By Technology (Conventional and connected Devices), and By Geography. According to Verified Market Research, the Global Pulse Oximeter Market was valued at USD 1.92 Billion in 2020 and is projected to reach USD 3.06 Billion by 2028, growing at a CAGR of 6.02% from 2021 to 2028.
Home care captures people's curiosity, primarily for accessibility and budget-related reasons, and contributes significantly to the global pulse oximeter market, particularly in regions where reimbursement policies are weak. It is also important to note that demand for remote monitoring is rapidly increasing because constant monitoring is an expensive task resulting in the growth of the pulse oximeter market. The University of Pittsburgh Medical Center has reduced the risk of hospital readmissions by 76% and held patient satisfaction scores over 90% by providing patients with Remote patient monitoring equipment.
According to a KLAS Research survey of 25 healthcare institutions, 38 % of those conducting RPM projects focused on chronic disease reported lower admissions, while 17 % indicated cost savings. These factors are expected to drive market growth.
The growing demands for pulse oximeters in healthcare facilities, home care, and remote management of COVID-19 treated cases as an early diagnosis tool to prevent further damage. This is a positive driver for the growth of the market.
Key Developments inPulse Oximeter Market
In April 2021, Nonin introduced two new single-use disposable devices, a wristband and a sensor for use with Nonin's WristOx2 3150 wrist-worn pulse oximeter (SpO2).
In November 2020, GE Healthcare increased its AI offerings and Edison ecosystem, leveraging ongoing investments in innovation and digital health momentum.
The major players in the market areMedtronic plc (Ireland), Contec Medical Systems Co., Ltd. (China), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Meditech Equipment Co., Ltd. (Meditech Group) (China), ChoiceMMed (China), OSI Systems, Inc. (the US), Nihon Kohden Corporation (Japan), Masimo (US), and General Electric Company (US).
Verified Market Research has segmented the Global Pulse Oximeter Market On the basis of Product, Type, Age group, End-User, Technology and Geography.
Pulse Oximeter Market by Product
Pulse Oximeter Market by Type
Portable Pulse Oximeters
Bedside/ Tabletop Pulse Oximeters
Pulse Oximeter Market by Age group
Pulse Oximeter Market by End User
Home Care Settings
Ambulatory Care Settings
Pulse Oximeter Market, by Technology
Pulse Oximeter Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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