Fingertip Pulse Oximeters Segment to Grow at Highest CAGR
According to our latest study on “The US Pulse Oximeters Market Forecast to 2027– COVID-19 Impact and Country Analysis– by type, and end user,” the market was valued at US$ 541.01 million in 2019 and is projected to reach US$ 1,106.78 million by 2027; it is expected to grow at a CAGR of 9.2% during 2020–2027. The report highlights trends prevailing in the US pulse oximeters market, and the drivers and hindrances pertaining to the market growth.
Based on type, the US pulse oximeters market is segmented into fingertip pulse oximeters, handheld pulse oximeters, wrist-worn pulse oximeters, and pediatric pulse oximeters. The fingertip pulse oximeters segment held the largest share of the market in 2019. It is estimated to register the highest CAGR during the forecast period. This growth can be ascribed to increasing technological advancements in fingertip pulse oximeters, such as Bluetooth, alarm system, extensive memory, and easy transfer of data. Moreover, demand for respiratory devices including pulse oximeters is increasing due to COVID-19 pandemic. COVID-19 is a respiratory disease and it primarily affects lungs. Respiratory devices are major intervention for patients with severe COVID-19 infection. In COVID-19 patients, the oxygen levels drop significantly and can even drop to 40% as compared to Normal oxygen levels that is above 95%. The oximeter has become crucial in the management and monitoring of COVID-19 patients. Hence, healthcare providers need to ensure the availability of pulse oximeters and other medical oxygen systems.
The growth of the US pulse oximeters market is attributed to increasing prevalence of respiratory diseases and growing preference for remote patient monitoring. However, inaccuracies in pulse oximeter readings due to several factors, such as changes in the arterial pulse, body movements, color interferences, and venous pulsations, restrain the growth of the market. Nonin, Koninklijke Philips N.V.; VYAIRE MEDICAL, INC; Smiths Medical; Hill Rom Holding Inc.; Edwards Lifesciences Corporation; Medtronic; Masimo; Beurer GmbH; and Maxtec are among the leading companies operating in the US pulse oximeters market.
The report segments US pulse oximeters market as follows:
- Fingertip Pulse Oximeters
- Handheld Pulse Oximeters
- Wrist-worn Pulse Oximeters
- Pediatric Pulse Oximeters
By End User
- Hospitals
- Clinics
- Others