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The global Pulse Oximeter Market size reached USD 2.36 billion in 2022. The market value is estimated to increase from USD 2.24 billion in 2023 to USD 3.19 billion in 2030 at a CAGR of 5.2% over the forecast period (2023-2030). The soaring prevalence of respiratory diseases is expected to propel industry expansion.
This information is published by Fortune Business Insights™ in its report titled, “Pulse Oximeter Market Size, Share & COVID-19 Impact Analysis, By Product Type (Fingertip Oximeters, Handheld Oximeters, Tabletop Oximeters, and Others), By Technology (Conventional and Smart), By Age Group (Adults and Pediatrics), By End-user (Hospitals and Ambulatory Surgical Centers, Clinics, Home Healthcare, and Others), and Regional Forecast, 2023-2030”.
Rising COVID-19 Cases Propelled Market Growth Owing to Increasing Demand
The COVID-19 pandemic had a positive impact on the market due to increased adoption rate of fingertip pulse oximeters and a rising number of favorable government regulations. Additionally, decline in in-person visits triggered the rising product usage in home healthcare settings, leading to significant growth in the market size. The rising number of patients suffering from oxygen saturation further contributed to the growth of the market.
A global leader in the market, Masimo, reported 22% increase in revenue in 2020 when its revenue stood at USD 1,143.7 million. The organization achieved this feat by expanding on its consumer base by introducing its core SET pulse oximeter. The rising number of cases further led industry players to ramp up production to meet the surge in demand. In April 2021, Konica Minolta Inc. collaborated with Seki Aoi Techno Co., Ltd. to increase its production capacity by 20 times than the previous year.
Zynex Announces the Acquisition of Kestrel Labs to Increase Geographical Footprint
Zynex announced that it acquired 100% of Kestrel Labs to expand its footprint in patient monitoring. The acquisition was valued at USD 31.0 million in cash and a common stock combination. Kestrel Labs patented NiCO CO-Oximeter laser-based photoplethysmography has the ability to identify, measure, and regulate four critical species of Hb, which include O2Hb, RHb, COHb, and metHB.
Additionally, Kestrel Lab’s technology possesses attributes to measure O2Hb regardless of skin pigmentation and acquiring COHb with unmatched accuracy. Zynex seeks to expand its portfolio with laser-based pulse oximeters with their existing non-invasive blood, fluid, and sepsis monitors.
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https://www.fortunebusinessinsights.com/industry-reports/pulse-oximeters-market-100528
Rising Prevalence of Chronic Respiratory Disorders to Bolster Market Share
Factors such as the rising number of patients suffering from oxygen saturation during the ongoing pandemic and the increasing prevalence of asthma, sleep apnea, Chronic Obstructive Pulmonary Diseases (COPD), occupational lung diseases, and lung cancer among others will boost the Pulse Oximeter Market growth.
The rising number of guidelines issued by various government agencies and recommendations regarding the use of oximeters will increase the footprint of the market. Also, rising use cases in terms of anesthesia monitoring during surgeries will fuel the growth of the market during the forecast period. Increasing patient awareness and improving strategic initiatives among the dominant players will boost the growth of the market.
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Table of Segmentation:
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 5.2% from 2023-2030 |
Unit | Value (USD Billion) |
Segmentation | By Product Type; Technology; Age Group; End-user; and Region |
By Product Type |
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By Technology |
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By Age Group |
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By End-user |
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By Geography |
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