Pulse Oximeters Market Size [2022 - 2028] to reach USD 2,657.6 Million [CAGR 6.7%]
Posted on Jun 22 2022 8:16 AM
"Pulse Oximeters Market research report 2022 CAGR Status, Size, Industry Share, Interaction, Revenues , Development Strategy, Key Players, Competitive Landscape, Dynamics, competitive share analysis, consumption by regions, business development, technologies and growth trends, demand status and future product."
The global pulse oximeters market is likely to grow in the coming years due to increasing usage clearances from the Food and Drug Administration (FDA). According to a report published by Fortune Business Insights, titled “Pulse Oximeters: Global Market Analysis, Insights and Forecast, 2018-2025,” the market is likely to reach US$ 2,657.6 Mn by the end of 2025. Fortune Business Insights states that the market was valued at US$ 1,587.3 Mn in 2017 and will exhibit a CAGR of 6.7% in the forecast period.
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Rising COVID-19 Cases to Increment Market Growth During Ongoing Pandemic due to Increasing Demand
The COVID-19 pandemic bought a positive impact on the market due to an increased adoption rate of fingertip pulse oximeters and a rising number of favorable government regulations. Additionally, a decline in in-person visits triggered rising usage in-home healthcare settings, leading to significant growth in the market. 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 a 22% increase in revenue in 2020 when their 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 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 Acquiring Kestrel Labs
Zynex announced they acquired 100% of Kestrel Labs in order to expand their 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 02Hb, RHb, COHb, and mehHB.
Additionally, Kestrel Lab’s technology possesses attributes to measure 02Hb 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.
Masimo’s Approval for Radius PPG to Trigger Growth
In 2019, Masimo received clearance for its latest pulse oximeter. The ‘Radius PPG’ was approved by the FDA after establishing efficient results through clinical trials. The Radius PPG represents a significant breakthrough in the healthcare industry, particularly for the diagnosis and study of oxygen levels in the blood. The wireless ability allows users to move freely even when they are being examined with the device. Masimo’s wireless oximeter has gained huge popularity owing to its wireless functions and it is likely that the global pulse oximeters market will benefit from the subsequently rising demand for the Radius PPG. Radius’ ability to display blood oxygen values on external third party display devices, in addition to Masimo’s inbred host display devices are likely to boost the growth of the global market.
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iHealth’s Wristworn Pulse Oximeter to Witness Massive Demand
iHealth’s wrist-worn pulse oximeter’s wide end user coverage can be attributed to its clinical efficacy and most importantly, its ease of use. The device is available on e-commerce websites such as Amazon and the ease of availability for iHealth’s latest device is a leading factor that has contributed to the growth of the global market. The device can continuously monitor blood oxygen saturation levels along with the pulse rate, both within a short span of time. The device is integrated with a LED display that shows the oxygen saturation readings. The device operated through the emission of infrared light onto the blood vessels of the fingertip. The device has won over many users and the increasing demand has led to the distribution on online retail chains as well as offline stores. iHealth’s latest device is likely to boost the global pulse oximeter market in the forthcoming years.
Masimo and Mindray Announce Partnership to Extend Sales Outside the US
In May 2019, Masimo and Shenzhen Mindray Biomedical Electronics announced that they have reached an agreement to extend the distribution of Masimo’s devices. Through this agreement, Mindray will offer sales and distribution options in countries other than the United States. The increasing demand for Masimo’s wrist-worn pulse oximeters has triggered this agreement, which in turn is likely to favor growth of the global market in the forthcoming years.
The report profiles several companies operating in the market and studies their growth strategies with regards to product launches and strategic collaborations. This is intended at evaluating the impact of these strategies on the overall market.
In the report, Fortune Business Insights has profiled a few companies that are operating in the global pulse oximeter market. Some of the leading companies that have been identified as significant growth contributors are GENERAL ELECTRIC COMPANY, Koninklijke Philips N.V, Masimo, Messe Düsseldorf GmbH, VYAIRE, Opto Circuits (India) Limited, Medtronic, Omron Healthcare, Inc., Nonin, and B Smiths Group plc.