Pulse oximeter is a noninvasive device used for monitoring a person’s oxygen saturation (SO2). In its most common application mode, a sensor device is placed on thin part of the patient body, which is usually a fingertip or earlobe in adults and in case of infants it is placed across a foot. The pulse oximeter displays the percentage of blood that is loaded with oxygen. Pulse oximeter specifically measures the percentage of hemoglobin, the protein in blood that carries oxygen. Pulse oximeter is particularly convenient for continuous measurement of blood oxygen saturation noninvasively. Pulse oximeter can be used in any setting where patient’s oxygenation is not stable such as in intensive care, recovery, operating, emergency and hospital ward, pilots in unpressurized aircraft, patient at high altitude for assessment of any patient’s oxygenation and to determine whether there is need for supplemental oxygen. Furthermore, the simplicity of use and ability to provide continuous and immediate oxygen saturation values makes pulse oximeters of critical importance in emergency medicine or first aid.
Furthermore, the simplicity of use and ability to provide continuous and immediate oxygen saturation values makes pulse oximeters of critical importance in emergency medicine or first aid. Pulse oximeter are useful for patients with cardiac problem, respiratory problem and chronic obstructive pulmonary disease.
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Moreover, pulse oximeter are used for diagnosis of sleeping disorders such as hypopnea and apnea. The pulse oximeter with portable battery are useful for pilots operating in a non-pressurized aircraft where supplemental oxygen is required. Pulse oximeter are also used extensively used by mountain climbers and athletes whose oxygen level may decrease at high altitude or with extensive workout.
Driving forces for the growth of pulse oximeter market in the near future:
Enhancement in healthcare workers to efficiently adopt the improved and reliable detection algorithms, increasing awareness and high prevalence of diseases that require continuous monitoring are the driving forces of pulse oximeter market.
Furthermore, pulse oximeter market is also driven by technology advancements and also in expansion of clinical applications such as in critical care, childbirth, neonatal, surgery, anesthesia and pediatric care. Increasing demand for pulse oximeter is mainly linked to its portability, connectivity, and small size.
Moreover, increase in aging population according to International Journal of Health Policy and Management showed periodic increase during 2004-2012 of aging associated increase in hospitalization, which was pegged at 1.03 million globally. This in turn is expected to favor growth of the pulse oximeter market. Standardization of patient monitoring in clinical practice creates a highly conducive environment for growth of the global pulse oximeter industry. Growing use of alternate care facilities and development in R&D also drives the market of pulse oximeter. However, according to National Sleep Foundation, in 2012, around 40 million people in the U.S. suffered from chronic sleep disorder which suggest the increased use of pulse oximeter.
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Regional growth engines of the pulse oximeter market
According to Centers for Disease Control and Prevention (CDC) and American Academy of Pediatrics (AAP) in September 2014 mandatory critical congenital heart defects (CCHD) screening for new born is a key reason for dominance of U.S for market of pulse oximeter market. Asia Pacific is assumed to observe fastest growth in near future due to increase in investment of industry player in this region is a key reason for growth of market. According to The European Sleep Apnea Database (ESADA), of March 2014, the number of enrollment of patients has reached to 15,956 along with 5313 follow up visits which shows that pulse oximeter market is rising in Europe
Major players operating in pulse oximeter market
There are few big brands that are expected to favor the growth of pulse oximeter market. The Apple watch used pulse oximeter technology for its heart rate monitor which has increased the market size of pulse oximeter. Key players operating in pulse oximeter market are CAS Medical Systems Inc., Covidien Plc, Masimo Corporation, Nihon-Kohden Corp., Nonin Medical Inc., Opto Circuits Ltd., Criticare Systems Inc., Mediaid Inc., Spacelabs Health care Inc., Philips Healthcare and Welch Allyn Inc.
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