Increasing prevalence of cardiac and respiratory disorders that require oximeters for analysis and monitoring are key drivers for growth of the pulse oximeter market. Improvement in technologies and new applications such as CCHD (Critical Congenital Heart Defects) screening in neonates add to the horizons of growth for the market. Furthermore, introduction of remote patient monitoring, growing population of neonates and geriatrics, higher awareness and health consciousness of individual fuels the market growth. Innovative marketing strategies of using online retailers aiming for higher awareness and efficient distribution channel help attain cost effectiveness and escalation of the market as well.
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Stand-alone product segment is the largest market owing to provision of data with ease, efficiency and accuracy. Within the stand-alone product segment, hand held devices hold the largest share. Technological advancement in terms of wireless communication and portability are key drivers for the significant share. The homecare market forms the fastest growing segment, owing to the possibility of self monitoring by patient and avoidance of critical condition development, reduction in the number of visits to a hospital and high health consciousness level of individuals. Government initiatives and training programs coupled with high disposal incomes also contribute to the escalation. The hand held market is expected to retain its dominance due to production of technologically advanced devices meeting the needs of the customers for portable, anytime accessibility and miniature size pulse oximeters. iSpO2 of Masimo’s Corporation is a stand-alone, hand held device that connects to an iPhone allowing for anytime accessibility by patients and healthcare providers.
Globally, North America dominates the market owing to higher purchasing power and technological advancements. Asia-Pacific region, with major spotlight on India, China and Japan are expected to offer huge growth potential due to rapid urbanization with change in lifestyle, and rising awareness and fitness level of people.
Some Key players of the market are Criticare Systems Inc., Nihon Kohden Corp, Meditech, Masimo Corp., CAS Medical Systems Inc., Covidien PLC, Opto Circuits Ltd., Nonin Medical Inc., Smith Medical, Carefusion Corp., Spacelabs Healthcare, GE Healthcare, Welch Allyn Holdings, Philips Healthcare, and Zensorium.
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