The conventional use of pulse oximeters is done in hospitals pre and post surgeries. It is also used during surgeries when the patient is anesthetized. The rising number of surgeries and emphasis on patient safety are responsible for the increased use of pulse oximeters during every procedure. These devices are once purchased and require servicing and are not replaced frequently. The use of pulse oximeters in newborn screening also adds to the number of devices procured by the hospitals in their maternity and pediatric care divisions. However, there is an upward trend of use of pulse oximeters in homecare settings due to the expansion of the homecare market. Hospices and even nursing care centers are procuring oximeters to provide better care to their customers.
Regional Insights
The inequality in the distribution of the healthcare facilities worldwide is very significant. For instance, North America has low burden of diseases but high presence of healthcare workers and finances. Moreover, strong technological base, availability, and adaptability of the recent advances in technology makes North America dominate the market. However, African region has high burden of the diseases but low presence of healthcare workers and finances, thus, although a potential market, low awareness and affordability hinder the development of pulse oximeter market in African region.
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Asia Pacific is anticipated to show fast growth over the forecasted period owing to the moderate burden of global disorders and high adoption of modernization and developing technology, realizing the need of better healthcare facilities and early detection of disorders through increased use of monitoring devices such as the pulse oximeters.
Competitive Insights
With the trend of customized facilities, some companies are working toward developing devices that are supported by the cell phones operating systems, facilitating flexible, wireless and easy monitoring. For instance, Masimo’s iSpO2 and Zensorium’s Tinke are the oximeter devices that are compatible with iPhones, thus providing the iPhone users with the benefits of the new technology. Such innovations are likely to attract the population and widen the market size.
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