Global Oxymeter Market Is Expected to Reach USD 3.68 Billion by 2028 : Fior Markets

Oxymeter Market by Type (Handheld, Fingertip, Others), End-Use (Homecare, Hospitals & Other Healthcare Facilities), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028

Newark, NJ, May 06, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global oxymeter market is expected to grow from USD 2.16 billion in 2020 to USD 3.68 billion by 2028, at a CAGR of 6.9% during the forecast period 2021-2028.

Over the projected era, new product development and high unmet needs in emerging and least-developed nations are anticipated to drive demand growth. Pulse oximetry is now used for newborn screening in almost all states of the USA, and it is attracting recognition in other countries because of its uses in the diagnosis of Congenital Heart Defects (CHD) and other respiratory & heart disorders. The increasing prevalence of target diseases such as hyperlipidemia, asthma, hypertension, ischemic conditions, diabetes, cardiac arrhythmia, COPD, and sleep apnea are anticipated to be key market drivers during the forecast period. As per the World Health Organization, approximately 64 million people worldwide suffer from COPD, with about 90% of COPD-related deaths occurring in low- and middle-income nations. Some other types of oxymeters other than the conventional handheld and fingertip ones include desktop oxymeters, wrist-worn oxymeters, mobile phone pulse oxymeters, and bedside oxymeters. Mobile phone pulse oxymeters have a sensor that is integrated with the smartphone app which analyzes data and shows relevant statistics.

With the outbreak of a global pandemic, many have faced salary cuts and job losses. Covid-19 has become a threat to the entire world’s economy and has negatively impacted all kinds of markets, including the oxymeter market. With less disposable income and broken supply chains, the market's growth is expected to slow down. A shortage of skilled professionals due to medical workers being shifted to covid-19 frontlines also negatively impacts the market.

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Key players operating in the global oxymeter market include Carefusion Corp., GE Healthcare, Masimo, Opto Circuits India Ltd., Smiths Medical, Spacelabs Healthcare, Nihon Kohden Corporation, Medtronic, Philips Healthcare, CAS Medical Systems, Inc., Nonin Medical, Inc., Welch Allyn, and Meditech Equipment Co., among others. To gain a significant market share in the global oxymeter market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. GE Healthcare and Philips Healthcare are some of the biggest manufacturers and suppliers of oxymeter in the global market.

• For instance, Tyto Care, a telehealth firm, introduced a fingertip pulse oxymeter in January 2021 that attaches to the TytoCare system through a cable and logs test results to the patient's EHR, allowing physicians to track the patient remotely.

• In January 2017, Masimo introduced the Rad-97 Pulse-CO Oxymeter in India.

Handheld dominated the market and held the largest market share of 35.8% in the year 2020

Based on type, the global market has been segmented into handheld, fingertip, and others. Handheld dominated the market and held the largest market share of 35.8% in the year 2020. The segment is estimated to be driven by technological advances in oxymeters. Added features such as data transfer ease, large memory, warning system, and Bluetooth improve product performance. Over the projected timeframe, an increase in the number of surgeries and stroke cases is expected to augment segment growth.

Homecare and hospitals & other healthcare facilities dominated the market and held the largest market share of 65.2% in the year 2020

On the basis of end-use, the oxymeter market has been divided into homecare and hospitals & other healthcare facilities. Homecare and hospitals & other healthcare facilities dominated the market and held the largest market share of 65.2% in the year 2020. Hospitals & other healthcare facilities have several advantages such as large scale, strong financial capabilities, and a broad range of services.

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Regional Segment Analysis of the Oxymeter Market

• North America (U.S., Canada, Mexico)

• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

• Asia-Pacific (China, Japan, India, Rest of APAC)

• South America (Brazil and Rest of South America)

• Middle East and Africa (UAE, South Africa, Rest of MEA)

On the basis of geography, the global oxymeter market has been classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region accounted for the major market share of 47.9% in the year 2020 and is anticipated to grow throughout the projected period. The large share of this segment is attributed to the growing recognition of the relevance of tracking vitals among the general public, good reimbursement scenario, high obesity rate, and mature healthcare infrastructure. Pulse oxymeters are reimbursed using three codes: 94761, 94760, and 94762, according to the Current Procedural Terminology (CPT). Since Medicare considers the use of a pulse oxymeter to be supplemental, it is only reimbursed in conjunction with a primary service. On the other hand, the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period from 2021-2028. This growth is owing to factors like new product launches, large population, and increasing healthcare expenditure by the government as well as the private sector.

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About the report:

The global oxymeter market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.

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