High Prevalence of Chronic Diseases to allow the Global Pulse Oximeter Market to grow over 7% CAGR: Bonafide Research

A disease or condition that usually lasts for 3 months or longer and may get worse over time. Chronic diseases tend to occur in older adults and can usually be controlled but not cured. One in three adults worldwide has multiple chronic conditions: cardiovascular disease alongside, diabetes, depression as well as cancer, or a combination of three, four, or even five or six diseases at the same time. Such high prevalence has been a support for the pulse oximeter market. A Pulse Oximeter is a clip-like device called a probe that is placed on a body part, such as a finger or ear lobe. The probe uses light to measure how much oxygen is in the blood. The growing prevalence of target diseases such as asthma, hyperlipidemia, hypertension, diabetes, ischemic conditions, cardiac arrhythmia, sleep apnea, and COPD is expected to be a major market driver over the forecast period. According to the WHO, around 64 million patients are currently living with COPD worldwide with approximately 90% of deaths due to COPD occurring in low- and middle-income countries. Stating the same WHO also said that the chronic diseases prevalence had risen by 57% in the year of 2020. Emerging markets will be the hardest hit, as population growth is anticipated to be most significant in developing nations. Out of which diabetes is the fastest growing chronic disease in the world, with major effect on both people with diabetes and wider society.

The research report titled Global Pulse Oximeter Market Outlook, 2026 by Bonafide Research categorizes the market to forecast the revenues and analyze the trends in each of the following segments: based on product type, based on end-users, based on region, countries & major companies. With a high demand in the Covid period, the market is expected to witness a growth of over 7% CAGR in the forecasted period. The growing investments to improve healthcare infrastructure, technological advancements in pulse oximeter devices along the growing medical device companies in emerging economies will enhance the growth of this market. Through the forecasted period, the fingertip segment is to grow with a CAGR of over 10%, recording the highest growth. Moreover, the increasing demand for patient monitoring in non-hospital settings with an increasing number of surgical procedures and upcoming opportunities in point-of-care testing is expected to offer significant growth opportunities during the forecast period. The rise in chronic disease rate across the world is due to different aspects like unhealthy lifestyles, obesity, and improper sleep schedules along with mental illnesses. This has increased the rate of susceptibility amongst the population in turn driving the pulse oximeter market. Further, the rising number of infants born with disabilities such as congenital heart illnesses have created the need for constantly monitoring their oxygen level and have led to the government making pulse oximetry a mandated exercise before an infant’s discharge. A medical procedure is defined as non-invasive when no break in the skin is created and there is no contact with the mucosa, or skin break, or internal body cavity beyond a natural or artificial body orifice. Earlier, oxygen saturation was majorly measured by the process of checking SaO2. This stands for oxygen saturation as measured by blood, this is an accurate but an invasive way of obtaining oxygen levels. The Advent of SpO2 devices bought about the change in the medical sector by providing a non-invasive manner of measurement. This non-invasive nature of Pulse Oximeters has helped them gain popularity and grow as a market.

In COPD, asthma, and pneumonia, the lungs' airways are obstructed, making it difficult for air to move in and out of the lungs, which eventually leads to the low oxygen concentration in the blood. In the coming years, the prevalence of COPD is expected to increase due to rising tobacco consumption and the growing geriatric population. Although factors such as modifications in labeling requirements and changes in rules and regulations on the distribution of medical devices may slow down the approval process for now. But in the long run, they may result in benefits to approved products, such as improvement in quality and reduction in the number of product recalls.

The Advent of Covid-19 bought about a very positive impact on the pulse oximeter in many different ways. Firstly, the virus greatly affected the respiratory functions of the patient decreasing their oxygen levels. To observe this pulse oximeters were used immensely by medical practitioners across the globe. Secondly, the early detection of severe cases was possible only through measuring SpO2 levels which created a massive demand for these devices. During this period the market also observed surge in demand from homecare segment with the people looking to monitor their health cautiously.
  
North America region dominates the market for pulse oximeters this is due to some of the deadly diseases that affect the pulse negatively are peripheral arterial disease, peripheral vascular diseases, chronic obstructive pulmonary disease & many more. North America has a high prevalence of such respiratory disorders which have increased the number of hospital visits, allowing the hospital & health care segment account to for the largest share in 2021. Smoking is much common in the region, given the fact that about 1 in 5 deaths in the US is caused directly or indirectly by smoking. With the understanding of the risk and the awareness of self-monitoring, the home care segment in the region is expected to grow with the highest CAGR in the forecasted period. The US government has made it a compulsion of having the newborns go through the pulse oximetry screening before discharge. Such initiatives are making market growth a cakewalk in the country. The US dominates the regional market, while all the other countries barely make a single-digit contribution in the market.

As of September 2022, the population of Asia is projected at almost 4.72 Billion, being the most populous continent by a massive margin having a population of nearly 3.5x of the second-most populous continent Africa. Such a high population base & an increased disposable income with the growing awareness about health disorders are likely to make way for the manufactures in the region. Besides, there is an increased awareness among patients regarding advanced pulse oximeters. This region is also witnessing high cases of diabetes, COPD, hypertension, and cardiovascular diseases which will contribute to the market growth.

Recent changes in regulatory norms in Europe are expected to affect all medical device manufacturers. Although factors such as modifications in labeling requirements and changes in rules and regulations pertaining to the distribution of medical devices may slow down the approval process, in the long run, they may result in benefits to approved products, such as improvement in quality and reduction in the number of product recalls. This is expected to drive the market in Europe in the future time frame. Europe has 50 countries including Germany, United Kingdom, Switzerland, France, Italy, Netherlands, Greece, Poland, Sweden, etc. Germany dominates the pulse oximeter market in this region. Europe offers huge opportunities for the pulse oximeters market growth. Also, the market growth is supported by some of the prime factors that include a swift rise in the geriatric population, increasing demand for home monitoring, and a rise in cardiovascular disorders.

South America region is still in the developing phase, given its poor economic conditions. However, the region poses as one of the most potential markets given the increasing prevalence of chronic diseases, especially in the newborn. Growing usage of advanced medical devices and pulse oximeters in clinical practices, in monitoring and treatment procedures of sportspersons and athletes, are expected to boost the market growth in the region. Few countries which have economic power in the region are Chile, Brazil, and Argentina. Because of poor economic conditions, the countries do not have proper education and awareness about medical devices, which impacts the pulse oximeter market in this region.

The Middle East and Africa is a very dry region with many deserts and dry barren sandy dunes and lands this causes a lot of sandstorms in the region and can lead to air quality issues and health problems which will contribute to the pulse oximeter market. In addition to that, Tobacco smoking is a significant factor contributing to the growing prevalence of respiratory diseases in the region. Increased exposure to dust & sandstorms is the other reason for the high incidence rates of pulmonary diseases. The rising occurrence of these respiratory diseases will lead to an increased demand for pulse oximeters