The market is growing due to the supportive government initiatives, increasing number of patent approvals and commercialized products, rising number of medication errors, and surging incidence of targeted diseases. Electronic devices which measure oxygen saturation level in red blood cells is called a pulse oximeter. A regional oximeter measures regional hemoglobin oxygen saturation.
On the basis of end user, the pulse and regional oximeters market is divided into homecare settings, hospitals, emergency management care settings, pre-hospital care and emergency medical service providers, fire rescue departments, and clinics. The hospitals division accounted for the major share of the market during the historical period and is further expected to dominate the market during the forecast period. This is because, the adoption of non-invasive medical devices, including pulse and regional oximeters, is increasing due to the surging patient population, increasing prevalence of chronic diseases, and rising healthcare expenditure.
The rising number of medication errors is driving the growth of the pulse and regional oximeters market. There have been increasing instances of medication errors, owing to inaccurate measurement of oxygen level, which, in turn, results in rising risk for healthcare providers and patients. The government agencies around the globe are encouraging hospitals and other healthcare settings for implementing innovative technologies to monitor oxygenation level in patients in order to overcome this problem. The availability of pulse and regional oximeters is thus an important factor in managing the overall medical condition of patients efficiently.
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Another major driving factor of the pulse and regional oximeters market is the surging incidence of targeted diseases. The requirement for these devices is rising due to the different types of patients that are being admitted in different healthcare settings. Pulse and regional oximeters are required for patients suffering from different diseases, such as drowning condition, cardiac arrest, apneic conditions, multisystem trauma, and sickle-cell crises. These devices have emerged as useful devices for the evaluation of patient’s oxygenation status and are widely utilized in several departments or units of healthcare settings.
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The rising adoption of homecare pulse and regional oximeters is a key trend being registered in the pulse and regional oximeters market. Attributed to technological advancement in medical devices, the utilization of sensor-based pulse and regional oximeters is growing at homecare settings. This is further leading to the wide acceptance of handheld, wrist-worn, and fingertip pulse oximeters among aging population for regular monitoring their health. Furthermore, the key players in the market are focusing on the development of simple and home-based pulse and regional oximeters to cater to the needs of the geriatric population.
Thus, the market is growing considerably because of the rising incidence of targeted diseases and surging number of medication errors.
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The U.S. pulse and regional oximeters market generated a revenue of $687.3 million in 2018 and is predicted to reach a value of $1,101.4 million in 2024, registering an 8.2% CAGR during the forecast period (2019–2024). The market is witnessing growth due to the increasing government initiatives, surging number of patient approvals and commercialized products, rising number of medication errors, and increasing incidence of targeted diseases.
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