The Asia Pacific pulse oximeters market is expected to reach US$ 819.31 million by 2027 from US$ 400.62 million in 2019; it is estimated to grow at a CAGR of 9.2% from 2020 to 2027.
The market growth is chiefly attributed to the rising prevalence of respiratory diseases, outbreak of COVID-19 pandemic, and increasing incidence of congenital heart disease. However, inaccuracies in pulse oximeter readings obstruct the market growth to a certain extent.
Pulse oximeter is a noninvasive device used for monitoring the oxygen saturation levels in blood. It is mostly used in intensive care units, operating units, and emergency care units; the device is also used at high altitudes to assess patients’ oxygenation levels to determine if there is a need of external oxygen supply. A large percentage of world population suffers from various types of respiratory diseases. The patients suffering from respiratory disorders commonly experience difficulty in breathing and oxygen shortage, and thus need oxygen monitoring. For instance, according to the self-reported data by the Australian Bureau of Statistics (ABS) in August 2020, ~2.7 million Australians (11% of the total population) were suffering from asthma during 2017–2018. The increasing number of COVID-19 cases worldwide is also reflecting in the elevated demand for pulse oximeters. Moreover, different types pulse oximeter devices are being widely used for routine monitoring at home.
During the COVID-19 pandemic, there has been a rise in the use of pulse oximeter devices at hospitals and homes. However, lockdowns and supply chain disruptions resulted in short-term disturbances in the sales and manufacturing of pulse oximeters. Nevertheless, the overall impact on the pandemic on the pulse oximeters market in Asia Pacific is considered positive.
The Asia Pacific pulse oximeters market, by type, is segmented into fingertip pulse oximeters, handheld pulse oximeters, wrist-worn pulse oximeters, and pediatric pulse oximeters. The handheld pulse oximeters segment held the largest share of the market in 2019; however, the fingertip pulse oximeters segment is expected to register the highest CAGR in the market during the forecast period.
On the basis of end user, the Asia Pacific pulse oximeters market is segmented into hospitals, clinics, and others. The hospitals segment held the largest share of the market in 2019. Further, the market for others is expected to witness the highest CAGR during the forecast period.
A few of the primary and secondary sources associated with this report on the Asia Pacific pulse oximeters market are the Australian Bureau of Statistics (ABS), National Health Service (NHS), and Centers for Disease Control and Prevention (CDC).