Pulse Oximeters Market Size, Share, Growth Analysis, By Component (Monitor, Sensors), By Type (Portable Pulse, Fingertip Pulse), By Age Group (Paediatric, Adult), By End User (Hospital, Home Care), By Region - Industry Forecast 2024-2031

Pulse Oximeters Market Driver

Increasing Use of Patients Monitoring Devices

• The increasing prevalence of respiratory diseases is anticipated to grow the market during the forecast period. Additionally, the demand for patient monitoring devices during treatment and diagnosis in hospitals and homecare facilities is growing due to the rising COVID-19 cases worldwide. The equipment used for patient monitoring, such as pulse oximeters, is used to measure spO2 and the amount of oxygen in the blood.
• Governments of various countries have implemented guidelines to continuously monitor the oxygen level of the patients suffering from chronic disorders. Further, hospitals and clinics have increased their focus on oximeters for anesthesia monitoring during the surgical procedures. Hence, the above factors increase the adoption of patient monitoring devices and help boost the market.

Pulse Oximeters Market Restraint

Regulations and Accuracy concerns for OTC Pulse Oximeters

• OTC medical products are approved to be sold directly to consumers without prescription from medical relevant authorities. OTC pulse oximeters do not need FDA clearance and can be bought directly from any pharmacy without the prescription. Hence, there are concerns regarding safety and accuracy.
• The COVID-19 pandemic increased the need for the efficient detection, monitoring, and treatment of patients to inhibit the spread of pandemic. Thus, US FDA released the advisory for patients and healthcare providers that although pulse oximetry is useful for measurement of blood oxygen levels, pulse oximeters have limitations and inaccuracy under certain circumstances that hamper the market growth.