Global Pulse Oximeter Market: Overview
As home care captures the imagination of people, mainly for convenience and cost associated reasons, particularly in regions where reimbursement policies are weak, contribute heavily to the demand for global pulse oximeter market. It is also quite pertinent to note here demand for remote monitoring is seeing a rapid rise as continuous monitoring is an expensive task, propelling growth in the pulse oximeter market as spot checking via fingertip variants or handheld oximeters can reduce these costs. For instance, this can cut down on readmission costs, which are quite commonly incurred by patients of COPD. Other critical factors include rise in geriatric population and increase in incidence if chronic diseases.
Owing to these factors, the global pulse oximeter market is expected to char a steady growth curve, owing to a notable CAGR (Compound Annual Growth Rate), generating a slew of opportunities, worth a significant market worth, over the forecast period of 2019 and 2027.
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Global Pulse Oximeter Market: Notable Developments
The global pulse oximeter market is witnessing a slew of developments which are shaping the way the market would operate over the forecast period and beyond. Some of these are also shaping up the competitive landscape.
2018: In the August of the year, Xhale Assurance Inc. was acquired by Philips. It is critical because with the acquisition Philips now has its hands on the next-generation sensors that were being developed by Xhale Assurance. It is important to note here that the pulse oximeters they have developed can also be used when the perfusion pressure is low, something the traditional variant lacks in. Thus, with the acquisition Philips gets a better place in the market – both in terms of market standing, and product diversification.
The global pulse oximeter market is fairly fragmented and players identified as notable include Contec Medical Systems Co., Ltd., General Electric Company, Halma plc, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., Omron Corporation, and Smiths Group plc, among others.
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Global Pulse Oximeter Market: Key Trends and Drivers
Factors driving growth in the global pulse oximeter market are many and varied. Few prominent ones are outlined below:
- World population is ageing. And, the pace of the process is dizzying. Statistics are grim. One in every six people and one in every four people will be aged 65and above in another 30 years in the world, and in North America and Europe, respectively. Also, people aged 60 and above will see growth in numbers – to 2 billion in 2050, from 900 million in 2015. Already, the world has witnessed history being created in 2018, when the number of geriatrics (aged 65 and above) surpasses the number of children aged five and below. This kind of a demographic shift occurred for the same time in the history of the world. Since, this demographic needs special care and attention, it will lead to more growth in the pulse oximeter market.
- Incidence of chronic diseases is rising. Of the total disease burden, these account for 73%. In 2002, the burden accounted for by pulse oximeter was 60%. As the incidence remains heavy, and cost of care in hospitals high, demand for pulse oximeter would be high over the forecast period.
Global Pulse Oximeter Market: Geographical Analysis
North America is set to dominate the market landscape, owing to a high geriatric population better healthcare system, and presence of an active American Academy of Pediatrics, which endorses the product in a big way. All this together will propel significant growth in the global pulse oximeter market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.