The size of the pulse oximeter market is forecasted to grow at a CAGR of 8.01% between 2022 to 2027.
The rising awareness of patient safety during surgery and the rising incidences of asthma and COPD (chronic obstructive pulmonary disease), and market players' efforts are among the major factors driving the APAC pulse oximeter market growth. A pulse oximeter is now needed in various treatments due to a growing awareness of patient safety during surgery and anesthesia treatment. A fingertip pulse oximeter is a form of oximeter clipped to the fingers and uses wavelength to measure the amount of oxygen in the blood. Fingertip devices are expected to increase in popularity due to factors such as improved ergonomics, accuracy, and low cost. Over the forecast period, a major market driver is projected to be the rising prevalence of target diseases such as asthma, hyperlipidemia, hypertension, diabetes, ischemic disorders, cardiac arrhythmia, and sleep apnea.
Wireless pulse oximeters' portability drives up demand for wrist and finger-top pulse oximeters, particularly in-home care settings. An increase in healthcare spending in emerging markets and a great demand for proactive surveillance are expected to open up new opportunities for APAC pulse oximeter market players.
Trade restrictions across highly impacted countries are expected to limit the timely distribution of products, posing a potential restraint to the overall growth of the APAC pulse oximeter market. In developing regions, factors such as a lack of knowledge are hindering market development.
High-quality pulse oximeters are important for the early detection and care of COVID-19 patients. During this time, the manufacturing and supply chains for pulse oximeters are expected to face challenges, as most companies are operating at half capacity. Medical care services have been hampered because the COVID-19 pandemic has restricted visits to medical facilities, and manufacturers are designing new technologies to provide alternative telehealth solutions.
Impact of COVID-19 on the APAC pulse oximeter market:
COVID-19 impact on the Asia Pacific Pulse Oximeter market:
The coronavirus disease 2019 pandemic caused by the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) is spreading rapidly across the world. The use of pulse oximeter devices in hospitals and homes has increased throughout the COVID-19 pandemic. Pulse oximeters are medical devices that monitor a patient's respiratory rate, heart rate, and pulse rate. These instruments are used to keep track of a person's health before or after a diagnosis. The timely delivery of goods is likely to be hampered by trade restrictions across heavily impacted countries. However, as COVID-19 cases continue to rise exponentially, manufacturers are working to ensure a sufficient supply of fingertip and handheld pulse oximeters to countries in urgent need. On the other hand, lockdowns and supply chain disruptions caused short-term disruptions in pulse oximeter sales and manufacturing. Furthermore, health agencies provide medical practitioners with information on COVID-19 to help them better handle the pandemic situation. Nonetheless, the pandemic's overall effect on the pulse oximeters market in the Asia Pacific is favorable.
This research report on the APAC pulse oximeter market has been segmented and sub-segmented into the following categories.
During the forecast period, the Asia Pacific region has considerable growth potential. Increased awareness of advanced healthcare technology and an increase in the patient population are all expected to contribute to the pulse oximeters market share growth in the Asia Pacific. Pulse oximeter lowers the rate of postoperative admission while also lowering the risk of cardiac arrest during the operation. Pulse oximeters have been suggested by organizations such as the Indian Society of Anesthesiologists. Many market players recognize the opportunity and are introducing new products adapted to the region's developing countries. Every day, a large number of babies are born in the Asia Pacific. Sudden Infant Death (SID) is also a common occurrence in Asia. The pulse oximeter, also known as a baby monitor, is used to track an infant's vital signs and is useful in an emergency. The high population base and rising disposable incomes in Asia-Pacific are likely to generate lucrative opportunities for pulse oximeter manufacturers. These factors point to a rise in pulse oximeter market application over the forecast period. According to research, COPD (chronic obstructive pulmonary disease) is the third leading cause of death in China. The rising prevalence of COPD primarily drives the pulse oximeter market in China.
KEY MARKET PLAYERS:
Companies playing a promising role in the Asia-Pacific pulse oximeter market profiled in this report are GE Healthcare, Medtronic (Covidien), CAS Medical Systems Inc., Philips Healthcare, Nonin Medical Contec Medical Systems Co., Ltd., Omron Corporation, Smiths Medical, and Edan Instruments, Inc.
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