Pulse Oximeter Market Trends

Growth Drivers

• Growing prevalence of Lung Cancer – For instance, 121,680 men and 112,350 women were expected to have had lung cancer in the US in 2018, totaling 234,030 cases, or 641 cases per day. Red blood cells, which carry oxygen from the lungs to the heart and the rest of the body, could be reduced by lung cancer. Hence to determine the blood's oxygen saturation level, pulse oximetry is utilized. Therefore, the market is expected to grow for the forecast period owing to this factor.
• Surge in COPD Cases - Globally, approximate 210 million cases of COPD were documented in 2019, and the disease was responsible for about 2 million fatalities and approximate 73 million DALYs.
• Growing Geriatric Population - According to the World Health Organization, the number of persons in the globe who are 60 years or older will double by 2050. (2.1 billion).
• Increasing Prevalence of Chronic Disease - It was estimated that, the number of Americans with chronic diseases would rise by about 45 million, or approximate 36 percent, between 2000 and 2030.
• Technology Advancement - Researchers from the Universities of California, San Diego, and Washington have demonstrated that cell phones can detect blood oxygen saturation levels as low as 70%. The U.S. Food and Drug Administration advises that pulse oximeters be capable of measuring no less than this level.

Challenges

• Regulation & Accuracy Concerns – Factors such as skin temperature, blood circulation, and dark skin pigmentation majorly effect the accuracy rate of oximeters. Besides this, OTC pulse oximeters do not require FDA approval and people purchase them without a prescription from any pharmacy. However, there are issues with the reliability and safety of over-the-counter pulse oximeters. Hence, these factors are expected to hinder the growth of the market.
• Lack of Awareness
• Increased Pressure on Key Players