Pulse Oximeter | An Essential Gadget In Times Of The COVID-19 Pandemic
With the rising attraction towards home-care settings, home patient monitoring devices such as pulse oximeter are garnering a lot of attention. Increasing prevalence of a lung or heart conditions compels the patients to use devices such as oximeters periodically at home to keep track of the condition. Pulse oximeters are non-invasive devices that monitor an individual’s oxygen saturation levels, called the SpO2 levels. The devices are capable of detecting even the smallest changes in the transport of oxygen in the body. It is a compact and buckle-like device that can be attached to a body part ‒ most commonly a finger ‒ and is widely used in emergency rooms or hospitals.
While the first oximeter can be traced back to 1940s, lately, pulse oximeters have been popping up extensively on the social media platforms and in everyday conversations ‒ all credits to the emergence of the COVID-19 pandemic. The escalating need to regulate the oxygen saturation levels in asymptomatic and mildly symptomatic patients under home isolation has augmented the requirement for pulse oximeters in the last couple of months. According to the latest report by Emergen Research, the Global Pulse Oximeter Market is predicted to garner a revenue of USD 3534.4 Million by 2027, surging at a CAGR of 7.1%.
Pulse Oximeter Market Outlook During The COVID-19 Pandemic
Since the outbreak of the novel coronavirus in late 2019, frequent and periodic monitoring of respiratory situations in infected individuals has become a pivotal treatment step. With WHO declaring oxygen therapy as a significant medical intervention for COVID-19 patients with moderate to severe symptoms, the pulse oximeter market has witnessed a massive surge in demand during the early months of 2020.
Pulse oximeters have emerged as beneficial devices for evaluating a patient’s blood oxygen levels and not just for COVID-19 infection but also in various healthcare disciplines. However, continuous monitoring for respiratory parameters and symptoms became vital in infected patients, propelling the government and healthcare organizations to encourage the hospital and emergency care settings to be fully equipped with oxygen systems and pulse oximeters. The increasing dependence of the healthcare professionals on devices such as pulse oximeters for early diagnosis and management of COVID-19 symptoms boosted the demand for the product. This is further expected to increase the demand for pulse oximeters throughout the predicted timeframe.
Patients with mild to moderate symptoms of coronavirus infections and quarantined at home required a pulse oximeter to keep track of their condition regularly. Since the pandemic began, pharmacies worldwide saw an augmented demand from the consumers for the pulse oximeter. According to statistical data, the procurement of at-home pulse oximeter soared nearly 500% in the United States, since the outbreak. The oximeters are generally available at all pharmacies and are available at affordable prices.
Pulse Oximeter: Overview
Pulse oximetry is highly convenient for non-invasive and real-time monitoring of the blood oxygen saturation. Pulse oximetry is exceptionally beneficial in settings where a patient’s oxygen levels are unstable, including intensive care, operation, recovery, and in determining the need for supplemental oxygen, among others. Pulse oximeters also have potential to detect abnormalities under ventilation. Since they are compact, easy-to-use, and able to provide continuous oxygen level monitoring, pulse oximeters are of utmost importance in the critical care units and emergency medicine. Pulse oximeters may also be integrated into multiparameter patient monitors. Portable and battery-operated pulse oximeters are appropriate for transport or monitoring oxygen levels at home. Fingertip, hand-held, tabletop, and wrist-worn pulse oximeters are the most commonly available product types.
Rising Adoption of Pulse Oximeters
Numerous and varied factors are propelling the industry growth. The world’s population is ageing rapidly, and they need proper care and attention, which increases the usage of a pulse oximeter. With the increasing geriatric population, the burden of chronic diseases and disorders is surging exponentially. The soaring occurrences of diabetes, hypertension, chronic obstructive pulmonary disorder (COPD), sleep apnea, and other illnesses require periodic oxygen level screening and are anticipated to bolster the market demand over the forecast period.
The increasing awareness about monitoring oxygen levels is anticipated to fuel the adoption of pulse oximeters in the next few years. For instance, in 43 states in the United States, pulse oximetry ‒ painless and non-invasive test to measure SpO2 levels ‒ is imperative for newborn screening. The test is also gaining traction worldwide as an early screening test to detect congenital heart defects, other heart conditions, and respiratory distress in newborns. Surging penetration of pulse oximeters, especially in developing nations, can massively lower the number of neonatal deaths due to heart or lung conditions.
Fingertip pulse oximeters are typically preferred for oxygen level screening in infants and neonates due to their easy usage and compact size. Technological advancements in fingertip oximeters, such as Bluetooth, enhanced memory, alarm system, and others, to make them smart pulse oximeters is anticipated to further drive the industry growth over the next decade.
Regional Growth
North America and Europe are among the industry’s dominating regions due to the upsurge in the caseload of congenital heart disease and COPD in the regions. Congenital heart disease is one of the most common congenital disabilities prevalent in the U.S. This has led to the devices being mandatory in screening procedures for newborns. Pulse oximeters are also used to screen for peripheral vascular diseases and peripheral arterial disease in the region.
Nearly 66 million people suffer from chronic obstructive pulmonary disease in Europe, and their healthcare expenditure amounts to approximately USD 3 billion, which is anticipated to hold a radical potential for the adoption of pulse oximeters in the region. However, Asia Pacific is forecasted to proliferate due to increased occurrences of target diseases and a massive patient pool due to large populace. With the surge in an unhealthy lifestyle, increased stress, and an upsurge in diabetes cases, hypertension in India has been at its peak. This has created an increased demand for pulse oximeters for timely diagnosis and intervention.
Strategic Expansions in the Market
The market for pulse oximeter is fragmented and comprises notable companies of the world. These companies are actively engaged in research and development activities, collaborations, and release of advanced products to gain a robust footing in the industry. With the augmented demand for pulse oximeters amid the pandemic, companies tapped into the lucrative growth opportunities. For instance, DetelPro unveiled a fingertip pulse oximeter, DI-OXY1, in August 2020 to cater to the consumers’ growing demand for portable, convenient, and power-efficient pulse oximeters. Similarly, in July 2020, Protonic Medical Systems launched POM-600, a pulse oximeter designed to evaluate the levels of oxygen carried in the body. The product has received CE approval from the European Union.
In 2019, Masimo received approval from the FDA for its MightSat Rx fingertip pulse oximeter, which is capable of assessing the percentage of oxygen saturation, pulse rate, respiration rate, and perfusion rate of patients. In the same year, Masimo extended its purchasing and licensing agreement with Shenzhen Mindray Bio-Medical Electronics Co., Ltd. to augment the sales of its Masimo SET Pulse Oximetry across Europe, Asia Pacific, and the Middle East.
Bottom Line
Advancements in the pulse oximeters such as enhanced connectivity have enabled patients to continuously assess their oxygen saturation levels without needing connected monitors in the hospital. The rapid surge in the frequency of heart and lung conditions and chronic illnesses is predicted to augment the industry’s growth over the next decade. Pulse oximeters’ ability to measure vital health parameters such as respiratory rate, heart rate, and pulse and monitor a patient’s health status pre- and post-diagnosis is bolstering the medical device’s adoption.
Moreover, several physicians have considered pulse oximeters as vital devices to identify the lung function’s worsening to assist early detection and diagnosis, even in COVID-19 illness. This can contribute to the growing demand for pulse oximeters, thereby boosting the market’s growth during the projected timeline.
