All through the second wave of COVID-19, which hit around April this year and is still going on in some countries, the internet has been full of news pieces about an increase in the prices of pulse oximeters. Since COVID is a respiratory disease, it considerably impacts lung function. Therefore, measuring the oxygen saturation (SpO2) is a good way to ascertain how severe the disease is in people or if they have any likelihood of having it. Hence, with agencies such as the World Health Organization (WHO) and government bodies stressing on oxygen saturation monitoring, the demand for pulse oximeters has shot up.
Access Detailed Report – Pulse Oximeter Market Regional and Country Breakdown
With the second wave still continuing and a third wave being speculated to hit the world sometime this month, P&S Intelligence expects the pulse oximeter market revenue to increase to $3,177.7 million by 2024 from $1,979.0 million in 2018, at an 8.3% CAGR between 2019 and 2024 (forecast period). This forecast came out over a year ago, which is why the actual revenue generated from the sale of such devices to medical facilities, temporary isolation centers, and individuals might be a lot higher.
The pulse oximeter shows readings for how much oxygen the blood is carrying relative to the maximum it can carry, as a percentage. Therefore, the higher the reading, the more efficiently the lungs are functioning. Generally, a reading of more than 95% is considered ideal, and one below it is considered a cause for concern. The moment the O2 stats drop below 90%, the situation is considered alarming, requiring immediate medical attention. This is why the demand for these devices has been rising during the pandemic and will continue being high long after it has subsided.
This is also why in the future, the highest demand for such devices is going to come from homecare settings and not hospitals. Since it is difficult for most elderly people to visit a healthcare setting every now and then, on account of their physical weakness and low financial strength, many now prefer to be treated and monitored at home. Moreover, during the pandemic, governments around the world have been stressing on home isolation in mild cases, as a result of the acute shortage of hospital beds.
In 2020, the largest share in the pulse oximeter market was held by North America because of its advanced healthcare infrastructure and a higher awareness about such instruments than in other regions. Further, the medical reimbursement scenario in the continent is quite favorable for people, allowing them to purchase such equipment easily. In addition, the U.S. has been the worst affected by the ongoing pandemic, which has led to the skyrocketing sales of pulse oximeters.
Thus, with COVID-19 continuing to maintain its hold on the world and the awareness about monitoring other lung diseases rising, the demand for pulse oximeters and other diagnostic devices will burgeon.
