Growing Number of Medication Errors Driving Pulse and Regional Oximeters Market
The market is growing due to the supportive government initiatives, increasing number of patent approvals and commercialized products, rising number of medication errors, and surging incidence of targeted diseases. Electronic devices which measure oxygen saturation level in red blood cells is called a pulse oximeter. A regional oximeter measures regional hemoglobin oxygen saturation.
When product type is taken into consideration, the pulse and regional oximeters market is categorized into nose, fingertip, palm/foot, table-top, forehead, wrist-worn, earlobe, and handheld. Among these, the fingertip category held the largest share of the pulse oximeter market during the historical period (2014–2018) and is projected to dominate the market during the forecast period as well. This is because fingertip pulse oximeters are widely used in different applications and are portable. The fastest growth is predicted to be witnessed by the wrist-worn category during the forecast period.
Access Detailed Report - Pulse and Regional Oximeters Market Regional and Country Breakdown
On the basis of end user, the pulse and regional oximeters market is divided into homecare settings, hospitals, emergency management care settings, pre-hospital care and emergency medical service providers, fire rescue departments, and clinics. The hospitals division accounted for the major share of the market during the historical period and is further expected to dominate the market during the forecast period. This is because, the adoption of non-invasive medical devices, including pulse and regional oximeters, is increasing due to the surging patient population, increasing prevalence of chronic diseases, and rising healthcare expenditure.
Another major driving factor of the pulse and regional oximeters market is the surging incidence of targeted diseases. The requirement for these devices is rising due to the different types of patients that are being admitted in different healthcare settings. Pulse and regional oximeters are required for patients suffering from different diseases, such as drowning condition, cardiac arrest, apneic conditions, multisystem trauma, and sickle-cell crises. These devices have emerged as useful devices for the evaluation of patient’s oxygenation status and Fare widely utilized in several departments or units of healthcare settings.
Thus, the market is growing considerably because of the rising incidence of targeted diseases and surging number of medication errors.