MARKET OUTLOOK
According to an analysis by Triton Market Research, the pulse oximeter market in Asia-Pacific is likely to flourish at a CAGR of 6.22% in the projected period 2019-2028.
India, Australia & New Zealand, South Korea, Japan, China, ASEAN countries and Rest of APAC together form the Asia-Pacific’s pulse oximeter market.
In Japan, the pulse oximeter market growth is primarily driven by the high prevalence of allergies and the high number of deaths due to air pollution. Besides, the growth in the geriatric population in the country is fueling the adoption of the pulse oximeter. The aging population is more prone to chronic diseases like asthma and endures huge hospitalization & medication costs and higher mortality rates. With age-related disorders like reduced innate & adaptive responses, loss of lung function, and low immunity, the treatment procedures are complex in the elderly population. Hence, there is an increasing need for early diagnosis and treatment methods. This is likely to boost the growth of the pulse oximeter market.
The easy availability of sophisticated medical devices, like pulse oximeters, is affected owing to cost constraints. Hence, low-cost pulse oximeters provided by the local manufacturers in China are gaining increased traction. Although these products face questionable accuracy and limited regulatory barriers, they are becoming popular in the region. These factors are likely to influence the growth of the pulse oximeter market.
COMPETITIVE OUTLOOK
The major players in the pulse oximeter market are GE Healthcare (General Electric Company), Zensorium, Opto Circuits Limited, Cas Medical Systems Inc (Acquired by Edwards Lifesciences), Welch Allyn and Smiths Medical Group Limited.