Cerebral and Pulse Oximeter Global Market estimated to be worth $2,476.8 million by 2026
Cerebral and pulse oximeters are class of non-invasive medical devices used for monitoring of blood oxygen saturation in critical care settings, operation rooms, general wards, home care settings, ambulatory surgical centers and in recreational activities where continuous monitoring of oxygen is required. Cerebral oximeter measures oxygen saturation in cerebral blood during the surgeries, as administration of general anesthesia affects the breathing pattern, while pulse oximeter measures arterial oxygen saturation of peripheral blood. Traditionally these devices are used in hospitals, ambulatory surgical centers, clinics/physician offices, and homecare settings, however, increasingly these devices are finding usage by individual who are engaged in recreational activities such as mountaineering and other high altitude adventure sports.
These devices use spectrophotometric methodology and measures oxygen saturation by illuminating the skin and measuring changes in light absorption of oxygenated (oxyhemoglobin) and deoxygenated blood (reduced hemoglobin) using two light wavelengths between 660 nm (red) and 940 nm (infrared). Variation in oxygen level may leads to several complications such as hypoxia and Polycythemia (increased red blood cell volume). Polycythemia increases the risk of clotting and can hurt brain function. Hence, to prevent brain damage, heart failure and death continuous monitoring of oxygen level in blood is needed.
According to IQ4I estimation, the cerebral and pulse oximeter global market expected to grow at a low single digit CAGR from 2019 to 2026 to reach $2,476.8 million by 2026. Factors such as the increase in the prevalence of cardiac disorders and respiratory disorders, increase in hospitalization and surgeries and an increase in the use of pulse oximeters in home care settings and recreational activities are the factors driving the market growth. The increasing new product approvals, technological advancements and market expansion in emerging nations are expected to offer opportunities for growth of the market.
However, various factors such as, the inaccuracy of result associated with these devices, skin integrity issues are limiting the growth of cerebral and pulse oximeter global market. The threats for the cerebral and pulse oximeter market include lack of awareness of the disease and stringent regulatory requirements for development and approval of new products.
Increasing incidence of respiratory disorders, misuse of opioids prescription by users, increased use of wearable devices during travelling in plane, recreational activities such as sports, exercise, rock climbing and hill climbing require continuous monitoring of oxygen supply from heart to other parts of the body and increase in home adoption indicates the major opportunities for players to develop new products. For instance, in February 2019, Taiwan Biophotonic Corporation received FDA approval for oCare Pulse Oximeter, Model Pro 100, which is the first wrist-worn device indicated for use in non-invasive measuring, displaying, and storing functional oxygen saturation of arterial hemoglobin (% SpO2) and pulse rate (PR).
The cerebral and pulse oximeter global market is mainly segmented into products, applications, end-users and geography. Among products, pulse oximeter accounted for the largest revenue in 2019 and is projected to grow at a low single digit CAGR from 2019 to 2026, due to increasing respiratory disorders that result in oxygen level variation, increasing adoption in homecare setting, technological advancements, and launch of convenient fingertip and wrist pulse oximeters. The cerebral oximeter is expected to grow at mid single digit CAGR from 2019 to 2026, due to increase in cardiac, vascular and general surgeries across the globe. In application market, Monitoring segment commanded the largest share in 2019, due to rising incidence of COPD, Asthma, pneumonia, increasing product launches and growing use of patient monitoring devices. Surgeries segment is expected to grow at a mid single digit CAGR from 2019 to 2026 due to the rise in number of surgeries and innovative product development. In end-users, hospitals segment commanded the largest revenue in 2019 and is projected to be the fastest-growing segment from 2019 to 2026 due to increase in hospitalization and surgeries and increase in respiratory and cardiac disorders requiring monitoring of oxygenation levels.
Based on geography, the cerebral and pulse oximeter market is divided into North America, Europe, Asia-Pacific and the Rest of the world. The North America region commanded the largest market revenue in 2019 and is expected to reach XX million by 2026. An increase in cardiac and respiratory disorders, increasing usage in home and recreational activities in developed countries, increasing incidence of deaths due to opioids overdose, high investments in healthcare infrastructures and demand for quality services are propelling the market growth. However, the Asia-pacific region is expected to grow at a mid single digit CAGR from 2019 to 2026 due to an increase in hospitalization and surgeries, increasing healthcare awareness, improved economic growth and increasing healthcare funding by the governments.
The overall cerebral and pulse oximeter market is consolidated with major companies commanding a combined share of XX% of the market. To maintain leadership in the market the major companies have adopted different strategies, for instance, in May 2019, Masimo and Shenzhen mindray Bio-medical Electronics Co., Ltd. entered into a purchase and license agreement, under which mindray will offer Masimo SET measure through motion and low perfusion pulse oximetry in its monitoring devices. Mindray devices equipped with SET will now available in Europe, Middle East, Russia and Asia-Pacific (excluding China). In April 2019, Edwards Lifesciences Corporation Acquired CAS Medical Systems, Inc. (CASMED), a medical technology company dedicated to non-invasive brain and tissue oxygenation monitoring. As part of the acquisition, Edwards has acquired CASMED's FORE-SIGHT non-invasive cerebral oxygenation technology. Edwards plans to pair the FORE-SIGHT technology with the company's HemoSphere advanced hemodynamic monitoring platform, which would create a unique offering of enhanced recovery tools and predictive analytics capabilities for clinicians.
Among the companies in cerebral and pulse oximeter global market, Masimo Corporation is recognized as the global market leader with the largest share of the overall market in 2019 and it also lead the finger tip and tabletop pulse oximeter market share respectively. Similarly, Medtronic PLC is leader in cerebral and handheld pulse oximeter market. Koninklijke Philips N.V. commanded the major share in other (wrist) pulse oximeter market.
The Technological advancements such as the development of pulse oximeter in the prevention of respiratory arrest and death from opioid overdose, high-resolution pulse oximetry and organic LED’s in pulse oximeter are the factors influencing the cerebral and pulse oximeter market. For instance, In October 2019, The FDA granted Breakthrough Device status to Med-botics, LLC’s Oxalert EPOTM (Enhanced Pulse Oximeter) device. The wrist-worn device is designed to prevent respiratory arrest and death from opioids overdose.
According to IQ4I analysis the number of cerebral oximeter units sold is estimated to be XX and installed base is estimated to be XX in 2019. The cerebral oximeter monitors has penetrated XX% of the market globally and still there is scope to reach XX% of cerebral oximeter market. It is estimated that, the number of cerebral oximeter sensor sold is XX million units in 2019 and the average selling price (ASP) is $XX. It is estimated that XX million handheld pulse oximeters monitors and XX million tabletop pulse oximeters are required globally, however, the number of units sold of handheld pulse oximeters monitors are estimated to be XX in 2019 and installed base is estimated to be XX million as of 2019, the number of units sold of tabletop pulse oximeter monitors are estimated to be XX in 2019 and installed base is XX as of 2019. Likewise, global number of units sold and installed base of fingertip, wrist, MRI pulse oximeters, reusable sensors and disposable sensors also estimated. According to IQ4I analysis the average selling price of fingertip pulse oximeter is $XX, wrist pulse oximeter is $XX, MRI pulse oximeter is $XX, reusable sensors is $XX and disposable sensors is $XX, the number of units sold of fingertip pulse oximeters is estimated to XX million in 2019 and installed base is XX million as of 2019. Similarly, wrist pulse oximeter units sold is XX million and installed base is XX million, MRI pulse oximeter units sold is XX and installed base is XX in 2019. Number of units sold of reusable sensors is XX million and disposable sensors are XX million in 2019.
Major players in the cerebral and pulse oximeter market include Masimo Corporation (Switzerland), Medtronic PLC. (Ireland), Koninklijke Philips N.V. (Netherlands), GE healthcare (U.S.), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Nihon Kohden (Japan), Smiths Medical (U.S.), Nonin Medical Inc. (U.S.), Edwards Lifescience, Corporation (U.S.), RossMax International Inc. (U.S.) and Heal Force Bio-Meditech Holdings Limited (China).
The report analyzes cerebral and pulse oximeter market globally with detailed information about various segments. It further discusses market dynamics, industry trends and challenges of cerebral and pulse oximeter market.