The economic slowdown of 2008-2009 prompted a significant reduction in worldwide healthcare expenditures, and many vendors in the Healthcare industry have been coping with huge financial hits since then. Not included in this group is the Global Pulse Oximetry Market, which has displayed steady growth for the past few years, and is expected to continue rising at a CAGR of 5.55 percent through to 2015. The main driver behind the market's upward trend is a paralleled rise in number of patients in need of pulse oximeters worldwide.
The annual number of people affected by cardiovascular and chronic respiratory diseases such as COPD and asthma, is higher than ever before. COPD is currently the fourth leading cause of death worldwide, and the World Health Organization predicts that it will rise to the third position within the next two decades. Naturally, this leads to an enormous demand in the market and an optimistic forecast in terms of revenue.
Analysts at TechNavio anticipate even more positive growth to come from the technological innovations that have greatly improved the accessibility of pulse oximetry systems for customers. Indeed, while the devices were once used exclusively in hospital ICUs, many key-vendors including CareFusion, CAS Medical Systems, and Covidien now offer handheld portable devices which can be used in patients' homes. These non-invasive and practical solutions dramatically increase the consumer reach of the Global Pulse Oximetry Market.
Nevertheless, despite these many advantages, the market faces some significant challenges including the following:
- Increase in Product Recalls
- Limitations of Pulse Oximeters
- Unorganized Pulse Oximetry Market in the APAC region
These obstacles are relatively low impact in comparison to the weight of the market's drivers however, and it's unlikely that they'll play a big role in curtailing the market. As well, any dents that might be made in the healthcare field are likely to be offset by the expansion of the market into new sectors such as sports and aerospace ensuring a bright future for vendors in the field.
For more information, view our 2011-2015 report on the Global Pulse Oximetry Market.
Other Related Reports:
Global Smart Pill Technology Market 2012-2016
Global Molecular Diagnostics Market 2012-2016