The global pulse oximetry market is slated to reach $2.19 billion by 2022, according to a new report by ResearchAndMarkets.com. Researchers say that one of the major drivers for the market is the increasing prevalence of chronic respiratory diseases and the rising number of surgeries throughout the world.
Moreover, the prevalence of chronic respiratory disorders, such as chronic obstructive pulmonary disease, asthma, and obstructive sleep apnea, is increasing at a significant rate in both developed and developing countries.
Further, the latest trend gaining momentum in the market is initiatives to increase access to pulse oximetry. In fact, many public and private organizations have launched initiatives to improve access to low-cost, accurate pulse oximetry. Just look at the LifeBox Project, ResearchAndMarkets.com officials say, which is attempting to equip operating rooms around the world with pulse oximeters.
For this, the LifeBox Project has developed a low-cost pulse oximeter that meets the U.S. FDA accuracy standards, provided along with an adult probe, a pediatric probe, a rechargeable battery, and training materials: the Kenek pulse oximeters, offered by LionsGate Technologies.
Still, the report states that one of the major factors hindering the growth of this market is the high cost of respiratory measurement tests and devices. For instance, a standard commercial bedside/desktop pulse oximeter costs approximately $1,000—creating significant barriers to usage, ResearchAndMarkets.com officials say.