South America Pulse Oximeters Market Research Report: Forecast (2023-2028)

Market Definition

A pulse oximeter is a device used for measuring blood oxygen saturation levels with the help of light emissions at a particular wavelength. The need for these devices arises especially during & after surgical procedures that involve sedation and also in health conditions like COPD (Chronic Obstructive Pulmonary Disease), anemia, lung cancer, asthma, pneumonia, etc., which affect the respiratory system.

Market Insights

The South America Pulse Oximeters Market is projected to grow at a CAGR of around 6% during the forecast period, i.e., 2023-28. Most of the market expansion would be driven by the mounting prevalence of cardiovascular diseases like rheumatic heart disease, congenital heart disease, coronary heart disease, and cerebrovascular disease, among others, across the region, majorly due to sedentary lifestyles & poor eating habits of people. Pulse oximeters, which are used actively in these medical conditions for the continuous monitoring of blood oxygen levels, are in high demand owing to the increasing number of deaths related to cardiovascular diseases.

The advent of Covid-19 positively impacted the market in South America. As Covid cases were skyrocketing at a significant pace, such products witnessed massive demand to measure hypoxic conditions in patients. Brazil registered the most Covid-19 cases across the entire region and, consequently, recorded maximum sales.

Along with this, the growing geriatric population and the mounting prevalence of respiratory diseases like asthma & pulmonary hypertension are other prominent aspects stimulating the market expansion. The rising health concerns linked with the aging population have resulted in the ever-increasing number of patient-care centers across South America to monitor their health conditions, which, as a result, are accelerating the industry.

Key Trend in the Market

• Accelerating Adoption of Wearable Pulse Oximeters

The emergence of wearable pulse oximeters to track real-time blood oxygen concentration, especially during extensive physical activities, is encouraging industry expansion. Extensive physical activities often lead to the depletion of blood oxygen levels, and hence require constant monitoring. Therefore, with increasing health consciousness among people, these products are in high demand among athletes & the young population. Several companies like Xiaomi, Huawei, etc., are launching innovative medical devices in Brazil, Argentina, etc., in order to suffice the budding consumer requirements, thereby fueling market enlargement.

Market Segmentation

Based on Type:

• Portable
  • Fingertip
  • Handheld
  • Wearable
• Tabletop

Of both, portable type acquired a significant share of the South America Pulse Oximeters Market during 2018-22, owing to their affordability & easy portability. The demand for these oximeters arises mainly from patients with asthma, as they usually experience hypoxic conditions, which require continuous monitoring. In 2022, according to the Brazilian Society of Pneumology and Tisiology, asthma affected around 20 million Brazilians, which, in turn, accelerated the adoption of such products due to their convenience.

On the other hand, tabletop type holds a notable market share. It attributes to their mounting demand in ICUs (Intensive Care Units), as measuring blood oxygen levels is the most crucial step during surgery or treatment, mainly for patients that undergo anesthesia & become unconscious. Therefore, the rising number of plastic surgeries & myocardial bypass surgery across the region is intensifying the need for tabletop oximeters in hospitals.

Based on End Users:

• Hospitals
• Homecare
• Ambulatory Surgical Centres

Here, hospitals accounted for a considerable market share during 2018-22, owing to the growing incidence of respiratory disorders in Brazil & Argentina, coupled with various government initiatives toward increasing the number of hospitals in the region to address these rising cases. Besides, the incorporation of these devices in homecare settings is projected to grow substantially in the upcoming years since they are wireless, small, & user-friendly. Moreover, with the increasing number of patients with lung or heart conditions across the region, who often encounter shortness of breath, the demand for such oximeters would increase significantly in the homecare segment.

Further, the governments of Brazil & Argentina are actively focusing on increasing the number of ambulatory surgical centers across the country, as they are useful for various surgical procedures like cataract operations, knee arthroscopy, varicose vein surgery, etc. Ambulatory surgical centers help perform outpatient surgeries with minimum resources, reduced costs, decreased waiting time, and improved patient satisfaction. Consequently, they prove to be quite effective given the increasing number of patients requiring prompt medical attention. Therefore, ambulatory surgical centers demonstrating highest adoption, are projected to increase dramatically across the region over the forecast years.

Regional Landscape

Geographically, the South America Pulse Oximeters Market expands across:

• Brazil
• Argentina
• Chile

Of all countries, Brazil is anticipated to dominate the market in South America. It owes to the mounting cases of chronic respiratory diseases across the country. A large number of viral diseases have been witnessed in Brazil over the past few years, which, in turn, has resulted in severe respiratory infections. For instance, in 2022, according to Instituto Butantan, Brazil witnessed a viral outbreak at the end of 2021, which was caused by the Darwin variant of the influenza virus (H3N2). As a result, it has enhanced the demand for these devices to track medical conditions.

On the other hand, Argentina is projected to hold a notable market share in the forecast years, owing to the rising cases of pneumonia in the country. According to the Ministry of Health of Argentina, heart diseases & chronic respiratory diseases are the major causes of death in Argentina. Consequently, the growing need for managing the rising incidence of these diseases has resulted in ever-increased healthcare expenditure in the country and uplifted the adoption of medical devices like pulse oximeters.

Market Dynamics:

Key Driver

• Rising Prevalence of Respiratory Diseases among Children

The need for such medical devices has been continuously increasing in South America over the past few years, mainly due to the rising prevalence of respiratory diseases among children. The most observable respiratory disease identified among children is the RSV (Respiratory Syncytial Virus) in Sao Paulo, Brazil, which leads to respiratory stress and instigates the need for pulse oximeters in hospitals to track the patients’ conditions.

The adults, who have encountered respiratory syncytial viruses, only experience mild illness, while most of the children require medical attention in this case. Therefore, with the rising number of children suffering from the disease who require hospitalization, the requirement to continuously monitor their oxygen level also arises, which accelerates market in the region. Moreover, the rising Acute Respiratory infections (ARI), which occur due to lifestyle conditions among children, have been enhancing the demand for pulse oximeters for early diagnosis and to detect the need for medical assistance among children.

Possible Restraint: Growing Availability of Non-FDA Approved Pulse Oximeters

Consumer concerns over the reliability of homecare devices are restricting their adoption across South America. Since most Over-the-Counter (OTC) pulse oximeters are not FDA-approved and can be bought without the prescription of doctors, concern regarding their safety and accuracy arises among consumers. Since medical conditions related to respiratory & cardio disorders are serious, patients require assurance regarding the products they use. Hence, doubts regarding the efficacy of the OTC pulse oximeters among customers would hamper market expansion in South America over the coming years.

Growth Opportunity: Increasing Demand for Smart Pulse Oximeters

The advent of advanced & smart pulse oximeters that can be connected to smartphones and allow remote monitoring of blood oxygen levels has created a lucrative opportunity for the Pulse Oximeter Market in South America. Smart variants have biosensors that measure heart rate & blood oxygen concentration and maintain a record of the same in the connected mobile apps. These oximeters mostly fall under the wearable segment and can be used remotely for the continuous monitoring of blood oxygen levels, especially during physical activities. Hence, the rising availability of these devices integrated with advanced technologies is set to bolster the market during 2023-28.

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