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The global pulse and regional oximeters market generated a revenue of $2,101.0 million in 2018, and it is predicted to reach a value of $3,365.0 million by 2024. Furthermore, the market is predicted to advance at a CAGR of 8.2% between 2019 and 2024. The surging number of medication errors, rising prevalence of targeted diseases, increasing implementation of favorable government initiatives, and the increasing number of commercialization products and patent approvals are the major market growth drivers.

Pulse and regional oximeters are extensively used for evaluating the oxygenation status of patients in various departments within the healthcare settings. Moreover, these oximeters are required for treating patients suffering from multisystem trauma, sickle-cell crisis, apneic condition, and cardiac arrest. Besides these factors, the growing prevalence of chronic diseases such as neurological disorders, respiratory diseases, and cardiovascular illnesses is also positively impacting the expansion of the market all over the world.

Another major market growth driver is the extensive usage of pulse oximetry for anesthesia during surgery in both developing and developed countries. Thus, many governments are implementing policies for ensuring that the demand for pulse and regional oximeters is met. For example, Government of the Federal Democratic Republic of Ethiopia, Koninklijke Philips N.V, Masimo Foundation, and Bill & Melinda Gates Foundation collaborated in 2016 for supporting the Ethiopian government in providing regional and medical pulse oximeters for children and women.

Depending on product type, the pulse and regional oximeters market is bifurcated into pulse oximeter and regional oximeter. Of these, the pulse oximeter category is predicted to exhibit the faster growth in the market in the forthcoming years, with a CAGR of 8.6% between 2019 and 2024 and an expected revenue generation of $3,028.4 million by 2024. This will be due to the burgeoning requirement for these devices in several types of healthcare facilities.

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When sensor type is taken into consideration, the pulse and regional oximeters market is classified into disposable and reusable. Between these two, the reusable category led the market from 2014 to 2019, on account of the fact that these devices considerably reduce the operational costs of healthcare settings. The market is also categorized, on the basis of end user, into hospitals, clinics, pre-hospital care and EMS providers, homecare settings, fire rescue departments, and emergency management care settings.

Amongst these, the hospitals category dominated the market in the past years, due to the presence of a large patient pool in these settings, huge healthcare expenditure, and high incidence of chronic diseases. Globally, North America will hold the largest share in the pulse and regional oximeters market in the future, as per the estimates of the market research company, P&S Intelligence. This is credited to the existence of several established players and a surging geriatric population in this region.

Hence, it can be safely said that the market will exhibit huge expansion in the years to come, primarily because of the rising prevalence of chronic and targeted diseases, surging geriatric population, and increasing enactment of favorable government initiatives in several countries.