Every year, 250,000 people die in the U.S. due to medical errors, as per a 2018 report published by the Johns Hopkins University. These not only impact patients and their relatives, but also hospitals, in the form of allegations of medical malpractice and ignorance. Other factors responsible for in-patient deaths are the severity of patients’ condition, underdeveloped healthcare infrastructure, primarily in emerging economies, and inadequately trained professionals. This is why, the demand for advanced medical devices is increasing across the globe, so doctors can better monitor patients. One of the most essential equipment at healthcare settings is an oximeter.
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Further, these devices help determine whether supplemental oxygen is needed and also monitor the saturation under anesthetization. This is why, the use of such instruments has become a mandate, and governments of various countries are taking steps to ensure compliance. For instance, Masimo Foundation and Koninklijke Philips N.V collaborated with the Ethiopian government, in April 2016, to provide healthcare professionals in the nation with regional and pulse oximeters, especially for children and women. Later, the initiative was expanded to other countries in Sub-Saharan Africa and numerous in South Asia, where a large number of neonatal, pediatric, and maternal deaths are reported.
Around the world, North America has witnessed the widest use of these instruments, as several established companies are headquartered here, healthcare infrastructure here is more advanced than in other regions, and the geriatric population is rapidly growing. During the forecast period, the pulse and regional oximeters market growth in Asia-Pacific (APAC) would be the fastest, owing to the keen interest of device manufacturers to enter the regional market as well as the improvements in the healthcare infrastructure.
Hence, with SpO2 monitoring becoming mandatory in more countries than before and the prevalence of various chronic diseases increasing, oximeters would find an even wider application in the coming years.
