Demand for reliable, accurate, high-quality pulse oximetry devices in and – increasingly – outside hospitals is driven by the rise of chronic diseases, a growing elderly population prone to asthma, heart disease, sleep apnea and chronic obstructive pulmonary disease, as well as the need to monitor oxygen levels in premature babies. According to a new report by Meddevicetracker, the global market for standalone, hospital-grade pulse oximetry devices and accessories will reach $1.9bn by 2021, a CAGR of 5.4% from 2016. In this feature, we'll take a closer look at the overall pulse oximetry market, the major players and which forces are driving – and stymying – its growth.

Agilent was spun out of Hewlett-Packard in November 1999 to encourage some of its business units to shift toward higher-growth products that, as a part of a smaller company, could make a more significant contribution to earnings growth. The name evokes agility and efficiency, but over the past decade HP--in part a victim of its own success--had become somewhat complacent. To stimulate entrepreneurship, Agilent knows it has to change the culture it inherited. Moreover, its existing health-care businesses have not been performing well due to market conditions that are not expected to improve in the near term. The health care portion of the company now expects only minimal growth for the year, well below the double digit growth Agilent wants from its businesses. It therefore intends to step up development and introduction of new products, to decrease emphasis on the hospital-based market and grow its businesses in developing countries, and move into interactive health services and e-health. But that brings with it new challenges in marketing and partnering which were not its strong suit as part of HP.