PULSE OXIMETER MARKET ANALYSIS

Market Size and Trends

The pulse oximeter market is estimated to be valued at USD 3,918.7 Mn in 2024 and is expected to reach USD 6,659.8 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.9% from 2024 to 2031.

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The pulse oximeter market is expected to witness a positive growth trend over the forecast period. The growth in this market is expected to be driven by factors such as the rising incidence of respiratory diseases, increasing awareness related to timely diagnosis of chronic illnesses, and the growing demand for home healthcare devices. Technologies advancements have allowed manufacturers to develop versatile pulse oximeters with features like exceptional accuracy, connectivity options, and compact sizes making them popular for use at home as well. Furthermore, with the onset of COVID-19 pandemic, there is additional demand for pulse oximeters for self-monitoring of blood oxygen levels at home amid the hospital capacity challenges posed by the virus.

Market Driver – Rising Prevalence of Respiratory Diseases

As the number of people suffering from respiratory conditions like COPD, asthma, and pneumonia continues to rise globally, there is an increasing need for pulse oximeters to monitor patients' oxygen saturation levels. Pulse oximetry allows for remote, continuous monitoring of oxygen levels in blood which is extremely useful for the treatment and management of respiratory diseases. For instance, according to the World Health Organization report published in March, 2023, chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide, causing 3.23 million deaths in 2020. Moreover, according to the same source, low- and middle-income countries (LMIC) account for about 90% of deaths from COPD in those under the age of 70.

Market Concentration and Competitive Landscape

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There is a marked shift towards remote patient monitoring and home healthcare globally as it enables cost savings, improved accessibility, and better management of chronic conditions. Pulse oximetry plays a critical role in facilitating remote monitoring of vitals and oxygen saturation levels especially for high-risk patients or those recovering from surgeries or illnesses. The ability of pulse oximeters to transmit readings electronically to doctors or caregivers has further increased their value in home care applications. Various players are also introducing more advanced, integrated devices that can measure and track multiple parameters besides oxygen saturation. Governments and insurance agencies are promoting home-based monitoring to avoid unnecessary hospitalizations. Even patients prefer remaining in familiar home settings under remote supervision. This rising prominence of home healthcare and focus on remote patient monitoring is catalyzing the uptake of pulse oximeters among households rather than just clinical settings. Various options available in different form factors, wearing formats and price points ensure wider accessibility and adoption.

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Inaccuracy in reading of pulse oximeter among Black, Hispanic, and Asian COVID-19 patients has restricted growth of the pulse oximeter market. For instance, according to the Wall Street Journal, in May 2022, the Centers for Disease Control and Prevention said in April that Black and Hispanic patients were most likely to die due to COVID-19 as they were found to be diagnosed late. Hispanic patients were more than 20% less likely than white patients to have their treatment eligibility recognized. Black patients were 30% less likely than white patients to be recognized as being eligible for the treatment of severe COVID-19, in spite of having oxygen levels below the threshold, at which certain COVID-19 treatment would be recommended.

Market Opportunities – Integration of Smartphones with Pulse Oximeters

The integration of smartphones with pulse oximeters provides a great opportunity to revolutionize the global pulse oximeter market. In today's connected world, most people own a smartphone which they use for multiple purposes on a daily basis. If pulse oximeter devices are able to directly communicate and pair with smartphones via applications, it allows for constant remote monitoring of oxygen saturation levels and heart rate. This can prove extremely beneficial for patients with chronic respiratory conditions, those in ICUs or undergoing long term hospital care.

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The product type segment includes tabletop pulse oximeters, fingertip pulse oximeters, wrist-worn pulse oximeters, and handheld pulse oximeters. The fingertip pulse oximeters sub-segment is estimated to hold 37.3% of the market share in 2024 owing to their inherent advantages over other product types. Fingertip pulse oximeters are extremely easy to use due to their small size and simple one-finger clip design. Patients find them very convenient and non-intrusive to use even for extended periods. Their compact form factor makes them highly portable as well, allowing for continuous monitoring even when patients are ambulatory. As a result, fingertip pulse oximeters see strong demand across all healthcare settings but especially in home care. Their trouble-free operation and handling promote increased compliance from patients to regularly record oxygen saturation levels.

Insights, By Sensor Type: Single-Use Benefits Boost Disposable Sensors

The sensor type segment includes disposable sensors and reusable sensors. The disposable sensors sub-segment is estimated to hold 28.4% of the market share in 2024. As single-use attachments that are disposed after each patient, disposable sensors eliminate any risks of cross-contamination between patients. This is a major advantage in hospital and clinical environments where a large number of patients are monitored on a daily basis. Disposable sensors also relieve users from the hassle of re-sterilization or cleaning of reusable devices between successive uses. Their convenience and the assurance of infection control drives consistent preference among healthcare facilities and practitioners.

Insights, By End User: Central Role in Acute Care Drives Hospital Demand

The end user segment includes hospitals, clinics, ambulatory surgical centers, home care settings, and others. The hospitals sub-segment is estimated to hold 42.2% of the market share in 2024 owing to the criticality of pulse oximetry monitoring in acute care settings. Pulse oximetry finds immense utility in hospital departments such as emergency rooms, intensive care units, and operation theatres where constant evaluation of patients' oxygen saturation is imperative. Their non-invasive nature and quick readings ensure minimal disruptions to patient care. Additionally, the larger scale of operations in hospitals translates to higher volumes of pulse oximeter procurement. With oxygen saturation emerging as a vital sign parameter, demand from hospitals continues to accelerate as pulse oximetry becomes further engrained in standard protocols for diverse cases.

Regional Insights

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North America remains the dominant region in the global pulse oximeter market and is estimated to hold 38.1% of the market share in 2024. With a highly developed healthcare infrastructure and higher healthcare spending. The region is home to many leading pulse oximeter manufacturers such as Medtronic, Masimo, GE Healthcare, and Nonin Medical who have strong distribution networks across the country. Moreover, the presence of large pool of pulse oximeter users like hospitals, clinics, home healthcare providers, and individuals has continuously fuel demand in North America.

The Asia Pacific region has emerged as the fastest growing market for pulse oximeters in recent times. China and India are spearheading the market growth owing to rising population, increasing healthcare awareness, and improving access to healthcare facilities in rural regions. Both countries are witnessing higher incident of chronic diseases like COPD and cardiac problems due to growing geriatric population and changing lifestyle trends. This has significantly boosted the sales of pulse oximeters. Furthermore, the governments of various APAC countries have recognized pulse oximetry as an essential device for critical care and are promoting its usage which is positively impacting the market.

Market Report Scope

Key Developments

• On February 13, 2024, Masimo, a medical technology company, announced that it had received an approval from the U.S. Food and Drug Administration for Over-the-Counter fingertip pulse oximeter, used for accurate and reliable oxygen saturation (SpO2) and pulse rate (PR) measurements on patients of all skin colors and patients with low perfusion.
• In November 2022, BioIntelliSense, Inc., a continuous health monitoring and clinical intelligence company, announced the launch of its patented, U.S. Food and Drug Administration cleared, pulse oximetery (SpO2) sensor chipset and integrated processing technology that accurately measures blood oxygen levels across the full range of light to very dark skin pigmentations, as well as during movement and activity.
• In September 2020, Masimo announced that it had received an approval from the U.S. Food and Drug Administration for Rad-G Pulse Oximeter, a rugged handheld device that provides clinically proven SET pulse oximetry, respiration rate from the pleth (RRp), and other vital parameters for both spot-checking and continuous monitoring.

*Definition: Pulse Oximeter is an electric device used to measure oxygen saturation in red blood cells. It can be attached to fingers, forehead, nose, foot, ears or toes for measuring the oxygen count in red blood cells. It is a noninvasive, rapid, and continuous method of monitoring oxygenation, allowing detection of sudden changes in a patient's clinical status. The amount of red and infrared light in an area of pulsatile blood flow can be measured by modern pulse oximeters. Pulse oximeter measures blood oxygen saturation (SpO2), pulse rate, perfusion index (PI).

Market Segmentation

• Product Type Insights (Revenue, USD Mn, 2019 - 2031)
  • Tabletop Pulse Oximeters
  • Fingertip Pulse Oximeters
  • Wrist-worn Pulse Oximeters
  • Handheld Pulse Oximeters
•  Sensor Type Insights (Revenue, USD Mn, 2019 - 2031)
  • Disposable Sensors
  • Reusable Sensor
•  End User Insights (Revenue, USD Mn, 2019 - 2031)
  • Hospitals
  • Clinics
  • Ambulatory Surgical Centers
  • Home Care Settings
  • Others
• Regional Insights (Revenue, USD Mn, 2019 - 2031)
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
  • Stryker
  • Medtronic
  • Nihon-Kohden Corporation
  • GE Healthcare
  • Koninklijke Philips N.V.
  • Hill-Rom Services, Inc.
  • Smiths Group plc
  • Honeywell International
  • Promed Technology Co., Ltd.
  • Contec Medical Systems Co., Ltd.
  • CONMED Corporation
  • Curbell Medical Products, Inc.
  • Ecomed