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).
Global pulse oximeters market is estimated to be valued at US$ 3,426.3 million in 2022 and is expected to exhibit a CAGR of 7.5% during the forecast period (2022-2030).
Figure 1.Global Pulse Oximeters Market in Terms of Value, By Sensor Type, 2022
Increasing Prevalence of Cardiovascular Diseases
Increasing prevalence of cardiovascular diseases such as coronary heart disease, peripheral arterial disease, and others is expected to augment growth of the global pulse oximeter market over the forecast period. For instance, according to the World Health Organization in 2021, cardiovascular diseases (CVDs) were the leading cause of death globally. An estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. Of these deaths, 85% were due to heart attack and stroke. Out of the 17 million premature deaths (under the age of 70) due to non-communicable diseases in 2019, 38% were caused by CVDs. Moreover, according to the National Center for Biotechnology Information, in 2020, the prevalence of coronary artery disease (CAD) among Indians was 21.4% for diabetics and 11% for non-diabetics. The prevalence of CAD in rural parts of the country was nearly half than that in urban population.
|Base Year:||2021||Market Size in 2022:||US$ 3,426.3 Mn|
|Historical Data for:||2017 to 2021||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||7.5%||2030 Value Projection:||US$ 6,123.0 Mn|
Masimo, Medtronic Plc, Nihon-Kohden Corporation, GE Healthcare, Koninklijke Philips N.V., Hill-Rom Services, Inc.,Smiths Medical, Nonin, MICROTEK, OSI Systems, Inc. Honeywell International Inc., Promed Technology Co.Ltd., Beurer, Contec Medical Systems Co., Ltd., ChoiceMMed, CONMED Corporation, Stryker, Medline Industries, Inc., Curbell Medical Products, Inc., and Ecomed
|Restraints & Challenges:||
Figure 2. Global Pulse Oximeters Market Share (%), by Region, 2022
Increasing product launches are expected to drive market growth
Increasing product launches are expected to drive market growth over the forecast period. For instance, on November 2021, Masimo, a global medical technology company based in California , U.S.A launched Dual Set Pulse Oximeter. The Dual Set Pulse Oximeters were launched by undertaking specific technology changes, to guide Critical Congenital Heart Disease (CCHD) screening, and the addition of the Eve CCHD Newborn Screening Application. The newborn screening provided two simultaneous measurements of oxygen saturation (SpO2) at pre and post ductal sites by the inbuilt Eve application, customized to align with a hospital’s Critical Congenital Heart Disease (CCHD) screening protocol.
Global Pulse Oximeters Market – Impact of Coronavirus (COVID-19) Pandemic
When the COVID-19 pandemic was ongoing, there were several patients presenting severe hypoxemia in the absence of dyspnea which is also referred to as “silent hypoxemia”. To diagnose such complications pulse oximeters were introduced in market. During the COVID-19 pandemic it was made easier to diagnose the problem at own space on emergency basis with the help of pulse oximeters. Eventually there was rise in demand for pulse oximeter as it was showing the reading associated with percentage of hemoglobin binding sites occupied by oxygen, which, in turn, is a function of the arterial oxygen pressure/tension (PaO2). During the Covid-19 time period India-based manufacturers took initiative and launched India- pulse oximeters to tackle the coronavirus crisis. With the crisis still taking place at large number, and the imports being restricted due to boycotting with China, Indian manufacturers are taking over the reins. For instance, in July 2020, Mitocon Biomed; a medical equipment manufacturer based in Mumbai ,India , a Biomedical Research engineer, launched purely India pulse oximeter namely Oxysat. Oxysat was made available at an affordable price with a replacement warranty of 18 months. Hence there was positive impact on global pulse oximeter market due to launch of new products.
Global Pulse Oximeters Market: Restraint
Inaccuracy in reading of pulse oximeter among Black, Hispanic and Asian Covid-19 patients has restricted growth of 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 treatment of severe Covid-19, in spite of having oxygen levels below the threshold, at which certain covid-19 treatment would be recommended.
Major players operating in the global pulse oximeter market Masimo, Medtronic Plc, Nihon-Kohden Corporation, GE Healthcare, Koninklijke Philips N.V., Hill-Rom Services, Inc., Smiths Medical, Nonin, MICROTEK, OSI Systems, Inc., Honeywell International Inc., Promed Technology Co., Ltd., Beurer, Contec Medical Systems Co., Ltd., ChoiceMMed, CONMED Corporation, Stryker, Medline Industries, Inc., Curbell Medical Products, Inc., and Ecomed.
Pulse oximeters are noninvasive devices widely used in clinical situations to monitor the oxygenation of blood. Several types of probes are commonly used, such as a nasal clip, finger clip,foot, ears or forehead sticker. The operating principle of pulse oximeter involves, the oxygen binding capacity to hemoglobin (O2Hb) that absorbs more near-IR light and give immediate results. It mainly measures the oxygen levels in peripheral blood. This device is recommended to people experiencing cardiac disorders, shortness of breath or having a Chronic Obstructive Pulmonary Disease (COPD). Pulse oximeter does not require blood sample and provides fast results. Pulse oximeters are classified into two types according to U.S. Food and Drug Administration (U.S. FDA) namely prescription pulse oximeter and over-the-counter pulse oximeter. On the basis of sensor, pulse oximeters are of three different types, disposable sensor pulse oximeter, reusable sensor pulse oximeter, and reprocesses sensor pulse oximeter.
Pulse oximeters have several advantages such as it alerts the individual about extremely low oxygen levels, provides rapid response, portable nature, and doesn’t require any specific training among others. Furthermore, it is classified as class II devices by U.S. Food and Drug Administration and reviewed by cardiovascular panel.
Pulse oximeter companies have adopted inorganic growth strategies such as partnership in order to expand their product portfolio and strengthen their position in market. In July 2020, Welch Allyn, a subsidiary of Hill-Rom Services Inc., partnered with Nonin Medical, a company designing and manufacturing noninvasive pulse oximeters, to offer its clinically-proven PureSAT SpO2 technology to Welch Allyn. This partnership will help the company expand its product portfolio.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.