Global Pulse Oximeter Market By Product Type (Fingertip Pulse Oximeter, Hand-Held Pulse Oximeter, Wrist-Worn Pulse Oximeter, Table-Top/Beside Pulse Oximeter, and Pediatric Pulse Oximeter), By Technology (Conventional and Connected), By Age Group (Adult and Pediatric), By End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

The Global Pulse Oximeter Market size is expected to be worth around  USD 4,396 Million by 2032 from USD 2,729 Million in 2023, growing at a CAGR of 5.6% during the forecast period from 2023 to 2032.

A pulse oximeter is a device that monitors the oxygen saturation of a patient’s blood. It can be a small, non-invasive electronic device, and it can be attached to the body parts such as the ear, nose, finger, and Toe. It sends wavelengths of light throughout any body parts and observes pulse rate and oxygen saturation. Healthcare authorities frequently use them in critical care settings such as hospitals and emergency rooms. There are several oximeters available in the market.

The device can be used to monitor individuals suffering from various respiratory diseases.  The market growth is attributed to the rising prevalence of respiratory disorders. Availability of novel products and high unmet needs in developed and emerging economies are anticipated to boost the market growth.

*Actual Numbers Might Vary In The Final Report

Key Takeaways

• Pulse Oximeter Market size is expected to be worth around  USD 4,396 Million by 2032 from USD 2,729 Million in 2023
• Market growing at a CAGR of 5.6% during the forecast period from 2023 to 2032.
• North America has 45% of the market share.
• Europe was the second-largest market.
• Major players in the Pulse Oximeter Market are GE Healthcare, Philips Healthcare, CAS Medical Systems, Inc., Opto Circuits Ltd., Medtronic plc, Masimo Corporation, Nonin Medical, Inc., CareFusion Corporation, Meditech Equipment Co, Ltd., Nihon Kohden Corporation.
• Healthcare workers use it in hospitals and emergency rooms.
• Hand-held pulse oximeters made up 38.9% of the market in 2022.
• Conventional technology was most popular in 2022.
• Pediatrics was the largest age group for pulse oximeters in 2022.
• Hospitals & clinics used 80% of pulse oximeters in 2022.
• The market is growing because of the need for more oximeters during the pandemic.
• Some factors affecting the market are an increase in respiratory problems and new advanced oximeters.

Type Analysis

Hand-Held Drug Segment to Witness Significant Growth During the Forecast Period

Based on type, the global pulse oximeter market is segmented into fingertip pulse oximeter, wrist-worn pulse oximeter, hand-held pulse oximeter, table-top/beside pulse oximeter, and pediatric pulse oximeter. The handheld segment accounted for the largest market share of 38.9%. During the forecast period, the market is mainly determined by the fact that these oximeters are easy to use in emergencies.

However, the oxygen saturation level of a patient can strongly impact the course of treatment. Therefore, increased stroke cases and surgeries are expected to drive market growth. In addition, technological advancements in oximeters are anticipated to boost the segment. Added features such as a home alarm system, extensive data, easy data transfer, and Bluetooth increase the efficacy of products.

By Technology Analysis

Conventional Segment Dominates the Market Owing to Rising Adoption of Wired Pulse Oximeters

Based on technology, the pulse oximeter market is divided into conventional and connected. The conventional section registers the highest market share and is anticipated to enlarge at a considerable CAGR throughout the forecast period.

The rise in the acceptance of wired measuring devices and the increasing requirement for continuous patient monitoring is anticipated to contribute to the growth of the conventional segment. Moreover, the growth in the dominance of several respiratory diseases requiring continuous monitoring of patients in clinics and hospitals boosts segment growth.

By Age Group Analysis

Pediatrics Segment Exhibit Largest CAGR Owing to Dominance of Asthma among Children 

Based on age group, the market is divided into adult and pediatric. The pediatric segment dominates the market share growth. The growth of the adult segment is attributed to the rising dominance of chronic respiratory disorders such as COPD and asthma among the adult population.

Moreover, factors such as the high dominance of COVID-19 among the adult population and increasing hospitalizations demanding continuous patient monitoring are anticipated to boost segmental growth in the upcoming years.

On the other hand, the Pediatrics segment is anticipated to expand the fastest CAGR throughout the forecast period. The growth of the pediatrics section is recognized to the rising incidence of COVID-19 among the pediatric population. However, the Increasing dominance of asthma in children is anticipated to increase product acceptance during the forecast period.

By End-User

Hospitals and Clinics Segment to Continue Dominance Owing to Rising Patient Admission

Based on end-users, the global pulse oximeter market is divided into hospitals & clinics, Ambulatory surgical centers, homecare settings, and other end-users. Among these, the hospitals and clinics segment is anticipated to have the largest revenue share of 80%. Owing to the increasing amount of surgeries. And increasing dominance of chronic disease, including asthma, cardiovascular biomaterial, pneumonia, and COVID-19 in present years.

The Homecare settings segment is anticipated to witness profitable growth. Due to factors such as rising awareness about the importance of monitoring oxygen levels and the growing launch of measuring devices by key market players.

Key Market Segments

By Product Type

• Fingertip Pulse Oximeter
• Hand-Held Pulse Oximeter
• Wrist-Worn Pulse Oximeter
• Table-Top /Beside Pulse Oximeter
• Pediatric Pulse Oximeter

By Technology

• Conventional
• Connected

By Age Group

• Adult
• Pediatric

By End-User

• Hospitals &Clinics
• Ambulatory Surgical Centers
• Homecare Settings
• Other End-User

Drivers

The Surge in Dominance of Chronic Respiratory Disorders to Favor Market Growth

In the present years, chronic respiratory diseases, such as chronic obstructive pulmonary syndrome, asthma, cystic fibrosis, occupational lung diseases, and sleep apnea, have been the leading causes of death worldwide. Moreover, high and middle-income countries are highly affected by congenital heart diseases and COPD. Oxygen saturation supply is a significant parameter in COPD and chronic respiratory diseases.

To diagnose COPD, the oximeter measures oxygen saturation, or the proportion of hemoglobin saturated with oxygen in arterial blood. The increasing dominance of COPD and other respiratory diseases in infants and the geriatric population has a rising requirement for several novel products. Such a high dominance of respiratory disease requiring measuring devices is anticipated to boost market growth in the upcoming years.

Emerging Government Guidelines and Recommendations on the Usage of Pulse Oximeters to Drive Market Growth

The government across numerous countries has authorized continuous monitoring of the oxygen saturation level of patients suffering from chronic respiratory disorders. Therefore, government guidelines and recommendations on pulse-measuring devices have been applied in developed and emerging countries.

However, rising oximeters for anesthesia monitoring during surgeries across developed countries have contributed to market growth. As a result, the aforementioned factors will benefit the pulse oximeter market expansion.

Restraints

Increasing Inaccuracies and Limitations Related to the Usage of Pulse Oximeters to Hampered Product Adoption

Despite the rising adoption of pulse-measuring devices globally, product inaccuracies are anticipated to limit market growth in the upcoming years. Various factors affect the accuracy of oximeters, such as skin temperature, dark skin pigmentation, skin thickness, and poor circulation. They have a higher mistake rate in patients with dark skin pigmentation. Many studies have revealed that the device results in inaccurate readings among patients.

Opportunity

Expansion of Medical Device Companies in Developing Economies

Developing economies are anticipated to provide significant growth opportunities to medical device players in the pulse oximeter market. This is because governments improve their investments in healthcare modernization and value-based systems. In addition, developing countries are also becoming manufacturing hubs for healthcare products such as medical devices and generic pharmaceuticals.

Trends

Strategic Initiatives by Market Players to Improvement Growth During Forecast Period

The companies operating in the market constantly focus on strategies such as expansions, acquisitions, and mergers. These strategies help the companies grow their revenue, raising overall market growth. In addition, however, many market players are developing novel products to treat several chronic respiratory diseases, which are anticipated to boost market growth in the upcoming years.

Regional Analysis

North America Region Accounted Significant Revenue Share of the Global Pulse Oximeter Market

North America dominated the market with the largest revenue share of 45% and is projected to maintain its dominance throughout the forecast period. The region’s market expansion is expected to be aided by the growing use of oximeters in home healthcare and the rapid adoption of wireless pulse oximeters.

In addition, it is anticipated that a strong presence of market players in the region, a rising number of patients with chronic respiratory conditions, and an increase in hospital admissions and ASCs, and these factors will drive market expansion throughout the region.

Europe, which presently holds the second-largest market share, is anticipated to expand at a moderate CAGR over the forecast period. The two factors responsible for the expansion are the requirement that hospitals screen newborns using oximetry and the rising incidence of newborns.

In addition, the increased number of hospitals in Europe due to improvements in healthcare infrastructure ultimately drives demand for new products. During the forecast period, the Asia-Pacific region is anticipated to expand at the highest CAGR. The intense focus on improving hospital infrastructure, rising awareness of the diagnosis of chronic respiratory disorders, and rising COVID-19 cases are to blame for the market expansion across Asia-Pacific.

Key Regions

 North America

• US
• Canada
• Mexico

Eastern Europe

• Russia
• Poland
• The Czech Republic
• Greece
• Rest of Eastern Europe

Western Europe

• Germany
• France
• The UK
• Spain
• Italy
• Portugal
• Ireland
• Austria
• Switzerland
• Benelux
• Nordic
• Rest of Western Europe

APAC

• China
• Japan
• South Korea
• India
• Australia & New Zealand
• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Rest of APAC

Latin America

• Brazil
• Colombia
• Chile
• Argentina
• Costa Rica
• Rest of Latin America

Middle East & Africa

• Algeria
• Egypt
• Israel
• Kuwait
• Nigeria
• Saudi Arabia
• South Africa
• Turkey
• United Arab Emirates
• Rest of MEA

Key Players Analysis

Diversified Product Portfolio Combined with Strong Distribution Network to Maintain Market Position for Medtronic plc and Masimo

The market was highly consolidating before the COVID-19 pandemic. Moreover, many local and small players entered the market due to the high requirement for pulse-measuring devices during the pandemic. Medtronic plc and Masimo are prominent market players and accounted for a significant revenue share during the forecast period.

However, introducing technologically advanced products is one of the key factors expected to strengthen the position of Masimo in the market. Key market players included in the market are GE Healthcare, Philips Healthcare, CAS Medical Systems, Inc., Opto Circuits Ltd., and others who hold substantial shares in the market.

Market Key Players

• Medtronic plc
• GE Healthcare Technologies Inc.
• Philips Healthcare
• Masimo Corporation
• CAS Medical Systems, Inc.
• Opto Circuits Ltd.
• Nonin Medical, Inc.
• CareFusion Corp
• Welch Allyn, Inc.
• Spacelabs Healthcare
• Meditech Equipment Co, Ltd.
• Nihon Kohden Corporation
• Koninklijke Philips N.V.
• Nonin Medical Inc.
• ICU Medical
• Smiths Group Plc
• Beurer GmbH
• Contec Medical Systems Co, Ltd.
• Meditech Equipment Co., Ltd.
• Promed Group Co.
• Tenko Medical Systems
• Edwards Lifesciences Corporation
• Omron Corporation
• Other Key Players

Recent Development

• Medtronic plc (March 2024): Medtronic plc has announced the acquisition of HealthData Solutions, a leading provider of remote patient monitoring technology. This acquisition aims to integrate advanced data analytics with Medtronic’s existing pulse oximetry solutions, enhancing their capability to provide comprehensive remote monitoring for patients with chronic respiratory conditions. The move is expected to bolster Medtronic’s market position by offering more robust, data-driven insights to healthcare providers, ultimately improving patient outcomes and expanding their market reach in digital health solutions.
• GE Healthcare Technologies Inc.(May 2024): GE Healthcare Technologies Inc. has launched its latest pulse oximeter, the GE OxiSense 2000. This new device features enhanced signal processing technology, providing more accurate readings in challenging clinical environments, such as during patient movement and low perfusion conditions. The GE OxiSense 2000 also includes Bluetooth connectivity, allowing seamless integration with electronic health records (EHR) and remote patient monitoring systems. This product launch is expected to meet the growing demand for advanced and reliable pulse oximetry in both hospital and home care settings.
• Philips Healthcare (April 2024): Philips Healthcare has completed its merger with Respironics Inc., a prominent manufacturer of respiratory and sleep therapy devices. This strategic merger is aimed at creating a more comprehensive portfolio of respiratory care solutions, including advanced pulse oximeters. By combining their technologies and expertise, Philips Healthcare plans to enhance its product offerings and improve patient care in the respiratory health sector. This merger is expected to drive innovation and increase Philips’ competitive edge in the global market.
• Nonin Medical, Inc. (July 2024): Nonin Medical, Inc. has launched its new fingertip pulse oximeter, the Nonin PureSAT 100. This device features enhanced accuracy and reliability, even in challenging conditions such as low perfusion and motion. The PureSAT 100 includes wireless connectivity options, allowing seamless data transfer to healthcare providers for remote monitoring and management. This product launch is expected to strengthen Nonin’s position in the pulse oximetry market and meet the growing demand for advanced, portable monitoring solutions.

Report Scope