
Global Pulse Oximeter Market By Product Type Analysis(Fingertip Pulse Oximeters, Handheld Pulse Oximeters, Wrist-worn Pulse Oximeters,and Other), By End User Analysis (Hospitals, Clinics, Diagnostic Centers, and Others),By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, And Forecast 2023-2032
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March 2023
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This report was compiled by Trishita Deb Trishita Deb is an experienced market research and consulting professional with over 7 years of expertise across healthcare, consumer goods, and materials, contributing to over 400 healthcare-related reports. Correspondence Team Lead- Healthcare Linkedin | Detailed Market research Methodology Our methodology involves a mix of primary research, including interviews with leading mental health experts, and secondary research from reputable medical journals and databases. View Detailed Methodology Page
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Report Overview
Global Pulse Oximeter Market size is expected to be worth around USD 7.4 Bn by 2032 from USD 3.5 Bn in 2022, growing at a CAGR of 8.0% during the forecast period from 2023 to 2032.
The pulse oximeter market is expanding at a rapid rate. This market has flourished over the past decade due to technological advancements and the improvement of healthcare infrastructure, which have spawned a multitude of innovations in this field.
In the medical device market, the pulse oximeter market is a crucial segment that measures the blood's oxygen saturation level. In monitoring the respiratory and cardiac health of patients, this device is of the utmost importance. It is utilized not only in healthcare facilities such as hospitals and clinics but also by individuals. As a result of its non-invasive and non-intrusive nature, the pulse oximeter has acquired immense popularity as a convenient diagnostic tool, especially for individuals who require immediate medical attention.
In the healthcare industry, the significance of the pulse oximeter market cannot be exaggerated. Among individuals with cardiac or respiratory disorders, this device is essential for monitoring oxygen levels. The oxygen-binding capacity of hemoglobin in the blood and the pulse rate can both be measured using a pulse oximeter, which is non-invasive. This device is a savior for individuals with respiratory issues like asthma and COPD, as well as ARDS, Obstructive Sleep Apnea, and pneumonia.
In recent years, the pulse oximeter market has witnessed a number of notable innovations. The introduction of smartphone applications and peripheral devices has facilitated the use of pulse oximeter technology at home. Consequently, individuals with respiratory and cardiac conditions can now monitor their oxygen saturation levels from the convenience of their own homes. The emergence of wearables resembling watches has enabled continuous real-time monitoring, constituting a significant technological advance.
With the increasing adoption of pulse oximeter technology in healthcare facilities, major investors are pouring significant resources into the development of these devices. Due to economies of scale, the continuous decline in the price of pulse oximeters has made them more accessible to consumers. Consequently, businesses are incorporating these devices into their products and services, bolstering their prevalent use.
Numerous industries have invested significantly in the pulse oximeter market. Given the importance of pulse oximetry in respiratory and cardiac monitoring, it is not surprising that the healthcare industry remains the leading investor. Notably, wearable technology companies have also invested in pulse oximetry, catering to consumers who wish to monitor their health parameters and offering lucrative business opportunities.
The primary factors driving the growth of the pulse oximeter market are the rising prevalence of respiratory and cardiac disorders among the aging population, the imperative for real-time diagnosis in intensive care settings, and the preference for non-invasive diagnostic methods to improve the overall patient experience.
Driving factors
Increasing Prevalence of Respiratory Diseases and Awareness Drive Pulse Oximeter Market Growth:
There are several factors driving the growth of the Pulse Oximeter market, including the rising prevalence of respiratory diseases like COPD, asthma, and pneumonia worldwide. Individuals are gaining a greater understanding of the significance of monitoring oxygen saturation levels to maintain good health. Thirdly, technological advancements, such as wireless connectivity and mobile applications, are making pulse oximeter devices more user-friendly and accessible.
Portable and Handheld Pulse Oximeters Enjoy Increasing Demand in the Home Healthcare and Sports Medicine Industries:
In addition, the demand for portable and transportable pulse oximeters for home healthcare is growing. The pulse oximeters are increasingly utilized in the fields of sports medicine and aviation. The growing geriatric population worldwide and their susceptibility to respiratory disorders also contribute to the growth of this market. In addition, the demand for pulse oximeters in hospitals and clinics for critical care patients is increasing. In addition, the growing use of pulse oximeters in remote patient monitoring systems is also driving market growth.
Increasing Aging Population and Hospital Adoption Fuel Pulse Oximeter Market Growth:
The demand for pulse oximeters is rising in developing economies as well. The emphasis on preventative healthcare and wellness programs also contributes to the growth of the market for pulse oximeters. Despite these positive drivers, there are potential obstacles in the form of regulatory changes that could have an effect on the market for pulse oximeters. Any regulatory changes intended to ensure the quality and dependability of pulse oximeter devices could affect the market's growth prospects.
Emerging Technologies and AI Algorithms Increase Pulse Oximeter Market Potential:
Emerging technologies, such as the application of artificial intelligence (AI) algorithms to combine pulse oximetry data for enhanced patient outcomes and remote patient monitoring, have the potential to have a beneficial impact on the industry.
Restraining Factors
Exploring Factors Limiting Pulse Oximeter Market Growth in-Depth Analysis:
Pulse oximetry is a noninvasive diagnostic instrument that measures the patient's blood oxygen saturation levels. It is frequently used in hospitals, clinics, and emergency rooms to monitor patients with respiratory or cardiac disorders. Since its introduction in the 1970s, technology has come a long way. Nonetheless, a number of restraining factors have impacted the market expansion of pulse oximeters.
High Price for Innovative Pulse Oximeter Devices:
Advanced pulse oximeter devices are relatively costly, which discourages healthcare providers from purchasing them. These devices are more expensive due to their sophisticated features, such as continuous monitoring and custom alarms. Chronically ill patients may be required to use these devices at home, resulting in additional financial burdens for patients and caregivers. The high cost of sophisticated pulse oximeter devices has implications for pulse oximetry's penetration in low-income and underserved communities. This community's dearth of access to affordable devices may result in more severe health outcomes.
Some Low-Cost Pulse Oximeter Models Have Limited Accuracy and Reliability:
Low-cost pulse oximeter models are sometimes inaccurate and unreliable. These devices are typically more affordable and thus more accessible. Their limited precision and dependability, however, compromise patient safety and care. In some instances, inaccurate readings can result in a misdiagnosis or treatment delay. This problem is more prevalent in developing nations where sophisticated pulse oximeters are limited or unavailable. As a result, healthcare providers in these regions have difficulty measuring their patient's oxygen saturation levels, resulting in suboptimal patient care.
Lack of Knowledge and Inadequate Healthcare Infrastructure in Some Developing Economies:
Some developing nations lack adequate healthcare infrastructure and knowledge of pulse oximetry. The prevalence of respiratory diseases, cardiovascular diseases, and other chronic conditions is considerable in these nations. Lack of access to affordable and accurate diagnostic instruments, such as pulse oximeter devices, prevents many patients in these nations from receiving optimal care. The situation is exacerbated by the lack of awareness of pulse oximetry among healthcare providers, patients, and caregivers. Investing in healthcare infrastructure, training healthcare professionals, and educating patients and caregivers are required to address this issue.
Regulatory Requirements and Standards for Pulse Oximeter Devices:
Pulse oximeters are subject to stringent regulatory standards and requirements. These guidelines are intended to assure patient safety and device effectiveness. However, they can also create barriers to entry for small manufacturers and entrepreneurs, reducing market competition. The cost of complying with these regulations can also increase the price of medical devices, making them more expensive for healthcare providers and patients.
Alternative Diagnostic Tools, such as Arterial Blood Gas (ABG) Analysis, present competition:
The analysis of arterial blood gases (ABG) is an alternative diagnostic method to pulse oximetry. Blood is extracted from an artery and analyzed to determine the levels of oxygen and carbon dioxide. ABG analysis requires more time and is more invasive than pulse oximetry. In critical care settings, it provides more accurate readings and is more reliable.
By Product Type Analysis
The pulse oximeter market is dominated by the fingertip segment, which has acquired widespread popularity and acceptance. Without invasive procedures, fingertip pulse oximeters provide accurate and reliable measurements of oxygen saturation levels and pulse rate in real-time. These devices are portable, user-friendly, and easy to use. In addition, they provide clear visibility of readings and continuous monitoring capabilities, making them a popular option among patients, healthcare professionals, and even athletes.
Due to the swiftly expanding economies of emerging markets, healthcare expenditures, particularly on medical devices, have increased significantly. Rising health and wellness consciousness, coupled with a growing population, has increased the demand for medical apparatus, such as pulse oximeters.
Individuals can monitor their oxygen saturation levels and pulse rate with the help of fingertip pulse oximeters, which give them prompt results and allow them to take the appropriate action. In addition, the compact size and simplicity of use of these devices have made them popular among the elderly, those with respiratory or cardiac diseases, and athletes.
In the coming years, the fingertip pulse oximeter market is anticipated to record the highest growth rate. Among the factors contributing to the segment's anticipated growth rate are the rising prevalence of respiratory disorders, the geriatric population, and the increasing adoption of remote patient monitoring technologies.
By End User Analysis
As pulse oximeters are commonly used in critical care settings in hospitals, the hospital segment dominates the pulse oximeter market. Pulse oximeters are essential devices used in the assessment and management of patients' oxygen saturation levels, particularly those undergoing surgery or suffering from respiratory disorders, in intensive care units.
The rapid economic development of emerging economies has enhanced healthcare infrastructure, raised hospital care standards, and increased healthcare budgets. As developing nations continue to progress and advance, the demand for healthcare services and medical devices, such as pulse oximeters, increases.
As awareness and understanding of the advantages of early disease detection and rapid emergency response increase, so do patient demands for advanced medical equipment. Hospitals are considered the most reliable source for accurate medical diagnoses and treatments.
The extensive use of pulse oximeters in critical care settings is anticipated to propel the hospital segment of the pulse oximeter market to the highest growth rate in the coming years.
Key Market Segments
By Product Type Analysis
- Fingertip Pulse Oximeters
- Handheld Pulse Oximeters
- Wrist-worn Pulse Oximeters
- Pediatric Pulse Oximeters
- Bedside Pulse Oximeters
By End User Analysis
- Hospitals
- Clinics
- Diagnostic Centers
- Home Healthcare
- Others
Growth Opportunity
Increase in the Pulse Oximeter Market Due to Wireless Technology, Telemedicine, and New Use cases:
The pulse oximeter market and the opportunities driving the demand for wireless and Bluetooth-enabled pulse oximeter devices, the increasing trend of telemedicine market and remote patient monitoring, the use of pulse oximeters in non-clinical settings, such as fitness centers and homes, the rising demand for pulse oximeters in veterinary medicine, and the emergence of novel technologies such as smartwatch pulse oximeters.
Bluetooth-Enabled and Wireless Pulse Oximeter Devices:
The healthcare industry has also been impacted by the global wireless revolution. Remote patient monitoring is now more convenient and effective thanks to wireless technology. In recent years, the demand for wireless and Bluetooth-enabled pulse oximeter devices has increased significantly. Bluetooth-enabled pulse oximeters have made it simple for patients to wirelessly transmit their data to healthcare providers and physicians, who can then monitor their conditions and intervene as needed.
Telemedicine and Remote Patient Monitoring Increasing Trend:
The pandemic of COVID-19 has accelerated the adoption of telemedicine and remote patient monitoring technologies. Providers of healthcare now offer virtual consultations and monitoring to patients who cannot physically access healthcare facilities. Pulse oximeters have played a significant role in this field, as they enable physicians to remotely monitor patients' vital signs in a reliable manner.
Increasing Pulse Oximeter Usage in Non-Clinical Settings:
In recent years, the use of pulse oximeters in non-clinical settings, such as fitness centers and residences, has increased. Pulse oximeters have provided exercisers with a dependable method for monitoring their oxygen saturation levels. Pulse oximeters have also proven useful in the home, where patients with respiratory conditions can monitor their vital signs and, if necessary, seek medical attention.
Veterinary Medicine's Demand for Pulse Oximeters Is Growing:
Also increasing is the use of pulse oximeters in veterinary medicine. Veterinarians now have a non-invasive method for monitoring the vital signs of animals during surgery and other medical procedures. Pulse oximeters have also proven beneficial for monitoring animals with respiratory conditions and implementing timely interventions as required.
The Emergence of Innovative Technologies, Including Smartwatch Pulse Oximeters:
In recent years, novel technologies have emerged on the market for pulse oximeters. Smartwatch pulse oximeters have made it easier and more efficient for patients to monitor their oxygen saturation and pulse rate. These devices provide continuous monitoring and real-time data that patients can use to make more informed health decisions.
Latest Trends
Healthcare Monitoring Is Revolutionized by Growing Demand for Advanced Pulse Oximeters:
Pulse oximeters have existed for years, but their prevalence has increased exponentially in recent years. Critical care patients are increasingly dependent on the continuous monitoring of pulse oximeters by healthcare providers. With the advent of technology, devices have evolved to meet the growing demands of consumers.
Increasing Use of Continuous Monitoring Pulse Oximeters in Critical Care:
Continuous monitoring of pulse oximeters has become an integral component of hospital intensive care units. These devices are intended to continuously monitor a patient's oxygen saturation and pulse rate, providing healthcare providers with real-time data and alerts. These devices aid in detecting sudden fluctuations in oxygen levels, which can be fatal for critically ailing patients.
The increasing demand for these devices is primarily attributable to the growing awareness of the importance of monitoring patients' vital signs. In addition, technological advancements, such as the wireless connectivity market and cloud services, have facilitated the monitoring and management of patient data by healthcare providers.
Demand for Pulse Oximeter Devices with Enhanced Features:
In recent years, the demand for pulse oximeters with advanced features such as multi-parameter monitoring and alarm systems has increased dramatically. Multi-parameter monitoring systems are able to track oxygen saturation, pulse rate, and other vitals such as blood pressure, ECG, and body temperature. This enables healthcare providers to have a real-time understanding of the patient's condition, allowing for quicker decisions and improved patient outcomes.
Increasing Demand for Wrist-Wearable Pulse Oximeters Among Fitness Enthusiasts:
Pulse oximeters worn on the wrist have acquired tremendous popularity among fitness enthusiasts, who use them to monitor their oxygen saturation during exercise and other physical activities. In addition to monitoring oxygen saturation, these devices also measure the user's heart rate, daily activities, and sleep patterns.
In addition, the integration of these devices with the mobile applications market has facilitated the tracking and management of the data. This has led to an increase in demand for these devices, with fitness enthusiasts constituting a significant portion of the target market.
Expanding Partnerships and Collaborations between Pulse Oximeter Manufacturers and Healthcare Providers:
In recent years, there has been a growing trend of partnerships and collaborations between manufacturers of pulse oximeters and healthcare professionals. The manufacturers collaborate with the providers to promote their products, provide training for healthcare professionals, and offer technical support.
Integration of Pulse Oximeter Devices with Electronic Health Record (EHR) Systems Growing Trend:
In the pulse oximeter market, the integration of pulse oximeter devices with EHR systems has emerged as a key trend. This integration permits the automatic transfer of vital sign data to EHR systems. Healthcare providers can rapidly access the data, assess the patient's condition, and make decisions based on accurate information in real-time.
Regional Analysis
The prevalence of various respiratory diseases such as asthma, COPD, lung cancer, and pulmonary fibrosis is expected to increase significantly in the coming years, propelling the growth of the respiratory diseases market. According to a recent report, North America dominates the market for respiratory diseases due to a number of factors, including the presence of significant market players, the rising prevalence of respiratory diseases, and a growing geriatric population.
Respiratory diseases like asthma and chronic obstructive pulmonary disease (COPD) are on the rise worldwide, and North America is no exception. According to the Centers for Disease Control and Prevention (CDC), the prevalence of asthma in the United States has been steadily increasing, and COPD is also a significant public health concern.
In addition to the increasing prevalence of respiratory diseases, the geriatric population in North America is also expanding. As a consequence of aging and environmental risk factors, this population is especially susceptible to respiratory diseases.
Key Regions and Countries
North America
- US
- Canada
- Mexico
Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern 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
The market for pulse oximeters has expanded rapidly over the past few years, propelled by the rising prevalence of chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma, as well as rising public awareness of the significance of monitoring oxygen saturation levels.
With numerous players operating in the pulse oximeter market, it is highly competitive. Masimo Corporation, Nihon Kohden Corporation, Koninklijke Philips N.V., Nonin Medical Inc., Medtronic Inc., and GE Healthcare are among the market's key players.
Masimo Corporation is one of the market's leading players, offering a variety of pulse oximeters such as Masimo Rad-97, Masimo MightySat Rx, and Masimo Root, among others. The company is recognized for its innovative patient-monitoring products and technologies.
Top Key Players in Pulse Oximeter Market
- Carefusion Corp Covidien
- Philips Healthcare
- Masimo
- GE Healthcare
- Smiths Medical
- CAS Medical Systems Inc.
- Zensorium
- Meditech Equipment Co. Ltd.
- Opto Circuits India Ltd.
- Nonin Medical Inc.
- Welch Allyn
- Spacelabs Healthcare
- Nihon Kohden Corporation
Recent Development
- In December 2021, Masimo Corporation announced that the FDA had approved its next-generation rainbow SET platform.
- In November 2021, Avenu Medical, Inc., a company that creates minimally invasive medical devices such as a pulse oximeter sensor, was acquired by Medtronic plc.
- In September 2021, Nonin Medical, Inc. launched its wearable pulse oximeter, the WristOx2 3150, in Japan. The device is designed to be worn comfortably on the wrist and provides accurate readings of oxygen saturation, making it an ideal option for patients who require continuous monitoring.
- In June 2021, Koninklijke Philips N.V. introduced the VitalMinds mobile application, which is compatible with the Philips IntelliVue MX750 bedside patient monitor and pulse oximeter devices.
- In April 2021, Masimo Corporation announced the launch of its Rad-G Pulse Oximeter. This device is intended for use in remote locations and emergency medical services (EMS) contexts.
Report Scope:
Report Features Description Market Value (2022) USD 3.5 Bn Forecast Revenue (2032) USD 7.4 Bn CAGR (2023-2032) 8.0% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Product Type Analysis (Fingertip Pulse Oximeters, Handheld Pulse Oximeters, Wrist-worn Pulse Oximeters, Pediatric Pulse Oximeters, Bedside Pulse Oximeters), By End User Analysis (Hospitals, Clinics, Diagnostic Centers, Home Healthcare, Others) Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern 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 Competitive Landscape Carefusion Corp Covidien, Philips Healthcare, Masimo, GE Healthcare, Smiths Medical, CAS Medical Systems Inc., Zensorium, Meditech Equipment Co. Ltd., Opto Circuits India Ltd., Nonin Medical Inc., Welch Allyn, Spacelabs Healthcare, Nihon Kohden Corporation Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) -
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- Carefusion Corp Covidien
- Philips Healthcare
- Masimo
- GE Healthcare
- Smiths Medical
- CAS Medical Systems Inc.
- Zensorium
- Meditech Equipment Co. Ltd.
- Opto Circuits India Ltd.
- Nonin Medical Inc.
- Welch Allyn
- Spacelabs Healthcare
- Nihon Kohden Corporation