Pulse Oximeter Market - By Product Type (Fingertip Pulse Oximeters, Hand-held Pulse Oximeters, Wrist-worn Pulse Oximeters, Table-top/Bedside Pulse Oximeters), By Technology (Conventional, Connected), By Age Group, End-use – Global Forecast, 2023-2032

Pulse Oximeter Market Size

Pulse Oximeter Market size was valued at around USD 2.7 billion in 2022 and is estimated to progress at 6.5% CAGR during the forecast period to reach over USD 4.7 billion by 2032. The surging prevalence of respiratory diseases worldwide have significantly affected the market growth in upward trajectory.

For instance, as per the report published by The Lancet, around 390 million patients were affected from COPD, worldwide in 2019. Advancements in sensor technology and miniaturization have made pulse oximeters more compact, affordable, and user-friendly. Moreover, increasing focus towards patient monitoring during treatment and diagnosis and technological advancements in pulse oximeter devices are other factors fueling the market progress.

Pulse oximeter is a patient monitoring device that measures the oxygen saturation in the blood, non-invasively. The device can be attached to fingers, toes, ears, etc. to measure the oxygen levels and to help in therapeutic and diagnostic interventions. Pulse oximeter are also known as SAT monitors.

COVID-19 Impact

The emergence of COVID-19 is an unprecedented public health concern that has positively affected the pulse oximeter market. The pandemic has increased demand for remote patient monitoring devices significantly in the last few years. In order to provide optimal treatment and diagnosis, most hospitals and healthcare facilities are actively attempting to expand the patient monitoring systems to home care facilities or other temporary setups.

Pulse Oximeter Market Trends

The increasing prevalence of respiratory disorders is anticipated to drive the market in the forecast years. For instance, as per The American Lung Society’s report, COPD or Chronic Obstructive Pulmonary Disorder has high mortality rate in the U.S. and has afflicted over 16.4 million people in 2021. The respiratory disease burden is expected to reach higher with each passing year. Moreover, altered, and poor lifestyle choices such as drinking, smoking, lack of bodily activities, and other factors manifest itself in compromised respiratory health. Pulmonary emphysema, a part of COPD, is a disorder that is triggered by lifestyle habits such as smoking. For instance, The National Library of Medicine (NLM) in one of its 2021 studies, states that the rising prevalence of emphysema has reached around 14 million in the U.S.

• Due to the disease's pathophysiological process, patients with respiratory difficulties have trouble transporting oxygen and have low oxygen saturation. In studies, pulse oximetry has been demonstrated to be helpful in detecting the severity of a disease and assisting with medical decisions. The saturated oxygen in red blood cells is measured by a pulse oximeter.
   
• Further, other disorders such as Pneumonia can lead to inflammation and fluid accumulation in the lungs, affecting oxygen exchange. Pulse oximeters are used to monitor oxygen saturation in pneumonia patients, helping healthcare providers assess the need for oxygen therapy.
   

Pulse Oximeter Market Analysis

The table-top/bedside pulse oximeters segment is expected to reach more than USD 1,555 million by 2032. The growth in the segment is attributed to the increasing prevalence of chronic and acute respiratory diseases. For instance, according to the American Lung Association, COPD is the third leading cause of death in the U.S.

• Due to their lightweight, portable, and reusable nature, tabletop pulse oximeters are suited for home diagnostics and medical applications. These devices are ideal for routine examinations, general diagnostics, and a variety of health concerns as they can quickly assess SpO2 levels and pulse rate.
   
• Moreover, table-top/bedside pulse oximeters offer advantages such as continuous monitoring of oxygen saturation levels, pulse rate, and perfusion, making them ideal for hospitalized patients. Their larger displays and audible alarms provide real-time feedback, aiding healthcare professionals in immediate intervention for patients with respiratory or cardiac conditions.
   

The conventional segment in the pulse oximeter market accounted for leading revenue of USD 1,726 million in 2022 and is anticipated to reach over USD 2,956 million through 2032. The notable growth in the segment is owing to the increase in adoption of wired monitoring devices. The devices are instrumental in continuous patient monitoring in healthcare institutes during a therapeutic or diagnostic intervention. The accuracy and the technological advancement in the device are anticipated to drive the segment growth ahead, thereby driving the market in the forecast years.
 

• They are affordable and widely accessible for home healthcare and point-of-care use. Simple operation and quick results benefit both healthcare professionals and patients.

   

• Additionally, encourages individuals to monitor their health, promoting well-being. Aids in early detection of hypoxemia, facilitating timely intervention.
   

These factors have contributed to the widespread adoption of conventional pulse oximeters in both clinical and non-clinical settings, improving patient care and healthcare efficiency.

Based on age group, the pulse oximeter market is segmented into adult and pediatric. The surgery segment accounted for over 39% business share in the year 2022 and is anticipated to witness highest growth during the forecast period.

• There is a notable rise in pediatric patients suffering from various diseases such as Asthma, cystic fibrosis, chronic lung disease, primary ciliary dyskinesia, interstitial lung disease, etc. According to National Center of Biotechnology Information (NCBI), in 2021, approximately around 8.4% pediatric patients suffered from asthma that accounted for over 6 million patients below the age of 18 years.

   

• Further, technological advancements in pulse oximeters to measure fast and accurate oxygen levels of children is set to increase the product demand among pediatric patients.
   

The pulse oximeter market by end-use is categorized into hospitals and clinics, homecare, and others. Hospitals and clinics segment is anticipated to grow at a 6.4% growth rate to reach over USD 3.28 billion by 2032. This significant segment growth is majorly attributed to the increasing number of patient preference to hospitals and clinics for quality care and speedy recovery.

• Availability of diversified range of treatments incorporating advanced technology and equipment caters to patient population suffering from chronic respiratory disorders would drive the segment progression.
   
• Further, hospitals and clinics provide better care facility and convenient treatment at affordable rates in comparison to other settings thereby propelling the revenue growth.
   

Thus, the high-quality services and growing number of outpatient surgical procedures at hospitals and clinics are anticipated to expedite the market progress.
 

U.S. pulse oximeter market accounted for around USD 1 billion revenue in 2022 and is predicted to witness healthy growth rate over the analysis timeline.

• This significant market growth is majorly attributed to the increasing prevalence of chronic respiratory conditions, supportive government initiatives and surging awareness for point-of-care testing.
   
• Increasing instances of heart attack and asthma in the country is set to increase the product demand in the near future. For instance, according to the reports published by the Centre of Disease Control and Prevention (CDC), in 2022, stated that every year around 805,000 people in the U.S. have heart attack and it is one of the leading causes of mortality in the country. Pulse oximeters are used to monitor the heart rate and oxygen level of these patients and provide proper medications.
   

Pulse Oximeter Market Share

The market is fragmented in nature, with key market players, local players, and new start-ups joining the industry competition. The firms are engaged in innovative product launches to expand their product portfolio and extend their services to expand their customer base. Masimo Corporation is one of the significant market players, focuses on the development of products and strategic collaborations to grow in the market. For instance, In November 2021, Masimo Corporation announced the launch of Duel set pulse oximetry. This pulse oximeter aide in newborn congenital heart disease screening along with SpO2 saturation measurement.

Some of the eminent market participants operating in the pulse oximeter industry include:

• Koninklijke Philips N.V.
• Masimo Corporation
• Medtronic plc
• Nihon Kohden Corporation
• Nonin Medical, Inc.
• Omron Corporation
• Smiths Group plc.
• Contec Medical Systems Co., Ltd.
• ChoiceMMed
• Dr Trust
• Guangdong Biolight Medical Technology Co., Ltd.
• Shanghai Berry Electronic Technology Co., Ltd.
• Beurer GmbH
   

Pulse Oximeter Industry News:

• In December 2021, Medtronic plc announced that their NVOS 7100 cerebral/somatic oximetry system received the U.S. Food and Drug Administration (FDA), 510(k) clearance. This system detects key signals in children to take time-critical decisions by pediatric clinicians in critical medical situations.
   
• In September 2021, Masimo Corporation launched the Rainbow SuperSensor in Europe. the comprehensive adhesive device offers monitoring of 12 blood constituent parameters continuously and noninvasively. This development enabled the firm to add to its robust product portfolio and business expansion in Europe.
   

Pulse Oximeter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

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By Product Type, 2018-2032 (USD Million)

• Fingertip Pulse Oximeters
• Hand-held Pulse Oximeters
• Wrist-worn Pulse Oximeters
• Table-top/Bedside Pulse Oximeters

By Technology, 2018-2032 (USD Million)

• Conventional
• Connected

By Age Group, 2018-2032 (USD Million)

• Adult
• Pediatric

By End-use, 2018-2032 (USD Million)

• Hospitals and Clinics
• Homecare
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of MEA