GVR Report cover Pulse Oximeter Market Size, Share & Trends Report

Pulse Oximeter Market Size, Share & Trends Analysis Report By Type (Fingertip, Handheld), By End-use (Hospitals & Other Healthcare Facilities, Homecare), By Region, And Segment Forecasts, 2021 - 2028

  • Report ID: GVR-1-68038-766-7
  • Number of Pages: 80
  • Format: Electronic (PDF)
  • Historical Range: 2016 - 2019
  • Industry: Healthcare

Report Overview

The global pulse oximeter market size was valued at USD 2.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. Rising awareness regarding applications of pulse oximeters in COVID-19 management and the increasing prevalence of target diseases is expected to drive the growth of the market.

U.S. pulse oximeters market size, by end-use, 2018 - 2028 (USD Million)

Availability of new products and high unmet needs in developing and least-developed economies are expected to boost market growth over the forecast period. Around 43 states in the U.S. have made pulse oximetry mandatory for newborn screening and is gaining popularity in other countries due to applications in the detection of Congenital Heart Defects (CHD) and other heart and respiratory conditions.

The growing prevalence of target diseases such as asthma, hyperlipidemia, hypertension, diabetes, ischemic conditions, cardiac arrhythmia, sleep apnea, and COPD is expected to be a major market driver over the forecast period. According to the WHO, around 64 million patients are currently living with COPD worldwide with approximately 90% of deaths due to COPD occurring in low- and middle-income countries.

High-quality pulse oximeters are critical for the early diagnosis and treatment of patients with COVID-19. The manufacturing and supply chains of pulse oximeters are expected to witness challenges during this period, as most of the companies are working at half their production capacities. Furthermore, trade restrictions across highly impacted countries are expected to limit the timely distribution of products. However, manufacturers are working to ensure an adequate supply of fingertip and handheld pulse oximeters to countries in dire need, as cases of COVID-19 continue to increase at an exponential rate.

Type Insights

The handheld segment dominated the market for the pulse oximeter and accounted for the largest revenue share of 38.9% in 2020. The market is primarily driven by the fact that these oximeters are easy to use in case of emergencies. The oxygen saturation level of a patient can strongly influence the course of treatment. A rise in the number of stroke cases and surgeries is anticipated to boost market growth over the forecast period.

Technological advancements in oximeters are expected to drive the segment. Added features such as easy transfer of data, extensive memory, alarm system, and Bluetooth increase the efficiency of products. Industry players introduce new products with additional features to sustain in the competitive market. For instance, in August 2015, Nonin Medical, Inc. launched a wireless fingertip oximeter operated via Bluetooth-NoninConnect Model 3230.

The COVID-19 pandemic has restricted the visits to medical facilities hindering medical care services, and manufacturers are innovating products to provide alternative telehealth solutions. In January 2021, Tyto Care, a telehealth company launched a fingertip pulse oximeter that connects to the TytoCare device via a cable to logging test results to patients EHR enabling its remote monitoring by clinicians.

End-use Insights

The hospitals and other healthcare facilities segment dominated the pulse oximeter market and accounted for the largest revenue share of 82.0% in 2020 due to an increase in the number of surgeries and emergency room visits. Long-term care facilities are at high risk of COVID-19 infections, and residents are being continuously monitored for symptoms by checking vital respiratory parameters. Thus, demand for pulse oximeters from home healthcare centers and long-term care facilities is expected to increase during the COVID-19 pandemic.

The homecare segment is expected to witness lucrative growth during the forecast period due to factors such as increasing awareness regarding the importance of monitoring oxygen levels. Fingertip pulse oximeters are considered affordable and effective in homecare, as they can help track and store a patient’s oxygen level readings, which can help reduce the risk of readmission to a hospital. In addition, spot-checking is an effective way for patients suffering from COPD and CHD. Moreover, self-monitoring helps patients actively participate in the management of their health. With an increase in the aging population, the incidence of chronic pulmonary and cardiac conditions is expected to rise. This is anticipated to augment the need for monitoring devices, such as pulse oximeters, in home settings.

Regional Insights

North America dominated the market for the pulse oximeter and held the largest revenue share of 49.1% in 2020, owing to increasing awareness regarding the importance of monitoring respiratory vitals among the common population. Current Procedural Terminology (CPT) recognizes three codes for reimbursement of pulse oximeters: 94760, 94761, and 94762. As the use of pulse oximeter is considered supplementary by Medicare, it is typically reimbursed along with a primary service.

Moreover, for outpatients and patients opting for home settings, a pulse oximeter is considered a reasonable necessity and reimbursed after proper documentation. Thus, a favorable reimbursement infrastructure is expected to contribute to market growth. Moreover, the health organizations are updating medical practitioners with research related to COVID-19 to assist in better management of the pandemic situation. In interim clinical guidance published in February 2021, CDC reported the probability of pulse oximeters having sub-optimal accuracy in dark skin patients.

Global pulse oximeters market share, by region, 2020 (%)

Recent changes in regulatory norms in Europe are expected to affect all medical device manufacturers. Although factors such as modifications in labeling requirements and changes in rules and regulations pertaining to the distribution of medical devices may slow down the approval process, in the long run, they may result in benefits to approved products, such as improvement in quality and reduction in the number of product recalls.

In Asia Pacific, market players are recognizing the potential and introducing new products suited for developing economies of the region. In January 2017, Masimo launched Rad-97 Pulse-CO Oximeter in India. The product was intended to improve CHD screening in neonates. Although Asia Pacific has a slightly declining birth rate, the number of infants born every day is considerably large. This results in a large target population for CHD.

Key Companies & Market Share Insights

The market is fragmented with the presence of various global and regional manufacturers. The market is expected to adopt various strategies such as product launches and acquisitions by key players to expand their market share. For instance, in January 2020, Vyaire Medical made its MX40-a reusable telemetry adapter-commercially available in the U.S. This product features a SpO2 port, which is compatible with Philips 9 pin pulse oximeter sensor and Masimo LNCS pulse oximeter.

Key industry players are undertaking other major initiatives, such as licensing agreements and strategic partnerships, to strengthen their market presence. In November 2016, the company entered into a partnership with Masimo and withdrew all pending lawsuits against the company. It was also relieved by Masimo from paying the USD 467 million jury verdict. Some of the prominent players in the pulse oximeter market include:

  • Medtronic (Covidien)

  • Carefusion Corp.

  • GE Healthcare

  • Philips Healthcare

  • Masimo

  • CAS Medical Systems, Inc.

  • Opto Circuits India Ltd.

  • Nonin Medical, Inc.

  • Smiths Medical

  • Welch Allyn

  • Spacelabs Healthcare

  • Meditech Equipment Co.

  • Nihon Kohden Corporation

 Pulse Oximeter Market Report Scope 

Report Attribute


Market size value in 2021

USD 2.2 billion

Revenue forecast in 2028

USD 3.4 billion

Growth Rate

CAGR of 6.4% from 2021 to 2028

Base year for estimation


Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD Million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; China; Japan; India; Brazil; Mexico; South Africa

Key companies profiled

Medtronic (Covidien); Carefusion Corp.; GE Healthcare; Philips Healthcare; Masimo; CAS Medical Systems, Inc.; Opto Circuits India Ltd.; Nonin Medical, Inc.; Smiths Medical; Welch Allyn; Spacelabs Healthcare; Meditech Equipment Co., and Nihon Kohden Corporation

Customization scope

Free report customization (equivalent to up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global pulse oximeter market report on the basis of type, end-use, and region:

  • Type Outlook (Revenue, USD Million, 2016 - 2028)

    • Fingertip

    • Handheld

    • Others

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Hospitals & Other Healthcare Facilities

    • Homecare

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa (MEA)

      • South Africa

Frequently Asked Questions About This Report

gvr icn


gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

gvr icn


We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

esomar icon

ESOMAR certified & member

D&B icon

Leading SME award by D&B

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.

great place to work icon