The global pulse oximeter market size was valued at USD 2.4 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.4% from 2023 to 2030. The increasing burden of respiratory conditions like asthma, COPD, and others is the major factor driving the global market. Moreover, the surge in the number of surgical procedures, and hospitalizations coupled with technological advancements in pulse oximeter devices are the other factors propelling the market demand. For instance, according to American Hospital Association’s data published in January 2022, the U.S. reported an overall 3.1 million admissions in community hospitals.
Moreover, the COVID-19 pandemic had a positive impact on the market as it significantly drove demand for remote monitoring solutions used for both hospitals and homecare settings. People became more aware about measuring their blood oxygen levels as a part of preventive healthcare. Also, the higher demand for these devices pushed companies to bolster their production capabilities. For instance, in April 2021 Konica Minolta, Inc. in collaboration with Seki Aoi boosted its manufacturing capacity of pulse oximeters by 20 times. Thus, the higher demand for pulse oximeters used for self-screening is anticipated to exhibit lucrative growth during the forecast period.
Governments across the globe have mandated the continuous oxygen saturation level monitoring in patients suffering from chronic respiratory conditions like COPD. Government recommendations and guidelines on pulse measurement devices have been executed in developed as well as emerging economies. For instance, in November 2022 the U.S. FDA panel advised improvements in pulse oximeters as it is used to monitor blood oxygen levels and some results have shown less efficacy on people with darker skin.
In addition, the ongoing efforts from private and public organizations to improve accuracy of the pulse oximeters for better patient outcomes is also expected to fuel the global market. For instance, in October 2022 the UCSF Center for Health Equity in Surgery and Anesthesia and UCSF Hypoxia Laboratory launched an “Open Oximetry Project” to improve access to safe pulse oximeters globally by sharing data and making novel technologies and standards for the pulse oximeter validation.
Moreover, the availability of newer advanced products, presence of high unmet needs in developing countries, and rising adoption of oximetry in newborn screening are the factors pushing the market growth. For instance, the majority of the U.S. states have made pulse oximetry mandatory for newborn screening and is gaining traction in other countries owing to its application in detecting respiratory conditions and CHD.
Furthermore, various organic as well as inorganic growth strategies implemented by the market players to strengthen their business avenues is further facilitating the global pulse oximeter industry. For instance, in November 2022 BioIntelliSense, Inc. announced the launch of its FDA-cleared pulse oximetry sensor chipset for robustly measuring blood oxygen levels across light and dark skin pigmentations.
In addition, in February 2021 CONTEC MEDICAL SYSTEMS CO., LTD. announced an expansion of its manufacturing base in China to boost the regional employment rate and promote industrial optimization, which in turn facilitated the market growth.
The presence of a stringent regulatory framework, frequent product recalls, and the presence of substandard products are the factors hampering the global market. For instance, in February 2021 the U.S. FDA issued a safety communication and warned about limitations and accuracy of the pulse oximeters. In addition, devices are recalled by FDA due to various reasons such as ambiguity in the display of an oximeter, which can lead to misinterpretation. In a few cases, the products have had a loose patient cable connector, leading to disconnection of the power of oximeters in case of movement, which hampered the continuous patient monitoring.
Based on type the market for pulse oximeter is classified as, disposable sensors and reusable probes. In 2022, the disposable sensor segment was the largest revenue contributor with a share of 75.1%, and its robust growth is owing to its ability of non-invasive monitoring and its light weight nature for higher patient satisfaction. Moreover, the disposable sensors have high flexibility and biocompatibility of the applied soft material making this product good and suitable for long-term monitoring. In addition, the greater ability of disposable sensor oximeters to prevent cross-contamination and HAIs has further propelled its adoption. Some of the leaders in offering disposable sensors include Honeywell International Inc., NIHON KOHDEN CORPORATION, among others.
Moreover, reusable probes were the second highest revenue contributor for the market in 2022. The higher demand for reusable probes in intensive care units, compatibility with common monitoring devices, unique product designs, and accurate measurement results are expected to support segment expansion. Moreover, the higher ability of the product to handle mechanical stress and ease of cleaning has further driven the segment uptake.
The handheld pulse oximeters segment held the largest share of 39.0% in 2022 and is anticipated to grow at a lucrative rate during the forecast period. The largest revenue share of this segment is attributed to a high burden of respiratory diseases, an increasing number of hospitalizations, and easier use of handheld devices during emergencies.
In addition, technological advancements in terms of accuracy, safety and easy data transfer capabilities are the factors further fueling segment uptake. Leading market players introduce new products with additional features to sustain the competition. For instance, in September 2020 Masimo announced the U.S. FDA clearance of the Rad-G handheld pulse oximeter.
The fingertip pulse oximeters segment is expected to register the fastest growth rate throughout the forecast period. The rising demand for continuous patient monitoring at home settings, higher patient awareness, and the surging trend of preventive healthcare is responsible for the higher revenue share of the segment.
The adult segment dominated the global market in 2022 with a share of 61.7% and is likely to maintain its dominance throughout the forecast period. The higher market for this segment is attributed to the rising prevalence of chronic respiratory conditions such as COPD, and asthma in the adult population and the growing hospitalizations of adult patients requiring continuous patient monitoring. Moreover, the significant rise in the geriatric population has fueled demand for pulse oximeters as vital signs monitoring like SpO2 monitoring is very crucial in the case of the geriatric group.
Development of small-sized oximeters for children, the rising burden of respiratory conditions in pediatric patients, and the availability of robust product portfolio of pediatric pulse oximeters are the factors anticipated to drive the lucrative CAGR of the pediatric segment. Pulse oximetry is regularly utilized in the ED, the pediatric ward, and in pediatric intensive and perioperative care.
Furthermore, the presence of childcare organizations that work for newborn health is further supporting the segment growth. For instance, The Newborn Foundation advocates strongly in favor of using this portable technology to help save newborns. The company’s offering pediatric products include Biocare, Heal Force, LUMED, among others.
Conventional technology segment held a lucrative market share of 55.5% in 2022 and is projected to witness a steady growth rate. The requirement of continuous patient monitoring in hospitals and clinics, and rising demand for wired measurement devices in combination with other medical devices in critical care settings is driving the higher revenue share of the segment.
Connected devices is expected to expand at the highest growth rate and its exponential growth is attributed to the rising adoption of connected medical devices such as wireless devices and evolving demand for continuous patient monitoring in ambulatory settings and homecare. Moreover, rising initiatives by the market participants to introduce smart devices is further accelerating the segment expansion.
Based on the end-use segment, the market is segmented into hospitals & other healthcare facilities and homecare. The hospitals and other healthcare facilities segment held the largest revenue share in 2022. The exponential segment growth is attributed to the rising number of hospitalizations requiring continuous patient monitoring systems. In addition, the increasing number of hospitals coupled with a raised footfall of patients in hospitals to manage asthma and COPD are anticipated to augment the demand for these devices in projected period.
Homecare segment is likely to be the fastest-growing segment during the coming years. The higher adoption of small, user-friendly wireless oximeters in homecare settings for continuous patient monitoring and the increasing adoption of portable oximeters for home healthcare are the factors expediting the market growth. Furthermore, rising demand for home healthcare, owing to the high disease burden, and the availability of a robust range of homecare service providers is further fueling the segment uptake.
North America led the overall pulse oximeter market with a share of 48.8% in 2022 due to the presence of leading market players in the region and rising investments by them in developing technologically advanced oximeters. Moreover, the rapid uptake of wireless pulse oximeters and the rising usage of oximeters in home healthcare are the factors anticipated to fuel the region’s market. In addition, the presence of a technologically advanced healthcare system and surge in hospital admissions owing to the high disease burden are further facilitating the region’s expansion.
Asia Pacific is expected to expand at a lucrative growth rate throughout the forecast period. The high prevalence of target diseases, improvement in healthcare infrastructure, and increasing awareness of efficient patient monitoring devices are the factors driving regional growth. Moreover, the rising demand for advanced products, and the growing need for non-invasive, remote, and portable patient monitoring solutions is also supporting the region’s growth.
Key players are adopting new product development, merger & acquisition, and partnership strategies to increase their market share. Market players such as Medtronic, Masimo, Koninklijke Philips N.V., and others dominated the global pulse oximeter industry. These key players are developing novel pulse oximeters to cater to different end-use applications. They are introducing various innovations in the market and expanding their product portfolios to stay competitive in the market. For instance, in November 2021 Masimo announced the launch of Dual SET Pulse Oximetry for versatile patient monitoring. Some of the prominent players in global pulse oximeter market include:
Koninklijke Philips N.V.
NIHON KOHDEN CORPORATION
ICU Medical, Inc.
OSI Systems, Inc.
CONTEC MEDICAL SYSTEMS CO., LTD
Drägerwerk AG & Co. KGaA
Market size value in 2023
USD 2.5 billion
Revenue forecast in 2030
USD 3.9 billion
CAGR of 6.4% from 2023 to 2030
Base year for estimation
2016 - 2021
2023 - 2030
Revenue in USD million and CAGR from 2023 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Type, product type, age group, technology, end-use, region
North America; Europe; Asia Pacific; Latin America; MEA
U.S.; Canada; UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; India; China; Japan; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; Saudi Arabia; UAE; South Africa; Kuwait
Key companies profiled
Medtronic; Masimo; Koninklijke Philips N.V.; General Electric; Nonin; NIHON KOHDEN CORPORATION; ICU Medical, Inc.; OSI Systems, Inc.; CONTEC MEDICAL SYSTEMS CO., LTD; Drägerwerk AG & Co. KGaA
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This report forecasts revenue growth at global, country & regional levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2016 to 2030. For this report, Grand View Research has segmented the global pulse oximeter market based on the type, product type, age group, technology, end-use, and region.
Type Outlook (Revenue, USD Million, 2016 - 2030)
Product Type Outlook (Revenue, USD Million, 2016 - 2030)
Fingertip pulse oximeters
Handheld pulse oximeters
Age Group Outlook (Revenue, USD Million, 2016 - 2030)
Technology Outlook (Revenue, USD Million, 2016 - 2030)
End-use Outlook (Revenue, USD Million, 2016 - 2030)
Hospitals and other healthcare facilities
Regional Outlook (Revenue, USD Million, 2016 - 2030)
Middle East & Africa
b. The global pulse oximeter market size was estimated at USD 2.4 billion in 2022 and is expected to reach USD 2.5 billion in 2023.
b. The global pulse oximeter market is expected to grow at a compound annual growth rate of 6.4% from 2023 to 2030 to reach USD 3.9 billion by 2030.
b. Handheld pulse oximeters dominated the type segment with around 39% market share in 2022. The market is primarily driven by the fact that these oximeters are easy to use in case of emergencies.
b. Some key players operating 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., and NIHON KOHDEN CORPORATION.
b. Key factors that are driving the pulse oximeter market growth include increasing emphasis on patient safety during anesthesia and demand for consistent vital stats monitoring.
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