Pulse Oximeter Market Size, Share & Trends Report

Pulse Oximeter Market Size, Share & Trends Analysis Report By Product Type (Fingertip pulse oximeters, Handheld pulse oximeters), By Type, By Age Group, By Technology, By End-use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-1-68038-766-7
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2016 - 2021
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the pulse oximeter market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for pulse oximeter market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of pulse oximeter market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Pulse Oximeter Market Categorization:

The pulse oximeter market was categorized into six segments, namely type (Disposable Sensors, Reusable Probes), product type (Fingertip pulse oximeters, Handheld pulse oximeters), age group (Adult, Pediatric), technology (Connected Devices, Conventional), end-use (Hospitals and other healthcare facilities, Homecare), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The pulse oximeter market was segmented into type, product type, age group, technology, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The pulse oximeter market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; India; China; Japan; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; Saudi Arabia; UAE; South Africa; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Pulse oximeter market companies & financials:

The pulse oximeter market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • MEDTRONIC - Medtronic is a publicly operated multinational organization involved in the medical devices industry. The company delivers value-based procedural systems and therapeutic-level offerings on a global scale. It operates in over 150 countries and is one of the world leaders in the medical devices industry. The company’s product offerings are divided into four business groups: Cardiac & Vascular, Diabetes, Minimally Invasive Therapies, and Restorative Therapies. In January 2015, Medtronic plc acquired Covidien for USD 42.9 billion.

  • CAREFUSION CORP (VYAIRE) - CareFusion is a global medical technology company operating across two segments: medical systems and procedural solutions. The company was established from a spinoff of Cardinal Health and became public in 2009. The company has its core competencies in manufacturing surgical devices, anesthesia, respiratory care, patient monitoring, medication management, and other devices. In 2015, the organization was acquired by Becton, Dickinson, and Company (BD) for USD 12.2 billion. In 2016, BD separated the respiratory business of CareFusion, settling a joint venture with private equity firm Apax Partners and establishing Vyaire Medical. In March 2018, BD announced its agreement to divest its stake in a respiratory solutions joint venture with Vyaire Medical and provide a complete handover to joint manager Apax Partners for USD 435 million.

  • GE HEALTHCARE - GE Healthcare, a subsidiary of General Electric (GE), provides medical technologies and services, including delivery of advanced patient care across the world. The company offers medical imaging, medical information technologies, drug discovery, medical diagnostics, and biopharmaceutical manufacturing technologies to healthcare organizations. In addition, the company provides patient monitoring systems and performance solutions services to healthcare leaders. Apart from the U.S., it is present in Asia Pacific, Europe, the Middle East & Africa, Latin America, and Canada.

  • KONINKLIJKE PHILIPS NV - Koninklijke Philips N.V., previously known as Koninklijke Philips Electronics N.V., is a technology company that offers products in advanced molecular imaging, diagnostic imaging solutions, image-guided therapy solutions & therapy devices, and integrated clinical solutions. The company operates across four business segments: diagnosis & treatment, connected care, personal health, and others. Moreover, Philips provides patient monitoring solutions, clinical decision support systems, therapeutic care products, and respiratory monitoring devices. Philips Healthcare, headquartered in the Netherlands, was established in 1895 after Royal Philips acquired CHF Muller, a manufacturer of X-ray tubes.

  • MASIMO - Masimo is a global medical technology company that develops, manufactures, and markets noninvasive monitoring devices. The company has a diverse product portfolio that includes products for pulse oximetry, noninvasive blood constituent monitoring, optical organ oximetry, brain function monitoring, exhaled gas monitoring, and acoustic respiration & monitoring. It has also expanded its portfolio by developing portable patient monitors and patient surveillance monitoring systems. The company owns several patents for pulse oximetry devices and was the first to introduce these devices in 1995. Its recent introduction of continuous and noninvasive hemoglobin monitoring technology is expected to open opportunities in new markets. Its introduction of Rainbow Pulse CO-Oximetry is also considered a breakthrough in this market and has been the primary reason for the company’s position as a leader in this field. The company serves various customers, including hospitals and alternate care centers, through its sales force and network of distributors.

  • CASMED (EDWARDS LIFESCIENCES CORPORATION.) - Edwards Lifesciences Corporation is a medical technology company specializing in hemodynamic monitoring & artificial heart valves. The company has manufacturing facilities at Utah, Costa Rica, Puerto Rico, Singapore, & Dominican Republic. In April 2019, Casmed was acquired by Edwards Lifesciences Corporation for approximately USD 100 million.

  • OPTO CIRCUITS INDIA LTD. - Opto Circuits India Ltd. develops, manufactures, and distributes a range of medical products, with expertise in vital stats monitoring, vascular treatments, & emergency cardiac care. 90% of its revenue is generated from medical equipment, with treatment and monitoring devices at the forefront. The Opto group consists of smaller companies, including Cardiac Science, Eurocor, Criticare, Mediaid, Unetixs, Inc., AMDL, Devon, and Ormed. The company distributes its products across more than 150 countries.

  • NONIN MEDICAL, INC. - Nonin Medical, Inc. is a manufacturer of noninvasive medical devices. Its product offerings include sensors, regional oximeters, pulse oximeters, capnography, accessories, and software. The devices have various applications, including short-term monitoring, continuous monitoring, spot-checking, and overnight oximetry screening. The company distributes products across more than 125 countries, with the help of more than 200 partners across the globe.

  • SMITHS MEDICAL - Smiths Medical, a subsidiary of SMITHS GROUP PLC, is a medical devices provider for emergency care units, hospitals, home and specialty care environments. It includes 12 brands in its portfolio: Medex, Portex, Deltec, Cozmore, Level1, Pneupac, CADD, Wallace, BCI, Medfusion, Jelco, and Surgivet. In 1958, Samuel Smith acquired Portland Plastics, which was the beginning of the medical business for Smiths Group. The company has operations in around 30 countries, with manufacturing facilities in the U.S., the UK, Mexico, Germany, Italy, the Czech Republic, and China. It sells to approximately 120 markets, with the U.S. holding the largest share of around 45% of sales. In March 2019, Smiths Group PLC announced the separation of Smiths Medical to create two industry-leading companies.

  • HILL-ROM SERVICES, INC. - Hill-Rom Services, Inc. is a publicly operated multinational company involved in the medical technology industry and a part of Hill-Rom Holdings, Inc. The company focuses on improving health outcomes by Advancing Connected Care. Hill-Rom’s products and services are intended to be used in diagnosis & treatment, optimizing surgical efficiency and accelerating patient recovery. Its portfolio includes smart bed systems, respiratory health devices, patient monitoring and diagnostic technologies, and advanced equipment for surgical space. In 2015, the company was acquired by Hill-Rom Services, Inc. for USD 2.5 billion.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Pulse Oximeter Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2016 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Pulse Oximeter Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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