Pulse Oximeter Market Size To Reach $3.9 Billion By 2030

Pulse Oximeter Market Growth & Trends

The global pulse oximeter market size is expected to reach USD 3.9 billion by 2030, registering a CAGR of 6.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The pulse oximeter industry is anticipated to witness exponential growth opportunities owing to technological advancements and rising demand for minimally invasive devices. In addition, the market is also driven by the increased focus towards continuous patient monitoring during diagnosis and treatment.

Moreover, increasing innovation and rising product approvals are expected to provide lucrative growth opportunities for the market in the coming years. The COVID-19 pandemic has significantly driven the global market as oximetry is the crucial method to measure blood oxygen saturation.

The increasing prevalence of chronic respiratory diseases such as COPD, asthma, sleep apnea, cystic fibrosis, and other respiratory infections are expected to drive the market at certain extent as oxygen saturation is a vital parameter in COPD and asthma and pulse oximeters can accurately measure the blood oxygen levels in such patients. According to the American Lung Association, COPD is the leading reason for death in the U.S. and more than 12.5 million people have been diagnosed with COPD and several other patients may have this condition without even knowing about it.

Moreover, technological advancements in terms of accuracy, safety and automation are anticipated to cater to market growth throughout the forecast period. Manufacturers are emphasizing on developing automated, wireless, and remote oximeters for self-monitoring thereby reducing hospitalization and physician visits. For instance, in December 2021, Teli Health announced the delivery of its first U.S. FDA-approved 4G connected oximeter. This newly introduced oximeter is suitable for remote patient monitoring.

Furthermore, emerging economies are anticipated to offer lucrative growth opportunities to medical device manufacturers operating in the pulse oximeters industry. Governments like China and India are continuously bolstering their investments in healthcare modernization and value-based care systems. In addition, the market players are devising novel operating strategies in emerging nations to strengthen their business avenues. For instance, in October 2022 Max Ventilator announced niche expansion through the launch of intelligent devices including ECG, monitors, and pulse oximeters.

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Pulse Oximeter Market Report Highlights

• In 2022, the handheld pulse oximeters segment held the largest share of 39.0% owing to the high burden of respiratory diseases, increasing number of hospitalizations, and easier use of handheld pulse oximeters during emergencies

• The fingertip pulse oximeters segment is anticipated to register the fastest growth rate because of the rising demand for continuous patient monitoring at home settings, higher patient awareness, and the surging trend of preventive healthcare

• The adult sub-segment dominated the age group segment in 2022 whereas the pediatric sub-segment is anticipated to exhibit lucrative CAGR during the forecast period

• In 2022, the hospitals and other healthcare facilities segment accounted for the largest revenue share of 81.4% due to the rising number of hospitalizations requiring continuous patient monitoring systems

• North America dominated the market in 2022 due to the high prevalence of target diseases, improvement in healthcare infrastructure, and increasing awareness of efficient patient monitoring devices

Pulse Oximeter Market Segmentation

Grand View Research has segmented the global pulse oximeter market based on the type, product type, age group, technology, end-use, and region:

Pulse Oximeter Type Outlook (Revenue, USD Million, 2016 - 2030)

• Disposable Sensors

• Reusable Probes 

Pulse Oximeter Product Type Outlook (Revenue, USD Million, 2016 - 2030)

• Fingertip pulse oximeters

• Handheld pulse oximeters

• Others

Pulse Oximeter Age Group Outlook (Revenue, USD Million, 2016 - 2030)

• Adult

• Pediatric

Pulse Oximeter Technology Outlook (Revenue, USD Million, 2016 - 2030)

• Connected Devices

• Conventional

Pulse Oximeter End-use Outlook (Revenue, USD Million, 2016 - 2030)

• Hospitals and other healthcare facilities

• Homecare

Pulse Oximeter Regional Outlook (Revenue, USD Million, 2016 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • South Korea

  • Australia

  • Thailand

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in Pulse Oximeter Market

• 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