Pulse Oximeter Market Size, Share, Trends, Growth 2030

Pulse Oximeter Industry Prospective:

The global pulse oximeter market size was worth around USD 2490.60 million in 2022 and is predicted to grow to around USD 4407.60 million by 2030 with a compound annual growth rate (CAGR) of roughly 7.40% between 2023 and 2030.

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Pulse Oximeter Market: Overview

A pulse oximeter is a widely used medical device that is helpful in measuring oxygen saturation levels in red blood cells. These devices can be attached to the forehead, fingers, ears, nose, toes, or foot for measuring medically required readings of oxygen saturation levels. The use of pulse oximeters is mostly recommended in case a person is known to have a specific lung condition or shortness of breath. All pulse oximeters measure the saturation level of oxygen without the need to take blood samples of needles and hence are considered patient-friendly as they provide an extremely easy and non-invasive method of determining red blood cell saturation with oxygen. The readings allow medical professionals to list the further treatment process best suiting the patient's medical needs. If the readings are accurate and evaluated by competent medical professionals, there are no known side-effects of using pulse oximeters however, since device inaccuracies are reported in several instances and use in homecare settings should always be followed by thorough analysis by an experienced medical personnel. The pulse oximeter market is projected to grow at a steady pace during the forecast period.

Key Insights:

• As per the analysis shared by our research analyst, the global pulse oximeter market is estimated to grow annually at a CAGR of around 7.40% over the forecast period (2023-2030)
• In terms of revenue, the global pulse oximeter market size was valued at around USD 2490.60 million in 2022 and is projected to reach USD 4407.60 million, by 2030.
• The pulse oximeter market is projected to grow at a significant rate due to increased access to healthcare and growing awareness about medical care on a personal level
• Based on product segmentation, handheld pulse oximeters was predicted to show maximum market share in the year 2022
• Based on technology segmentation, conventional devices was the leading segment in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Pulse Oximeter Market: Growth Drivers

Increased access to healthcare and growing awareness about medical care on a personal level may trigger high market growth

The global pulse oximeter market is expected to grow owing to the increasing access to primary medical care across the globe. In addition to this, especially since COVID-19, more people have become aware of the importance of managing health issues on a personal level by undertaking precautionary measures. Pulse oximeters have, in recent times, become an integral part of first-aid kits or basic home healthcare devices such as thermometers and blood-pressure measuring machines. These devices are compact and portable. Their application does not require extremely high medical knowledge since using pulse oximeters is a non-invasive process. During 2020 and 2021, the sale of pulse oximeters skyrocketed in healthcare and homecare settings since the device was essential to determining a slight dip in red blood cells' oxygen saturation levels. Factors such as rising investments in domestic healthcare infrastructure, growing disposable income, high access to medical healthcare insurance policies, and increasing focus of government along with healthcare agencies on medical architecture are responsible for higher demand for pulse oximeters.

Growing number of patients with medical conditions to create higher product demand

The industry for pulse oximeters is expected to gain momentum due to the increasing number of patients with chronic medical conditions, especially respiratory disorders, heart diseases, and sleep apnea. The growing demand for accurate medical care and the importance of early diagnosis or precautionary methods will play a crucial role in shaping the growth trajectory for pulse oximeters. As per official reports, more than 300 million across the globe live with asthma. The condition is caused by occupational exposure to harmful gasses, obesity, air pollution, and allergies to name a few. Similarly high statistics are also observed in other medical conditions promoting the use of pulse oximeters specifically in home care settings.

Pulse Oximeter Market: Restraints

High cost of pulse oximeter to challenge market growth

The global pulse oximeter market growth is expected to be limited due to the high cost of pulse oximeters especially with advanced features. In addition to this, the market for pulse oximeters is highly regulated since the product is also used in home care settings. In February 2021, the United States Food & Drugs Administration (FDA) issued limitation alerts on the use of pulse oximeters. As per warnings, the device was prone to indicate inaccurate readings in certain instances such as on patients with dark skin pigmentation, poor circulation, cooler skin temperature, wearing dark fingernail polish, tobacco consumers, and people with artificial nails. These issues greatly impact the final reading and in almost all cases, information obtained from pulse oximeters cannot be used in isolation and must be followed by a thorough medical checkup.

Pulse Oximeter Market: Opportunities

Growing advancements in product features to create significant expansion possibilities

The global pulse oximeter industry is projected to further register a high growth rate driven by increasing investments in research and development. Market players are continuously adding new products to the market with advanced features and accuracy. For instance, in June 2020, amid soaring demand for pulse oximeters during the peak of the COVID-19 pandemic, Indian medical device manufacturer Mitocon Biomed launched an indigenously made pulse oximeter with 18 months of replacement warranty. The company did not outsource any operational procedure including procurement and distribution thus having better control over quality assurance. In November 2021, US-based Masimo Corporation announced the launch of Dual SET® Pulse Oximetry for Root. It is a highly versatile hub for patient connectivity and monitoring. The launch has further accelerated the offerings by Masimo SET®-guided critical congenital heart disease (CCHD) screening as the condition continues to affect 3 newborns per 1000 births.

The increasing adoption of the Internet of Things (IoT) in healthcare, rising demand for telehealth or telemedicine, and improved digital medical care will create higher growth avenues for the market players during the forecast period.

Pulse Oximeter Market: Challenges

Ensuring product accuracy, correct result analysis, and product quality are primary challenges

The global market players are projected to face challenges in the form of managing product quality since there are multiple companies operating at regional and international scales. There is a growing market of unregulated substandard pulse oximeters that put patient health at risk. Additionally, these devices are prone to showing incorrect readings under certain circumstances. The lack of competent medical professionals who can correctly analyze the information provided by pulse oximeters is an added growth barrier.

Pulse Oximeter Market: Segmentation

The global pulse oximeter market is segmented based on product, type, technology, age group, and region.

Based on product, the global market segments are handheld pulse oximeters, fingertip pulse oximeters, and others. In 2022, the highest growth was observed in the handheld segment. It controlled more than 39.1% of the total share. The demand was mainly a result of increased focus on homecare settings driven by COVID-19 which led to many patients suffering from breathing difficulty. Additionally, the growing awareness about the easy use of pulse oximeters without requiring medical help has pushed segmental growth.

Based on type, the global pulse oximeter industry divisions are reusable probes and disposable sensors.

Based on technology, the pulse oximeter industry is divided into conventional devices and connected devices. In 2022, the conventional segment held control over 55.56% due to lower costs and higher popularity. They are relatively easier to use and best suited for patients who are not comfortable with technology. On the other hand, connected devices are registering steady growth in adoption, especially in the modern IoT ecosystem.

Based on age group, the global market is fragmented into pediatric and adult.

Pulse Oximeter Market: Report Scope

Pulse Oximeter Market: Regional Analysis

North America to lead with the highest growth rate during the forecast period

The global pulse oximeter market will be led by North America during the forecast period. In 2022, the country dominated close to 49% of the global revenue. The main reason is the presence of a robust and evolving healthcare system in countries such as the US and Canada. These regions showcase exceptional accessibility to primary health care. Alongside, in recent times, the US has been one of the leading nations promoting telehealth and telemedicine as its geriatric population continues to grow. The rising number of medical patients including people with respiratory and heart-related medical concerns has also helped in shaping the regional growth rate. As per the Asthma & Allergy Foundation of America, more than 27 million in the US are currently living with asthma. Additionally, several companies operating in the regional market continue to help the North American market generate high revenue. In November 2022, BioIntelliSense, Inc., a leading firm providing services in continuous health monitoring and clinical intelligence, launched a pulse oximetery (SpO2) sensor chipset along with integrated processing technology. The device is FDA-cleared and patented.

Pulse Oximeter Market: Competitive Analysis

The global pulse oximeter market is led by players like:

• Koninklijke Philips N.V. (Philips)
• Masimo Corporation
• Smiths Medical
• Medtronic
• Spacelabs Healthcare Inc.
• Nonin Medical Inc.
• Rossmax International Ltd.
• Contec Medical Systems Co. Ltd.
• Nihon Kohden Corporation
• Heal Force
• GE Healthcare
• ChoiceMMed

The global pulse oximeter market is segmented as follows:

By Product

• Handheld Pulse Oximeters
• Fingertip Pulse Oximeters
• Others

By Type

• Reusable Probes
• Disposable Sensors

By Technology

• Conventional Devices
• Connected Devices

By Age Group

• Pediatric
• Adult

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa