Pulse Oximeters Market Analysis

Global Pulse Oximeters Market Overview

The Pulse Oximeters Market Size was valued at USD 2.7 billion in 2023 and is projected to grow from USD 2.88 Billion in 2024 to USD 4.04 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.29% during the forecast period (2024 - 2032). Rising awareness regarding the use of pulse oximetry in managing COVID-19 and the increasing prevalence of the target disease is expected to drive the market's growth. These are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

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 March 2021, a self-contained, battery-powered pulse oximeter for remote patient monitoring was introduced by Smart Meter, a manufacturer of patient monitoring equipment. The first smartphone-linked pulse oximeter serves as a telemedicine tool during long-term illnesses like heart disease and chronic obstructive pulmonary disorder (COPD). Through this product launch, they have increased their customers base and improved the company’s standing, including having a competitive technological edge over its competitors.

For example, in November 2021, Masimo unveiled Dual SET Pulse Oximetry for versatile patient monitoring.

The Oxy10 is an example of this type of promotional strategy that has been used before. It involves making use of LED displays, which enable users to see the results themselves. This product launch helped expand the company’s pulse oximeter portfolio across multiple hospitals and homecare facilities increasing profits for the company in turn.

For instance, in April 2021, Konica Minolta, Inc., together with Seki Aoi, expanded their manufacturing capacity of pulse oximeters by more than twenty times. Therefore, demand for self-tests done using such devices is expected to be lucrative throughout the forecast period.

Masimo acquired LiDCO to enhance its measurement and patient monitoring capabilities in February 2021, non-invasive and minimally invasive hemodynamic technologies provider.

Also, in February 2021 CONTEC MEDICAL SYSTEMS CO., LTD. shared plans to expand its production base within China that aimed at increasing regional employment rates while boosting industrial optimization, thus triggering market growth.

In January 2020, Tyto Care launched a finger-tip pulse oximeter that connects with their TytoCare device through a cable to capture test results into patients’ EHRs enabling remote monitoring by clinicians.

To take advantage of the digital health trend and continuous investment in innovation, GE Healthcare increased its AI products and Edison ecosystem in November 2020. It is introducing cutting-edge imaging technologies as well.

In May 2020, Masimo renewed their strategic partnership with Royal Philips, whereby Philips would incorporate additional Masimo measurements into specific IntelliVue MX-series multiparameter monitors to assist physicians in pulse oximetry measurement and ventilation status determination.

Pulse Oximeters Market Trends

• The rising incidence of heart disease boosting the market growth

The rising incidence of heart disease and increasing geriatric population, along with the growing demand for portable monitoring devices, are driving the expansion of the smart pulse oximeter market. Cardiovascular diseases, such as cardiovascular disease, stroke, rheumatic heart disease, heart defects, etc., are the largest cause of death worldwide. The demand for miniature pulse oximeters is likely to increase due to the increasing frequency of cardiovascular diseases and their associated mortality. Pulse oximeter devices are being manufactured due to increasing healthcare infrastructure investments and technological breakthroughs. Players in the industry are also likely to investigate ways to expand the use of point-of-care tests.

Furthermore, increasing surgical procedures and focusing on respiratory monitoring will drive the pulse oximeter trend. The device has grown in popularity as the number of patients with heart disease, lung cancer and asthma increases. OTC medical supplies refer to medical supplies that are approved by relevant medical institutions and can be provided directly to consumers without a prescription. OTC pulse oximeters do not require FDA approval and can be purchased without a prescription from any pharmacy.

However, there are questions about the safety and reliability of over-the-counter pulse oximeters. According to the PAHO recommendations, while pulse oximetry may be a useful medical judgment tool, it is not a substitute for clinical evaluation. It is not sufficient by itself for diagnosis. Rising health care costs, especially in hospitals, have turned attention to alternative treatment options, such as home health care. There is an increasing demand for effective home devices such as pulse oximeters. Patient adherence, aggressive treatment, improved patient well-being, and enhanced quality of care are all improved due to the delivery of quality care in non-hospital settings. Therefore, create opportunities for the future. Therefore, the market CAGR of Pulse Oximeters has been increasing globally in recent years. These are important factors driving the growth of the Pulse Oximeters market revenue.

Pulse Oximeters Market Segment Insights

Pulse Oximeters Product Insights

The Market segments of Pulse Oximeters, based on product, includes fingertip, handheld and others. The fingertip segment held the majority share 2022 of the Pulse Oximeters Market revenue. A small pulse oximeter is a non-invasive medical device that measures an individual's blood oxygen saturation by attaching a sensor to a finger, toe, or earlobe and using spectrophotometry to calculate the percentage of oxygenated hemoglobin pulsating through a network of capillaries. A finger pulse oximeter is expected to hold the largest market share owing to the numerous features of the device. Rising rates of heart disease overburden healthcare systems. Market expansion is expected over the forecast period owing to new product launches and FDA approvals.

January 2021: Tyto Care launched a fingertip pulse oximeter (SpO2). This medical device allows users to check their heart rate and blood oxygen saturation levels remotely.

Figure 1: Pulse Oximeters Market by Product, 2023 & 2030 (USD billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Pulse Oximeters End-Use Insights

Based on end-use, the global Pulse Oximeters industry has been segmented into medical amenities, hospitals, respiratory & cardiac centers and homecare. The hospital segment is expected to hold a major market share owing to rising surgeries and emergency room visits. Long-term care facilities are at high risk of contracting COVID-19 and continuously monitor residents for symptoms by checking vital respiratory parameters. As a result, demand for pulse oximeters in home health centers and long-term care facilities is expected to increase amid the COVID-19 pandemic.

Pulse Oximeters Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Pulse Oximeters market accounted for USD 1.2 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period due to growing awareness of the importance of monitoring vital respiratory signs in the general population. Current Program Terminology (CPT) recognizes three codes for pulse oximeter reimbursement: 94760, 94761, and 94762. Because pulse oximeter use is considered supplemental by Medicare, it is usually reimbursed along with the primary service. Additionally, pulse oximetry is considered a reasonable necessity for outpatients and those who choose a home setting and will be reimbursed when properly documented. Hence, favorable reimbursement infrastructure is expected to boost the market growth.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: PULSE OXIMETERS MARKET SHARE BY REGION 2023 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Pulse Oximeters market accounts for the second-largest market share. Recent changes in European regulatory norms are expected to affect all medical device manufacturers. Although revisions to labeling requirements and changes in rules and regulations about the distribution of medical devices may slow down the approval process, they may bring benefits to approved products in the long run, such as improved quality and fewer products. Several recalls. Further, the Germany market of pulse oximeters held the largest market share, and the U.K. market of pulse oximeters was the fastest-growing market in the European Region.

The Asia-Pacific Pulse Oximeters Market is expected to grow at the fastest CAGR from 2022 to 2030. Expanding geriatric population and increasing investment in healthcare infrastructure development are the leading factors for pulse oximeter sales in the Asia Pacific. Rising awareness of cardiovascular diseases and COPD in countries such as India, China, and Japan throughout the forest period is also expected to complement the demand for pulse oximeters and other vital signs monitors. Moreover, the China market of pulse oximeters held the largest market share, and the India market of pulse oximeters was the fastest-growing market in the Asia-Pacific region.

Pulse Oximeters Key Market Players & Competitive Insights

Major market players are spending a lot on R&D to increase their product lines, which will help the market of pulse oximeters grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Pulse Oximeters industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to reduce operating costs is one of the primary business strategies manufacturers adopt in the global Pulse Oximeters industry to benefit clients and expand the market sector. In recent years, the Pulse Oximeters industry has provided medicine with some of the most significant benefits. In the market of pulse oximeters, major players such as Medtronic Inc (Ireland), Abbott Laboratories (U.S.), Stryker Corporation (U.S.), and others are working on expanding the market demand by investing in research and development activities.

Nonin is the world's leading OEM solutions provider for a pulse and regional oximetry. Our easy-to-integrate components and dedicated support team have helped more than 200 OEM customers bring more than one million medical devices to market. In April 2021, Nonin introduced two new single-use devices, a wristband and a sensor for use with Nonin's WristOx2 3150 wrist-worn pulse oximeter (SpO2).

Also, GE HealthCare Technologies Inc., trading as GE Healthcare, is a global medical technology company headquartered in Chicago, Illinois. It was spun off from GE on January 4, 2023, with GE retaining 20%. As of 2017, it manufactures and distributes diagnostic imaging agents and radiopharmaceuticals used in imaging modalities in medical imaging procedures. It supplies dyes used in magnetic resonance imaging procedures; manufactures medical diagnostic equipment, including CT imaging machines; MRI, X-rays; ultrasound; cath labs; mammography; nuclear medicine cameras; and develops applications in medical imaging and information technology, medical diagnostics, patient monitoring systems, disease research, drug discovery, and health technologies for biopharmaceutical manufacturing. It was established in 1994 and operated in more than 100 countries. In November 2020, GE Healthcare added to its AI offerings and Edison ecosystem, leveraging continued innovation and digital health momentum investment.

Key Companies in the Pulse Oximeters market include

• CAS Medical Systems


• Nonin Medical


• Spacelabs Healthcare


• GE Healthcare, among others

Pulse Oximeters Industry Developments

June 2022: The Garmin Vivosmart 5 fitness band launched in India. The new fitness tracker has female health tracking, heart rate monitoring, body battery energy monitoring, steps, calorie counting, stress tracking and blood oxygen level monitoring.

In March 2022: Smart Meter released iPulseOxTM, accelerating the development of remote patient monitoring services for chronic diseases such as chronic obstructive pulmonary disease (COPD) and heart disease. It was one of the first cellular-connected pulse oximeters in the world. Smart Meter is a pioneer in cellular-enabled Remote Patient Monitoring (RPM) data and devices.

Pulse Oximeters Market Segmentation

Pulse Oximeters Product Outlook

• Fingertip


• Consists of Handheld


• other

Pulse Oximeters End-Use Outlook

• Medical Amenities


• Hospitals


• Respiratory & Cardiac Centers


• Homecare

Pulse Oximeters Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• 
  

  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• 
  

  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• 
  

  Rest of the World

  
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America