Pulse Oximeter Market to be Worth $3.40 Billion by 2031

Pulse Oximeter Market Size, Share, Forecast, & Trends Analysis by Component (Device {Prescription, OTC}, SPO2 Sensors) Portability (Handheld, Wearable, Fingertip) Technology (Connected, Conventional) Age (Adult, Pediatric) End User – Global Forecast to 2031

Meticulous Research^®—a leading market research company, published a research report titled, ‘Pulse Oximeter Market Size, Share, Forecast, & Trends Analysis by Component (Device {Prescription, OTC}, SPO2 Sensors) Portability (Handheld, Wearable, Fingertip) Technology (Connected, Conventional) Age (Adult, Pediatric) End User – Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the pulse oximeter market is projected to reach $3.40 billion by 2031, at a CAGR of 5.4% from 2024 to 2031. The growth of the pulse oximeter market is mainly driven by the rising number of hospitalizations, the use of pulse oximeters in newborn screening, the growing incidence of Chronic Obstructive Pulmonary Disorder (COPD) and asthma, and the increasing penetration of OTC pulse oximeters. However, data accuracy and reliability concerns and regulatory concerns related to over-the-counter (OTC) pulse oximeters restrain the growth of this market. Furthermore, technological advancements in pulse oximeters, the increasing adoption of wearable devices, and advancements in sensor technologies are expected to generate growth opportunities for the players operating in this market. However, the emergence of alternative mobile-based technologies for monitoring blood oxygen levels is a challenge impacting the growth of the pulse oximeter market.

The key players profiled in the pulse oximeter market report are Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), GE HealthCare Technologies, Inc. (U.S.), Masimo Corporation (U.S.), Beurer GmbH (Germany), Nonin Medical, Inc. (U.S.), Nihon Kohden Corporation (Japan), Drägerwerk AG & Co. KGaA (Germany), ICU Medical, Inc. (U.S.), and Spacelabs Healthcare (a subsidiary of OSI Systems, Inc.) (U.S.).

The pulse oximeter market is segmented by Component (Devices [Prescription Pulse Oximeters and Over-the-counter {OTC} Pulse Oximeters] and Sensors [Disposable SpO2 Sensors and Reusable SpO2 Sensors]), Portability (Handheld Pulse Oximeters, Fingertip Pulse Oximeters, Wearable Pulse Oximeters, and Bench-top Pulse Oximeters), Technology (Conventional Pulse Oximeters and Connected Pulse Oximeters), Age Group (Adults, Pediatrics [Fetal Monitoring, Neonatal Monitoring, Infant Monitoring]), End User (Hospitals & Clinics, Home Care Settings, Ambulatory Care Centers, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on component, in 2024, the devices segment is expected to account for the larger share of the pulse oximeter market. The segment’s large share is attributed to the rising geriatric population coupled with the growing burden of chronic diseases, the increasing use of pulse oximeters by athletes and fitness enthusiasts to monitor their oxygen saturation levels during workouts, and the growing adoption of wearable technologies. The integration of pulse oximetry into wearable devices has enabled convenient and continuous monitoring of oxygen saturation levels. The data generated by wearable devices can be integrated with pulse oximeters to assess respiratory function, detect abnormalities, and identify potential health issues such as sleep apnea and respiratory infections.

Based on portability, the fingertip pulse oximeters segment is expected to record the highest CAGR during the forecast period. Fingertip devices are compact and user-friendly. The high growth of this segment is attributed to the low power consumption, accurate readings, small sizes, light weight, and ease of use offered by fingertip pulse oximeters. These devices also enable the early detection of low blood oxygen saturation levels, supporting the high growth of this segment.

Based on technology, in 2024, the conventional pulse oximeters segment is expected to account for the larger share of the pulse oximeter market. The segment’s large share is attributed to the high adoption of handheld devices in primary healthcare settings and emergency departments and the low cost of conventional pulse oximeters. Conventional pulse oximeters are easy to use and more affordable compared to connected devices. This makes them accessible to a wide range of healthcare facilities, including primary care clinics, urgent care centers, and resource-limited settings. Thus, the wide acceptance of conventional pulse oximeters supports the segment’s large market share.

Based on age group, the pediatrics segment is expected to record the highest CAGR during the forecast period. The use of pulse oximeters has increased due to growing awareness regarding newborn screening for congenital diseases, inherited disorders, and metabolic disorders, among others. Also, the increasing number of newborn disease cases and the rising number of companies offering newborn and fetal screening support the segment’s high growth. The rising number of approvals for pulse oximeters for newborn screening also supports the segment’s high growth. For instance, in June 2023, Owlet Baby Care, Inc. (U.S.) received FDA approval for its BabySat device, a wire-free sock with pulse oximetry technology that can measure heart rate and oxygen saturation levels in babies. If the parameters are exceeded, the guardians are informed through an app.

Based on end user, the home care settings segment is expected to register the highest CAGR over the forecast period, mainly due to the growing trend of home care, the rising geriatric population necessitating long-term home care, and the development of pulse oximeters for home care settings and remote patient monitoring. Healthcare providers can remotely monitor patients' oxygen saturation levels in real time using connected pulse oximeters, enabling early detection of health issues and timely intervention without the need for in-person visits. Thus, the increasing penetration of home care and remote patient monitoring supports the segment’s high growth.

Based on geography, in 2024, North America is expected to account for the largest share of the pulse oximeters market. North America’s large share is attributed to the increased penetration of telehealth services driving the use of connected pulse oximeters, the robust healthcare system in the region, and the presence of key market players.

Key Players

Some of the key market players operating in North America are Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), Masimo Corporation (U.S.), Nonin Medical, Inc. (U.S.), Owlet Baby Care, Inc. (U.S.), ICU Medical, Inc. (U.S.), and GE HealthCare Technologies, Inc. (U.S.).

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Key Questions Answered in the Report:

Which are the high-growth market segments in terms of component, portability, technology, age group, end user, and geography?
What was the historical market size for pulse oximeters across the globe?
What are the market forecasts and estimates for the period 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the pulse oximeter market?
Who are the major players operating in the pulse oximeter market?
What is the competitive landscape like, and who are the leaders in the pulse oximeter market?
What are the recent developments in the pulse oximeter market?
What are the growth strategies adopted by major players in the pulse oximeter market?
What are the geographical trends, and which are the high-growth regions/countries?

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