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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
Report ID: MRHC - 1041184 Pages: 250 May-2024 Formats*: PDF Category: Healthcare Delivery: 24 to 72 Hours Download Free Sample Report
The Pulse Oximeter Market is expected to reach $3.40 billion by 2031, at a CAGR of 5.4% from 2024 to 2031. The growth of this market is primarily 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. Moreover, technological advancements in pulse oximeters, the increasing adoption of wearable devices, and advancements in sensor technologies are expected to create growth opportunities for the players operating in this market.
The prevalence of respiratory diseases is increasing globally due to factors such as air pollution, cigarette smoking, and allergen & occupational risks. Respiratory diseases, such as COPD, asthma, and sleep apnea, can be tracked and monitored using respiratory monitoring devices. According to the Centers for Disease Control and Prevention (CDC), in the U.S., the number of children (individuals aged<18 years) with asthma reached 4.67 million, and the number of adults (individuals aged 18+ years) with asthma reached 20.28 million in 2021. Also, according to a survey conducted by the charity group Asthma + Lung UK, each year, around 1.4 million people in the U.K. are diagnosed with COPD, with 30,000 associated deaths recorded annually.
Pulse oximetry is used to measure oxygen saturation, or the percentage of hemoglobin saturated with oxygen in arterial blood. It is a tool useful in checking pulmonary function in the management of COPD and other lung conditions. Thus, the growing burden of lung diseases is driving the pulse oximeter market.
Pulse oximetry is a painless and non-invasive technique employed to measure oxygen levels in a newborn’s blood. The primary purpose of this test is to identify heart-related issues, particularly Critical Congenital Heart Disease (CCHD), in newborns who exhibit low levels of blood oxygen. Congenital heart disease requires early detection following the birth of a child. If left undetected shortly after birth, children are susceptible to the potential risks of mortality or disability. According to the CDC, Congenital Heart Defects (CHD) occur in about 1 in 110 births in the U.S. Approximately 25% of these cases are Critical Congenital Heart Defects (CCHD). Children born with CCHD need surgery or other procedures within the first year of their life.
The protocol for screening a newborn for CCHD is standard across most countries. Initial screening is recommended when the newborn is 24-36 hours old. Newborns with a failed pulse oximetry test may undergo an electrocardiogram (ECG) or a chest x-ray as per assessment by their healthcare providers, such as doctors, nurses, and midwives.
The emergence of telemedicine and remote patient monitoring has promoted efficient care management protocols in healthcare. Artificial Intelligence (AI) is further broadening the scope of remote patient monitoring and telemedicine technologies. These technologies enable doctors to remotely monitor patients suffering from chronic diseases or those requiring post-surgery care. The use of pulse oximetry for the measurement of oxygen saturation in the body is increasing in telemedicine and remote patient monitoring. AI is being incorporated into pulse oximeters to help detect certain disorders.
Various software tools are also being developed for analyzing disorders by measuring the fluctuations in oxygen saturation levels. For instance, in February 2024, EnsoData, Inc. (U.S.) received FDA approval for its AI-based algorithm EnsoSleep PPG, which uses the pulse oximetry technology available in most smartwatches to identify fluctuations in oxygen saturation levels and heart rates to spot certain sleep disorders.
Conventionally, healthcare providers oversee patient diagnosis, health monitoring, and treatment. Healthcare providers are responsible for determining what type of screening, diagnostic, or therapeutic monitoring is required to be performed on a specific patient. Also, patients must visit physicians for diagnosis and then schedule an appointment for further treatment and consultations. However, increased digitalization and internet penetration have empowered consumers/patients and improved access to healthcare.
There is a growing focus on enabling patients to actively participate in managing their health. Patients can now take responsibility for their personal health care due to the shift from physician-driven to consumer-driven healthcare. Due to the easy availability and better understanding of certain monitoring devices, such as pulse oximeters and blood pressure monitors, consumers prefer to monitor their health in the comfort of their homes. Certain smartphone applications that can be used to measure blood oxygen saturation levels have also been introduced. For instance, Apple, Inc. (U.S.) has provided an app called Blood Oxygen on all its mobile phones, making it easier for consumers to monitor their blood oxygen levels. Thus, this trend has boosted the demand for pulse oximeters and other monitoring devices.
In recent years, there have been several advancements in pulse oximeter technologies, such as multimodal or next-generation pulse oximeters, which are non-invasive handheld devices that also measure respiratory rates, temperatures, and/or hemoglobin levels to support clinical decision-making. For instance, in November 2021, Masimo Corporation (U.S.) launched the Dual SET Pulse Oximetry for Root, which is a versatile patient monitoring and connectivity hub. This device not only measures oxygen saturation (SpO2) but is also useful in guiding Critical Congenital Heart Disease (CCHD) screening in newborns.
Another such technology that is being researched is green light technology. According to a study conducted by the British Journal of Anesthesia, there have been concerns regarding the accuracy of pulse oximeter readings in dark-skinned patients, as the amount of melatonin in their skin can lead to the overestimation of oxygen saturation readings. Several research studies are being conducted to create pulse oximetry devices that use green light along with an algorithm, as green light is less penetrative and may work better on people with dark skin.
Based on component, the pulse oximeter market is segmented into devices and sensors. In 2024, the devices segment is expected to account for the larger share of 57% of the pulse oximeter market. The large share of this segment is attributed to factors such as the increasing penetration of OTC devices, the rising demand for home care, and the high prevalence of chronic lung disorders such as COPD. The emergence of remote patient monitoring and telemedicine has boosted the demand for home healthcare. The use of pulse oximeters allows patients to track their oxygen saturation levels at home without needing to visit a healthcare facility.
The devices segment is further subsegmented into prescription pulse oximeters and over-the-counter pulse oximeters. The over-the-counter (OTC) pulse oximeters segment is expected to record the higher CAGR of 8.5% during the forecast period 2024–2031. OTC pulse oximeters are gaining popularity due to non-medical applications, such as general wellness, fitness tracking, and sports activities. Certain companies have received regulatory approvals for OTC devices to be sold individually without prescriptions. For instance, in February 2024, Masimo Corporation (U.S.) received FDA clearance for its MightySat Medical OTC fingertip pulse oximeter, which offers hospital-grade pulse oximetry technology and can be sold at drug stores. Thus, the increasing penetration of OTC devices for both medical and non-medical applications is driving the growth of the devices segment.
Based on portability, the pulse oximeter market is segmented into handheld pulse oximeters, fingertip pulse oximeters, wearable pulse oximeters, and bench-top pulse oximeters. In 2024, the handheld pulse oximeters segment is expected to account for the largest share of 42% of the pulse oximeter market. Handheld pulse oximeters are generally used in professional healthcare settings and are easier to use in cases of emergency. The large market share of the segment is attributed to the increasing incidence of respiratory disorders coupled with the rising number of hospitalizations. The growing demand for handheld devices has encouraged key market players to launch advanced handheld pulse oximetry devices. For instance, in September 2020, Masimo Corporation (U.S.) received the U.S. Food and Drug Administration (U.S. FDA) approval for its Rad-G Pulse Oximeter, a handheld device that provides SET pulse oximetry, respiration rate from the pleth (RRp), and other vital parameters for spot-checking as well as continuous monitoring.
Based on technology, the pulse oximeter market is segmented into conventional and connected pulse oximeters. In 2024, the conventional pulse oximeters segment is expected to account for the larger share of 55% of the pulse oximeter market. The large share of the segment is attributed to the widespread use and availability of conventional pulse oximeters. The increasing burden of respiratory disorders is driving hospital admissions globally. Conventional pulse oximeters are widely used across healthcare settings due to their accuracy and ease of handling for medical professionals. Thus, the usage of conventional pulse oximeters is higher across both developed as well as developing countries.
However, the connected pulse oximeters segment is expected to record the higher CAGR over the forecast period, primarily due to the gradual increase in the adoption of connected devices for remote patient monitoring, patients’ growing interest in health monitoring, and the ability of connected devices to integrate with broader health ecosystems such as Electronic Health Records (EHRs) and other health monitoring devices. Connected pulse oximeters are being introduced with companion apps or platforms to provide features such as trend analysis, data storage, and personalized insights. Patients can thus track changes in their oxygen levels over time, identify patterns, and receive recommendations for improving their health. Thus, the adoption of connected devices is expected to rise over the forecast period.
Based on age group, the pulse oximeter market is segmented into adults and pediatrics. In 2024, the adults segment is expected to account for the larger share of 62% of the pulse oximeter market. The large share of the segment is attributed to the growing incidence of disorders such as Chronic Obstructive Pulmonary Disease (COPD) and asthma, the increasing adoption of wearable devices for remote monitoring, and the growing interest in continuous health monitoring. The prevalence of COPD and other lung disorders is higher in adults compared to children. Further, occupational risks are propelling the incidence of respiratory disorders among adults, contributing to the segment’s large share.
Based on end user, the pulse oximeter market is segmented into hospitals & clinics, home care settings, ambulatory care centers, and other end users. In 2024, the hospitals & clinics segment is expected to account for the largest share of 45% of the pulse oximeter market. Hospitals & clinics are the primary and most accessible healthcare settings for patients to receive disease diagnosis, monitoring, and treatment. The rising disease burden has increased the number of hospital admissions. Pulse oximeters are widely used across hospitals & clinics to monitor patient vitals. Thus, the high demand for pulse oximeters for vital sign monitoring and continuous monitoring of critical care patients drives the adoption of pulse oximeters among hospitals & clinics, supporting the segment’s large share.
However, the home care settings segment is expected to record the highest CAGR of 6.90% during the forecast period 2024–2031. The high growth of this segment is attributed to the growing shift toward home care settings, the rise in chronic diseases among the elderly population necessitating home-based care and increasing consumer awareness regarding the monitoring of chronic conditions. Owing to the growing popularity of pulse oximeters in home care settings, key market players are launching pulse oximeters suited to home care. For instance, in January 2021, TytoCare Ltd. (Israel) launched a pulse oximeter that enables people to check their oxygen levels and heart rate at home. This device can be connected to the Tyto Care platform, where all the readings from the device are recorded and can be analyzed by healthcare professionals.
In 2024, North America is expected to account for the largest share of 42% of the pulse oximeter market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America’s large share is primarily attributed to the high prevalence of chronic diseases, the presence of advanced healthcare facilities, increasing digitalization in healthcare, and the presence of key market players. In recent years, the prevalence of chronic diseases in the U.S. has increased, especially among older adults, necessitating hospital admissions and long-term home care. The number of people aged 65 or above in the U.S. is expected to increase from 53 million in 2019 to 70 million by 2030 (Source: United Nations). Moreover, the emergence of remote monitoring devices has allowed healthcare payers to cover remote monitoring services and products in health insurance claims. The use of devices such as pulse oximeters at home (or remotely) is likely to minimize hospital visits, especially for older adults, and promote chronic disease care at home, ultimately reducing healthcare costs.
However, Asia-Pacific is slated to register the highest CAGR of 7.50% during the forecast period, mainly due to the increasing prevalence of chronic diseases coupled with growth in the aging population, the shortage of healthcare professionals, the uneven regional distribution of healthcare services, rising digitalization and internet penetration, and improving government rules and regulations. Growing spending on healthcare and the trend of self-monitoring as a preventive health measure further support the growth of this segment.
The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. The key players operating in the pulse oximeter market include 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.).
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Particulars |
Details |
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Number of Pages |
250 |
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Format |
|
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Forecast Period |
2024–2031 |
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Base Year |
2023 |
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CAGR (Value) |
5.4% |
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CAGR (Volume) |
NA |
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Market Size (Value) |
$3.40 Billion by 2031 |
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Market Size (Volume) |
NA |
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Segments Covered |
By Component
By Portability
By Technology
By Age Group
By End User
(Other end users include long-term care facilities, fitness & wellness centers, and public facilities.) |
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Countries Covered |
North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Switzerland, Ireland, Denmark, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa |
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Key Companies Profiled |
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.) |
This study covers market sizes & forecasts for the pulse oximeter market based on component, portability, technology, age group, end user, and geography. This study also includes value analyses of market segments and subsegments at the regional and country levels.
The pulse oximeter market is projected to reach $3.40 billion by 2031, at a CAGR of 5.4% during the forecast period.
The devices segment is expected to account for the major share of the pulse oximeter market in 2024. Pulse oximetry devices are used for measuring oxygen saturation in the body. These devices are approved by regulatory authorities and mostly prescribed by doctors to keep track of patient health after discharge. The large share of this segment is attributed to the high adoption of pulse oximeters for vital sign monitoring in healthcare settings and remote patient monitoring.
The connected pulse oximeters segment is slated to register the higher CAGR during the forecast period. The gradual increase in the adoption of connected devices for remote patient monitoring, patients’ growing interest in health monitoring, and the ability of the connected devices to integrate with broader health ecosystems such as Electronic Health Records (EHRs) and other health monitoring devices are factors supporting the segment’s high growth.
The growth of this market is 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. Moreover, 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.
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.).
Asia-Pacific countries such as China, India, and South Korea are expected to offer significant growth opportunities for the vendors in this market during the analysis period, primarily due to the rising incidence of respiratory disorders, growing awareness regarding home healthcare, and the increasing adoption of wearable devices.
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
This report provides pre & post COVID-19 market estimates.
Published Date: Feb-2023
Published Date: Feb-2023
Published Date: Jan-2024
Published Date: Dec-2022
