Report Overview

According to the deep-dive market assessment study by Growth Plus Reports, the global pulse oximeters market was pegged at US$ 3.09 billion in 2021 and is expected to register a revenue CAGR of 15.20% to reach US$ 3.43 billion by 2030. 

Market Fundamentals

A pulse oximeter is a small noninvasive medical device applied on the finger or pulsating ear vessels to monitor oxygen saturation levels in the blood. Pulse oximetry employs spectrophotometry to calculate the percentage of oxygenated hemoglobin (oxyhemoglobin) in peripheral arterial blood. It is used in emergency care, cardiology, and respiratory disease management. 

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Market Dynamics

The global pulse oximeters market revenue is driven by the increasing prevalence of infectious and chronic diseases such as COVID-19, heart disease, tuberculosis, etc., the growing geriatric population, and the introduction of novel products. Additionally, technological advancement, the presence of key players, and increasing awareness about oxygen monitoring devices are contributing to the revenue growth of the global pulse oximeters market. Moreover, the growing affordability of oximeters and the acquisition and merger of companies fuel the global pulse oximeters market revenue. However, rising healthcare regulations and less accuracy are holding back the global pulse oximeters market revenue from growing. 

Market Ecosystem

The global pulse oximeters market has been analyzed from four perspectives: product type, technology, end-user, and region.

Pulse Oximeter Market by Product Type

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Based on product type, the global pulse oximeters market is segmented into fingertip, handheld, tabletop oximeters, and others. 

The tabletop oximeters segment is leading the global pulse oximeters market revenue owing to increasing demand for tabletop oximeters in hospitals and clinics, high accuracy compared to fingertip oximeters, and more reliability regarding cardiovascular and respiratory disease management. Additionally, technological advancement, the introduction of novel products, and the increased presence of key players fuel the revenue growth of the global pulse oximeters market. 

The fingertip oximeter segment is also expected to account for a higher revenue share during the forecast period owing to the high demand for oximeters during the COVID-19 pandemic, increasing awareness about oximeters and their benefits in cardiovascular and respiratory diseases home management. 

Pulse Oximeter Market by Technology

Based on technology, the global pulse oximeters market is segmented into conventional and smart. 

The conventional segment dominates the global pulse oximeters market with the largest revenue share owing to increasing demand for wired-based pulse oximeters for continuous monitoring of patients and increasing adoption of conventional pulse oximeters in hospitals and clinics. Most hospitalized patients require continuous monitoring of cardiac and respiratory patients; therefore, reliable conventional pulse oximeters are the most preferred by doctors and healthcare practitioners, driving the revenue growth of the global conventional pulse oximeters market.

Pulse Oximeter Market by End-user

Based on end-user, the global pulse oximeters market is segmented into hospitals and clinics, ambulatory surgical centers, home healthcare, and others. 

The hospitals and clinics segment accounts for the largest revenue share in the global pulse oximeters market owing to increasing patient footfall in hospitals and clinics for diagnosis and treatment and increasing adoption of novel technologies in hospitals. Additionally, increasing chronic and infectious diseases such as heart attack, chronic artery disease, COVID-19 pandemic, lung cancer, pneumonia, etc., fuels the revenue growth of the global hospital pulse oximeters market. 

Pulse Oximeter Market by Region

Based on region, the global pulse oximeters market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. 

North America dominates the global pulse oximeters market in terms of the largest revenue share. The large revenue share of North America in the global market can be attributed to developed healthcare infrastructure, increasing adoption of novel products, and growing numbers of hospitals and ambulatory centers. Additionally, the rising prevalence of cardiovascular diseases and respiratory diseases in the region and growing awareness about using oximeters fuel the revenue growth of this region.  

Asia Pacific is also expected to show the highest revenue growth in upcoming years owing to the high geriatric population, increasing technology adoption, rising healthcare startups, and developing healthcare infrastructure.

Competitive Landscape

The prominent players operating in the global pulse oximeters market are: 

• GE Healthcare (General Electric Company)
• Beurer GmbH
• CareFusion Corp
• Koninklijke Philips N.V.
• Masimo 
• Meditech Equipment Co. Ltd.
• Medtronic Plc
• Nihon Kohden Corporation
• Nonin Medical Inc.
• Opto Circuits (India) Limited
• Smiths Medical (ICU Medical Inc.) 
• Spacelabs Healthcare
• VYAIRE 
• Welch Allyn

Strategic Developments

• In January 2021, Tyto Care launched the United States Food and Drug Administration-approved fingertip pulse oximeter to remotely monitor heart rate and oxygen levels.
• In January 2021, Masimo launched a dual SET pulse oximetry device which is highly versatile in critical patient monitoring. It is a novel device used in congenital heart disease screening in newborns.

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