Pulse Oximeter Market Size By Product Type (Fingertip Pulse Oximeters, Hand-held Pulse Oximeters, Wrist-worn Pulse Oximeters, Table top/Bedside Pulse Oximeters), By Technology (Conventional, Connected), By Age Group (Adult, Pediatric), End-use & Forecast, 2022 - 2030

Industry Overview

Pulse Oximeter Market size surpassed USD 2,179 million in 2021 and is estimated to register around 4% CAGR between 2022 and 2030. The increasing demand for pulse oximeter due to rising prevalence of respiratory diseases is contributing to the market growth.
 

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Several hospitals, at-home patients, and geriatric care centers emphasize on monitoring the blood oxygen level to determine the patient’s recovery process. Technological advancements in oxygen and spO2 monitoring devices have increased the reliability and life expectancy among patients suffering from respiratory disorders. Rising number of COVID-19 patients has positively impacted the pulse oximeter market demand.
 

Pulse oximeters play their role during the early diagnosis and treatment of patients with COVID-19 and chronic obstructive pulmonary disease (COPD). For instance, according to an article published in the National Center for Biotechnology Information (NCBI), in 2018, around 330 million patients were suffering from COPD worldwide and most of the patients that faced mortality were from low and middle level income countries.
 

Several government guideline and initiatives have been implemented to increase the use of pulse oximeters in every hospital and healthcare facilities is set to drive the industry landscape. Therefore, technological advancements and government guidelines for the use of pulse oximeter are expected to render a positive impact on product adoption.
 

Pulse oximeter is an electronic device, and a noninvasive method to measure the saturation level of oxygen carried in the human blood. It is a device that measure the amount of oxygen in the red blood cells (RBCs) delivered to different parts of the body. The normal oxygen level in the human body must be between 95%-100%. Elevated or depleted oxygen level can be fatal in serious conditions and to avoid these situation pulse oximeters are used to take necessary preventive measures.
 

However, the high cost and inaccuracies associated with use of pulse oximeters is amongst the major factors hampering the pulse oximeter market demand. The high cost of these devices hinders their adoption rate, especially in emerging markets and developing countries with low-income level.
 

Moreover, poor infrastructure in hospitals and clinics adversely affects the market growth. For instance, the cost of a bedside pulse oximeters can also range over USD 1,000. In low-middle income countries, installing such costly devices for every bed in hospitals is not practically possible and thus the treatment or diagnosis related to pulse oximeters goes beyond the spending capabilities of healthcare facilities. Accuracy of these devices may also get affected due to several factors such as poor blood circulation, body temperature, skin pigmentation, etc. might affect reliability of doctors and patients on these devices.
 

Although, several industry players are emphasizing to incorporate innovative approaches to attain highly accurate pulse oximeters to minimize the errors and inaccuracies. Therefore, the above-mentioned restrains associated with pulse oximeters might hamper the overall industry growth.
 

The COVID-19 pandemic has rendered a positive impact on the pulse oximeter industry. Corona virus infection is majorly associated with respiratory disease that affects the lungs. Therefore, it is important to monitor oxygen level and pulse rate of COVID positive patients. COVID-19 has led to a significant increase in demand for patient monitoring systems in both hospitals and homecare centers.
 

The market players are focusing on expanding the production to meet the increasing need for respiratory monitoring devices such as pulse oximeters. During the first quarter of 2020, the market observed an increase in demand of these devices due to altered regulatory restrictions, standard operating protocols and incorporating social distance norms, etc. stimulating the market size.
 

High adoption rate of fingertip pulse oximeters in almost every healthcare facility is one of the prime examples to determine the product acceptance rate. Increase COVID-19 patients has resulted in sudden spike for pulse oximeter due to low oxygen level in the blood that concluded to severe condition in critical situations.
 

For instance, according to a survey conducted by the All-India Institute of Medical Sciences (AIIMS), over 40% of the COVID-19 positive patients hospitalized were having oxygen level below 94% that is below the normal range. Therefore, the dropping oxygen levels in patients makes it mandatory to continuously monitor the oxygen saturation level in the blood thereby increasing the demand and expanding the pulse oximeter market throughout the outbreak.
 

Increasing use of patient monitoring devices in diagnosis and treatment is anticipated to amplify the market statistics

The rising prevalence of chronic diseases especially respiratory disorders is anticipated to proliferate industry growth in the coming years. The rapid spread of COVID-19 virus among people across the globe has surged to increase the focus of patient monitoring devices during the treatment and diagnosis in hospitals and homecare centers.
 

Patient monitoring devices such as pulse oximeters help to determine the level of oxygen in the blood along with spO2 measurement. These devices act as a first line of treatment to regulate the patient condition by understanding the oxygen saturation level in the blood. With the surge in COVID-19 cases, there is a rising focus on respiratory monitoring along with the increasing adoption of pulse oximeters for remote and self-monitoring.
 

The government across several countries have implemented regulation and guidelines to continuously monitor oxygen level of patients suffering from chronic disorders. Additionally, hospitals and clinics have increased their focus on oximeters for anesthesia monitoring during surgical procedures. Market players and governments are collaboratively emphasizing on patient safety during surgical procedure has resulted in aligning the pulse oximeters as an essential device in healthcare facilities. As a result, the aforementioned factors will prove beneficial for the pulse oximeter market expansion.
 

The advent of novel pulse oximeter devices is set to promote the market revenue

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The table-top/bedside pulse oximeters segment held a dominant market share in 2021 and was valued at around USD 771 million. This significant market share is primarily attributed to rising number of in-patient admissions in hospitals and other healthcare facilities due to various chronic respiratory diseases. Chronic obstructive pulmonary disease (COPD) is one of the leading causes of death worldwide. This is due to unhealthy habits such as smoking and respiratory infection.
 

Pulmonary artery hypertension is a rare disease generally found in adults has become major concern among patients suffering from COPD. This results in high depletion of oxygen level in the blood as well as lowers the pulse rate and may be fatal in critical situations. For instance, according to the article published by the National Organization of Rare Disorders (NORD), every year around 1,000 people suffer from pulmonary artery hypertension and the number is increasing at a steady pace primarily in the U.S. and Europe. These patients require continuous oxygen level monitoring to determine the effectiveness of medications given to the patient.
 

Several advantages offered by table-top/bedside pulse oximeters such as continuous oxygen, spO2, pulse monitoring, accurate results, convenient and user-friendly are increasing the life expectancy among patients. Market players are focusing on research and development activities for developing innovative table-top/bedside pulse oximeters. Thus, the above-mentioned variables are projected to significantly influence the industry share over the analysis period.
 

Technological advancements in pulse oximeter devices is expected to surge the business outlook

Based on technology, the market is segmented as conventional and connected. The conventional segment held a dominant market share in 2021 and is expected to reach more than USD 1,581 million by 2030. This dominant business share is owing to the growing adoption rate of wired monitoring devices due to continuous patient monitoring in hospitals and homecare centers.
 

Conventional pulse oximeter is a monitoring and diagnostic tool for patient care, which is influenced by motion artifacts. These devices are majorly installed in the operating rooms of hospitals and clinics to monitor the oxygen saturation level in the blood during surgeries. Several advantages offered by these conventional pulse oximeters such as less output time, accurate results, continuous monitoring, etc.  have increased the market demand of the product.
 

Conventional pulse oximeters are most effective for patients suffering from COPD and COVID-19 as the doctors require accurate oxygen levels to determine the further treatment and diagnosis strategy. For instance, according to the National Center for Biotechnology Information article published in 2019, COPD is one of the major diseases causing morbidity and mortality in Latin America. Approximately around 19% of the total population in Latin America was suffering from COPD that are expected to boost the segmental revenue significantly.
 

Surging prevalence of lung cancer among adults is expected to drive the market statistics

Based on age group, the pulse oximeter market is segmented as adult and pediatric. The adult segment held a majority market share in 2021 and is estimated to grow at 4.1% CAGR between 2022-2030. This high market growth is due to increasing prevalence of respiratory diseases among adult population.
 

Surging respiratory diseases such as asthma, COPD, cystic fibrosis, lung cancer, tuberculosis etc. are expected to drive the market growth in the near future. Lung cancer is one of the most common respiratory diseases among adults causing morbidity and mortality in severe conditions. For instance, according to the reports published by the American Cancer Society, in 2021, the U.S. witnessed a high rate of lung cancer patients accounting for approximately 1 in every 15 male adults and 1 in every 17 female adults.
 

Additionally, they have estimated around 236,740 new lung cancer patients in 2022 with approximately 54% mortality rate. Furthermore, increasing infection of corona virus among adult population associated with growing hospitalization requiring continuous patient monitoring is set to fuel the demand for pulse oximeters.
 

Rise in admissions of respiratory disorder patients is expected to drive the hospital and clinics segment demand

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Based on end-use, the market is segmented as hospitals and clinics, homecare, and others. The hospitals and clinics segment is estimated to witness steady growth to reach more than USD 1,747 million by 2030. This high market share is majorly attributed to the rising prevalence of chronic diseases including cardiovascular, asthma, pneumonia, and COVID-19 in the recent years.
 

For instance, according to the reports published by the World Health Organization (WHO), in 2019, over 262 million people were affected with asthma and around 4,61,000 people faced mortality due to improper medication and treatment. Various countries are emphasizing on developing advanced pulse oximeters and spO2 monitoring devices for hospitals to continuously monitor health of patients suffering from asthma. Increasing patient preference to hospitals and clinics for quality care and affordability is one of the major factors driving the adoption of pulse oximeters in hospitals.
 

The availability of a broad range of treatments incorporating advanced table-top or bedside pulse oximeters caters to the rising in-patient admission is also contributing to the market growth. Hospitals are also focusing on delivering different comprehensive training to the family of patients in order to handle different types of pulse oximeters for regular check-ups. Moreover, the growing adoption and launch of user-friendly and cost-effective pulse oximeters for use in hospitals are considerably propelling the business landscape.
 

Rise in COVID-19 patients and increasing acceptance of advanced pulse oximeters are set to spur the regional industry revenue

The U.S. pulse oximeter market is anticipated to progress at a notable pace to reach over USD 921 million by 2030. This majority market share is mainly attributed to numerous factors such as rising prevalence of respiratory diseases including COVID-19 and technological advancements in pulse oximeter monitoring devices is set to accelerate the industry growth in U.S. The high incidence of respiratory diseases among people in the U.S. is one of the major factors influencing adoption of pulse oximeters in hospitals and healthcare centers set to propel the market growth.
 

Chronic obstructive pulmonary disorder (COPD), COVID-19 and asthma are the most prevalent disease in U.S. which in return has increased the demand for pulse oximeter to monitor the oxygen level or oxygen saturation in the blood. For instance, according to the data published by the World Health Organization (WHO), in January 2022, the U.S. held the highest number of COVID-19 positive cases accounting for over 909,479 corona positive patients. This resulted in lower oxygen and pulse rate in infected patients thereby rise in patient admission in hospitals and clinics for treatment and diagnosis.
 

The patients’ health was monitored using pulse oximeter which indicated the oxygen level in the blood. Good oxygen level indicated the better recovery of patients and were discharged early. High acceptance of advanced pulse oximeters and the presence of key manufacturers in the country focusing to introduce novel products to deliver optimal oxygen measurement for practitioners are expected to propel the pulse oximeter market expansion in the country.
 

Strategies adopted by major market players will surge the industry expansion

Some of the major market players operating in the pulse oximeter industry are Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., and Smiths Group plc. among others. These market players concentrate on strategic developments such as partnerships, new product launch & commercialization, vertical integration for business expansion. Furthermore, these players are heavily investing in R&D activities that enables them to innovative & capitalize on these products that further helps to garner maximum revenue in the market.
 

Recent industry developments:

• In June 2021, DetelPro announced the launch of pulse oximeter Oxy10. This product has an LED display that helps the users to determine the results. This product launch helped the company to expand their pulse oximeter portfolio across multiple hospitals and homecare facilities, thereby increasing the business revenue.
   
• In March 2022, Smart Meter, a manufacturer, and provider of patient monitoring devices announced the launch of iPulseOx. It is the first cellular-connected pulse oximeter that provides remote patient monitoring services for chronic conditions such as chronic obstructive pulmonary disease (COPD) and heart disease. This product launch strengthened the company’s position giving them a technological advantage over its peers and increased their customer base.
   

Pulse oximeter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2030, for the following segments:

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By Product Type

• Fingertip Pulse Oximeters
• Hand-held Pulse Oximeters
• Wrist-worn Pulse Oximeters
• Table-top/Bedside Pulse Oximeters

By Technology

• Conventional
• Connected

By Age Group

• Adult
• Pediatric

By End-use

• Hospitals and Clinics
• Homecare
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia  
  • South Korea

• Latin America
  • Brazil
  • Mexico
  • Argentina

• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE