Pulse Oximeter Market Size & Share 2023 to 2032
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, End Use – Global Forecast.
Report ID: GMI3843
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Published Date: October 2023
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Report Format: PDF
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Authors:
Mariam Faizullabhoy, Gauri Wani
Pulse Oximeter Market Size
Pulse Oximeter Market size was valued at around USD 2.7 billion in 2022 and is estimated to progress at 6.5% CAGR during the forecast period to reach over USD 4.7 billion by 2032. The surging prevalence of respiratory diseases worldwide have significantly affected the market growth in upward trajectory.
Pulse Oximeter Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
For instance, as per the report published by The Lancet, around 390 million patients were affected from COPD, worldwide in 2019. Advancements in sensor technology and miniaturization have made pulse oximeters more compact, affordable, and user-friendly. Moreover, increasing focus towards patient monitoring during treatment and diagnosis and technological advancements in pulse oximeter devices are other factors fueling the market progress.
Pulse oximeter is a patient monitoring device that measures the oxygen saturation in the blood, non-invasively. The device can be attached to fingers, toes, ears, etc. to measure the oxygen levels and to help in therapeutic and diagnostic interventions. Pulse oximeter are also known as SAT monitors.
COVID-19 Impact
The emergence of COVID-19 is an unprecedented public health concern that has positively affected the pulse oximeter market. The pandemic has increased demand for remote patient monitoring devices significantly in the last few years. In order to provide optimal treatment and diagnosis, most hospitals and healthcare facilities are actively attempting to expand the patient monitoring systems to home care facilities or other temporary setups.
Pulse Oximeter Market Trends
The increasing prevalence of respiratory disorders is anticipated to drive the market in the forecast years. For instance, as per The American Lung Society’s report, COPD or Chronic Obstructive Pulmonary Disorder has high mortality rate in the U.S. and has afflicted over 16.4 million people in 2021. The respiratory disease burden is expected to reach higher with each passing year. Moreover, altered, and poor lifestyle choices such as drinking, smoking, lack of bodily activities, and other factors manifest itself in compromised respiratory health. Pulmonary emphysema, a part of COPD, is a disorder that is triggered by lifestyle habits such as smoking. For instance, The National Library of Medicine (NLM) in one of its 2021 studies, states that the rising prevalence of emphysema has reached around 14 million in the U.S.
Pulse Oximeter Market Analysis
The table-top/bedside pulse oximeters segment is expected to reach more than USD 1,555 million by 2032. The growth in the segment is attributed to the increasing prevalence of chronic and acute respiratory diseases. For instance, according to the American Lung Association, COPD is the third leading cause of death in the U.S.
The conventional segment in the pulse oximeter market accounted for leading revenue of USD 1,726 million in 2022 and is anticipated to reach over USD 2,956 million through 2032. The notable growth in the segment is owing to the increase in adoption of wired monitoring devices. The devices are instrumental in continuous patient monitoring in healthcare institutes during a therapeutic or diagnostic intervention. The accuracy and the technological advancement in the device are anticipated to drive the segment growth ahead, thereby driving the market in the forecast years.
These factors have contributed to the widespread adoption of conventional pulse oximeters in both clinical and non-clinical settings, improving patient care and healthcare efficiency.
Based on age group, the pulse oximeter market is segmented into adult and pediatric. The surgery segment accounted for over 39% business share in the year 2022 and is anticipated to witness highest growth during the forecast period.
The pulse oximeter market by end-use is categorized into hospitals and clinics, homecare, and others. Hospitals and clinics segment is anticipated to grow at a 6.4% growth rate to reach over USD 3.28 billion by 2032. This significant segment growth is majorly attributed to the increasing number of patient preference to hospitals and clinics for quality care and speedy recovery.
Thus, the high-quality services and growing number of outpatient surgical procedures at hospitals and clinics are anticipated to expedite the market progress.
U.S. pulse oximeter market accounted for around USD 1 billion revenue in 2022 and is predicted to witness healthy growth rate over the analysis timeline.
Pulse Oximeter Market Share
The market is fragmented in nature, with key market players, local players, and new start-ups joining the industry competition. The firms are engaged in innovative product launches to expand their product portfolio and extend their services to expand their customer base. Masimo Corporation is one of the significant market players, focuses on the development of products and strategic collaborations to grow in the market. For instance, In November 2021, Masimo Corporation announced the launch of Duel set pulse oximetry. This pulse oximeter aide in newborn congenital heart disease screening along with SpO2 saturation measurement.
Some of the eminent market participants operating in the pulse oximeter industry include:
Pulse Oximeter Industry News:
Pulse Oximeter market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
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By Product Type, 2018-2032 (USD Million)
By Technology, 2018-2032 (USD Million)
By Age Group, 2018-2032 (USD Million)
By End-use, 2018-2032 (USD Million)
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
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Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
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Industry databases
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Regulatory filings
Government procurement records and policy documents
Academic research
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GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
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Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →