Pulse Oximeter Market

Global Pulse Oximeter Market Size (2022 to 2027)

The global pulse oximeter market size is estimated to be growing at a CAGR of 8.02% during the forecast period and was valued at USD 2.46 billion in 2021.

A pulse oximeter is a small, non-invasive medical instrument that measures variations in the amount of oxygen carried by red blood cells. It tests hemoglobin and heart rate and can be connected to body parts, including fingers, eyebrows, nose, foot, ears, or toes. Takuo Aoyagi, a Japanese bioengineer, patented the pulse oximeter in 1974. There are various types of pulse oximeters used. Many varieties of pulse oximeters are available, including Finger Tip Pulse Oximeters, Table Top Pulse Oximeters, and Non-Invasive Blood Pressure (NIBP) Pulse Oximeters. A finger oximeter, which sends a wavelength of light through the fingertips and monitors pulse rate and oxygen saturation, is commonly used.

MARKET DRIVERS:

Y-O-Y growth in the adoption of pulse oximeters is primarily driving the global pulse oximeter market.

Since a pulse oximeter is a non-invasive and simple instrument for monitoring pulse and oxygen levels, its use in various health conditions such as heart issues, respiratory problems, and chronic obstructive pulmonary disorders has expanded. Furthermore, growing health concerns and a need to remain fit accelerate the rate of pulse oximeter adoption. Furthermore, the growing focus on patient protection during recovery in healthcare environments and the need for consistent vital sign monitoring necessitates the use of a pulse oximeter. Continuous monitoring is provided in operating rooms, intensive care units, and emergency care units to determine whether there is a requirement for oxygen and satisfy the need. In chronic lung disease, the use of a pulse oximeter is commonly increased.

Technological advancements in this area are another significant growth driver of the global pulse oximeter market.

In recent years, innovative and user-friendly pulse oximeters have gained popularity. As a result, many industry leaders are collaborating to bring pulse oximeter innovation to market. Furthermore, with artificial intelligence in pulse oximeters, the market for creativity is steadily increasing. Furthermore, advancements in mobile platforms, microprocessor technologies, and wearable electronics, as well as developments in light-emitting diodes and photoelectric sensors, have improved the precision and durability of pulse oximeters.

The information obtained by a pulse oximeter is becoming more important these days. Healthcare staff can collect vital signs and other critical details from patients' homes. As a result, pulse oximeters are among the most rapidly evolving clinical solutions for treating chronic lung diseases. In addition, it reduces hospital readmissions and encourages health care providers to sustain healthy physiological outcomes in their patients who live alone, which has increased the demand for pulse oximeters.

Rising government support is also propelling the pulse oximeter industry forward.

Many governments of both developed and developing countries are taking steps to meet the market for pulse oximeters. In India, for instance, in light of the COVID-19 pandemic, the government has agreed to refund the expense of pulse oximeters obtained by Central Government Health Scheme (CGHS) beneficiaries. As a result, the government's constructive intervention is likely to fuel the pulse oximeter market growth in the coming years.

MARKET RESTRAINTS:

However, a lack of training and the high cost of pulse oximeters impede the development of the pulse oximeter market.

Impact of COVID-19 on the global pulse oximeter market:

The COVID-19 had a strong effect on the pulse oximeter market by rising demand for pulse oximeters. Coronavirus infection is most often associated with respiratory illness. As a result, it is important to monitor oxygen levels and pulse rate to treat those patients. The market for pulse oximeters rises in these circumstances. In a pandemic situation, hospitals lack beds for patients, resulting in the widespread acceptance of home quarantine solutions by governments worldwide. Patients with minor signs are left at home, isolated, and treated. Governments offer pulse oximeters to track oxygen levels at home, increasing the pulse oximeter market development.

As a result, buying at-home pulse oximeters, which are readily available at drugstores and internet retailers, has increased by more than 500 % since discovering COVID-19 cases in the United States. In addition, several physicians regard pulse oximetry as an effective tool for detecting deteriorating lung function early and addressing the underlying cause, like COVID-19. As a result, the increasing usage of these products has increased demand for these devices, leading to pulse oximeter market growth in the coming years.

Furthermore, technical advancements in fingertip models such as Bluetooth, alert systems, extensive memory, and fast data transfer are increasing performance, resulting in a market for these products in a pandemic situation. Many policymakers are now launching programs to increase the use of pulse oximeters. The Centre has provided a step-by-step guide for monitoring a COVID-19 patient's blood oxygen levels to determine if hospitalization is needed.

REPORT COVERAGE:

This research report on the global pulse oximeter market has been segmented and sub-segmented based on the type, end-use, and region.

Pulse Oximeter Market – By Type:

• Fingertip
• Handheld
• Others

Based on the type, the handheld segment was the leader in the global pulse oximeter market and accounted for a market share of 41% in 2020 and is forecasted to register a healthy growth rate during the forecast period. Increase in the usage of an oximeter because these oximeters are easy to use in emergencies. However, the oxygen saturation level in a patient's blood may significantly impact the treatment's outcome. Over the forecast period, an increase in stroke cases and surgeries is expected to fuel market growth.

Pulse Oximeter Market – By End-use: 

• Hospitals & Other Healthcare Facilities
• Homecare

Based on the end-use type, the Hospitals & Other Healthcare Facilities segment had occupied most of the share in the global pulse oximeter market and accounted for 82.0% in 2020 and further estimated to register a promising CAGR during the forecast period. The market is increased by the rising number of surgeries and emergency room visits. In the recent period, residents are continuously monitored for symptoms by checking vital respiratory parameters. Furthermore, over the COVID-19 pandemic, demand for pulse oximeters is expected to rise from home healthcare centers and long-term care facilities.

Pulse Oximeter Market – By Region:

• North America
  • The U.S.
  • Canada
  • Rest of North America
• Europe
  • UK
  • Germany
  • France
  • Spain
  • Italy
  • Rest of EU
• Asia-Pacific
  • India
  • China
  • Japan
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Rest of Latin America
• Middle East
• Africa

Geographically, the North America pulse oximeter market was the leading regional market and accounted for 49.1% in 2020 and is forecasted to continue the domination during the forecast period. Growing awareness regarding the importance of monitoring respiratory vital among the general people, the incidence of chronic pulmonary and cardiac conditions is expected to rise in the region is most likely to create market growth. In this regional market, the U.S. is estimated to account for the leading share in the coming years is due to the availability of advanced healthcare infrastructure and supportive government reimbursement policies in the country. Simultaneously, the Y-O-Y increasing prevalence of target diseases in the U.S. will further boost the North American regional market growth. On the other hand, the Canadian market is anticipated to contribute a moderate market share to the North American regional market.

The European market is the second-largest regional market globally and is anticipated to witness the largest market share in the next five years.

However, recent regulatory reforms in Europe are expected to affect all medical device manufacturers. Although reforms in labeling requirements and laws and regulations regulating the sale of medical devices may delay the approval process, they may eventually benefit approved products by increasing production and reducing prices. Moreover, UK and Germany are most likely to have the largest market share of pulse oximeters and contribute to the regional market growth in the years to come.

The Asia Pacific is considered the fastest-growing region globally and is estimated to have the highest share over the forecast period. Market players are recognizing the opportunity and launching new offerings targeted to the region's emerging economies. While the birth rate in the Asia Pacific is marginally decreasing, the number of babies born every day is significant, resulting in a substantial target population for CHD. Market companies are realizing the opportunity and launching new offerings tailored to the region's emerging economies.

China is a major growth contributor to the APAC region over the years, and it is expected to continue its growth over the forecast period. The market growth is attributed to the adoption of advanced technology in the healthcare sector, availability of new products, and growing prevalence of target diseases.

Indian market growth is increasing rapidly due to the demand for pulse oximeters. In India, as the emergence of covid-19 Masimo influences, it introduced the Rad-97 Pulse-CO Oximeter, which was designed to improve CHD screening in neonates.

KEY MARKET PARTICIPANTS:

Some of the key players operating in the global pulse oximeter market are GE Healthcare, Medtronic (Covidien), CAS Medical Systems Inc., Philips Healthcare, Nonin Medical Inc., Contec Medical Systems Co., Ltd., Omron Corporation, Smiths Medical, Edan Instruments, Inc., and many others.

These players launching innovative products, acquiring other companies, and partnering with other ventures to gain market share.

RECENT MARKET DEVELOPMENTS:

• On 21 Jan 2021, Tyto Care, a telehealth firm, launched its FDA-cleared Fingertip Pulse Oximeter (SpO2) medical system for remotely measuring blood oxygen saturation levels and heart rate.
• On 31 July 2020, The NBA formed a partnership with digital health business Masimo to provide pulse oximeters to players competing in the NBA tournament in Orlando.
• Vyaire Medical's MX40, a reusable telemetry converter, became commercially available in the United States in January 2020. This product has a SpO2 port that works with the Masimo LNCS pulse oximeter and the Philips 9 pin pulse oximeter sensor.