The global pulse oximeter market is on track for remarkable growth over the next decade, according to a recent report by Future Market Insights (FMI). Valued at USD 2.5 billion in 2022, the market is projected to more than double, reaching USD 5.1 billion by 2032, with a robust compound annual growth rate (CAGR) of 7.6%.
Pulse oximeters, essential non-invasive medical devices, are crucial for measuring oxygen saturation levels in the bloodstream. Their widespread use in hospitals, clinics, and increasingly for home care, highlights their significance in monitoring health. The surge in the pulse oximeter market is primarily driven by heightened public awareness about health and an escalating demand for personal health monitoring tools.
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As the world navigates through unprecedented health challenges, the reliance on pulse oximeters has intensified, further propelling market growth. Their ease of use, portability, and accuracy make them indispensable tools for monitoring respiratory health, especially amidst the ongoing global health crisis.
“The projected growth of the pulse oximeter market underscores the increasing significance of accessible and reliable healthcare devices,” stated FMI. “We anticipate a continued surge in demand for pulse oximeters, driven by factors such as technological advancements, growing healthcare infrastructure, and heightened health consciousness among individuals.”
In addition to their widespread adoption in healthcare settings, pulse oximeters are witnessing a surge in demand for personal use, driven by consumers’ proactive approach towards health management. This trend is expected to further fuel market growth, creating lucrative opportunities for stakeholders across the globe.
Key Highlights from the Report:
- The market is segmented by product type (portable and tabletop), application (hospitals, clinics, home care, and personal use), and end-user (adults, pediatrics, and neonates).
- The portable pulse oximeter segment is expected to hold the largest market share due to its portability and ease of use.
- The home care segment is anticipated to witness the fastest growth rate, driven by the increasing adoption of home-based healthcare services.
- The Asia Pacific region is projected to be the fastest-growing market, owing to the rising disposable income and growing awareness about health in developing countries.
Competitive Landscape:
The key companies in Pulse Oximeter Market are focused on alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their market share.
Some of the recent developments of key Neural Implants providers are as follows:
- In March 2022, the introduction of iPulseOx has been announced by Smart Meter, a manufacturer of patient monitoring equipment. The first cell phone-connected pulse oximeter offers remote patient monitoring services for long-term diseases like heart disease and chronic obstructive pulmonary disease (COPD). This product launch has improved the company’s standing, giving them a competitive technological edge over their rivals and growing their customer base.
- In June 2021, the release of Oxy10 pulse oximeter was announced by DetelPro. The users of this product can determine the results with the aid of an LED display. The company’s pulse oximeter portfolio was expanded throughout numerous hospitals and homecare facilities owing to this product launch, which increased income for the company.
- In February 2021, Masimo added enhanced measuring and patient monitoring capabilities by acquiring LiDCO, a provider of noninvasive and minimally invasive hemodynamic technology.
- In January 2021, a fingertip pulse oximeter that links to the TytoCare device via a cable to log test results to patients’ EHRs and enable remote monitoring by clinicians was introduced by the telehealth business Tyto Care.
- In November 2020, in order to capitalize on the trend in digital health and ongoing investments in innovation, GE Healthcare increased its AI products and Edison ecosystem. The business is also introducing ground-breaking imaging technologies.
- In May 2020, Masimo and Royal Philips reaffirmed their partnership, whereby Philips would incorporate extra Masimo measurement technologies into specific IntelliVue MX-series multiparameter monitors in order to aid doctors in determining cerebral oximetry and ventilation status.
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Key Companies Covered:
- Medtronic plc
- Carefusion Corp
- GE Healthcare
- Philips Healthcare
- Masimo
- CAS Medical Systems, Inc
- Opto Circuits India Ltd.
- Nonin Medical, Inc.
- Meditech Equipment Co.
- Welch Allyn
Pulse Oximeter Market Segmentation:
By Type:
- Fingertip
- Handheld
By End-use:
- Hospitals & Other Healthcare Facilities
- Homecare
By Region:
- North America
- Latin America
- Europe
- APAC
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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