Pulse Oximeters Market

Pulse Oximeters Market Outlook (2023 to 2033)

From 2023 to 2033, global demand for pulse oximeters is estimated to increase at 6.4% CAGR. The global pulse oximeters market is valued at US$ 2.9 billion in 2023 and is thereby expected to reach US$ 5.4 billion by the end of 2033.

The advent of chronic diseases in recent years has led to an exponential increase in focus on healthcare, which is expected to significantly influence the sales of pulse oximeters across the forecast period. The high incidence of cardiovascular and respiratory disorders is projected to crucially govern market development in the future since monitoring of oxygen plays an important role in the treatment and diagnosis of the aforementioned ailments.

• As per the World Health Organization (WHO), nearly 3.23 million deaths were recorded in 2019 due to chronic obstructive pulmonary disease (COPD) which was the third leading cause of death across the world.

High demand for minimally invasive surgeries, growing spending on healthcare, rising investments in medical research, increasing awareness regarding the importance of blood oxygen level readers, technological advancements in medical diagnostic equipment, and a rising senescent population are other aspects that could potentially uplift shipments of blood oxygen monitors and oximeters over the coming years. Increasing exposure to tobacco smoke and growing air pollution are other secondary factors that indirectly supplement market evolution through 2033.

Developing and under-developed economy governments are increasing their investments in the healthcare industry to create a solid infrastructure that is capable of handling the medical needs of its population. The aforementioned factor has created a new flux of demand for medical monitoring devices and other medical equipment, which is projected to benefit market growth in the long run.

• As per data from the Union Ministry of Commerce and Industry of India, the country witnessed an increase in imports of medical devices in the financial year of 2022 of 41% more than the previous year.

The COVID-19 pandemic had a major impact on pulse oximeter shipments since oximeters were crucial in diagnosing and treating people affected by coronavirus infections. The pandemic gave a major boost to the pulse oximeters industry as several new products with advanced functionality and affordable pricing were launched to meet the peaking demand during the years 2020 and 2021.

Meanwhile, the increasing availability of alternative vital sign monitoring devices and the growing integration of SpO2 monitors in wearable devices are expected to create challenges for pulse oximeter vendors over the next ten years. Contrastingly, the implementation of stringent regulatory mandates and concerns regarding the accuracy of OTC (over-the-counter) pulse oximeters are anticipated to restrict the overall pulse oximeters market development going forward.

Report Attributes	Details
Pulse Oximeters Market Size (2023)	US$ 2.9 Billion
Projected Market Value (2033F)	US$ 5.4 Billion
Global Market Growth Rate (2023 to 2033)	6.4% CAGR
Europe Market Share (2022)	24%
Market Share of Handheld Pulse Oximeters (2022)	40%
Wrist Pulse Oximeters Segment Growth Rate (2023 to 2033)	5% CAGR
North America Market Share (2022)	~38%
Key Companies Profiled	Rossmax International Ltd. Nonin Medical Inc. Contec Medical Systems Co. Ltd. Omron Healthcare Co. Ltd. Drive Medical Ltd. GE Healthcare LLC Philips Respironics Inc. Medline Industries Inc. Smiths Medical Masimo Corp. Medtronic plc Beurer GmbH

What Opportunities are Oximeter Start-ups Focusing On?

“Integration of Oxygen Monitors with Wearable Technology”

Wearable technologies have gained massive popularity in recent years and this trend is expected to be rife across the forecast period as well. Medical wearable devices are witnessing a hike in demand and pulse oximeter start-ups are focusing on fulfilling this demand by creating innovative products. Upcoming pulse oximeter companies are also focusing on raising new capital to advance their business scope on a global level.

• In November 2021, OxiWear, a medical technology and sports tech start-up company announced that it had raised US$ 1.25 million in a pre-seed funding round led by GAP Funds and participation from Ted Leonsis and The Paul & Rose Carter Foundation along with other investors. The organization develops a wearable pulse oximeter that offers continuous oxygen monitoring for 24 hours with low-oxygen alerts.
• In June 2021, DetelPro, a company founded in 2020 announced the launch of DetelPro Oxy10, which is its affordable pulse oximeter at the cost of US$ 3.66. The product was a fingertip pulse oximeter that can be operated with just one button, making it hassle-free for users.

A detailed assessment of trends such as local supply, global demand, product standards, pricing trends, etc., has been profiled in this updated pulse oximeters market research report by Fact.MR, a market research and competitive intelligence provider.

Country-wise Insights

Which Markets Should Pulse Oximeter Suppliers Target in APAC?

“Japan, China, India, & Korea to Spearhead Regional Pulse Oximeter Demand”

Expanding geriatric population and growing investments in healthcare infrastructure development are the factors that are at the helm of pulse oximeter sales in the Asia Pacific region. Increasing awareness regarding cardiovascular disorders and chronic obstructive pulmonary disease is also expected to supplement the demand for pulse oximeters and other vital sign monitors in countries such as India, China, and Japan throughout the forecast period.

Growing availability of advanced medical diagnostic equipment and a growing number of new product launches are expected to further bolster market growth in the Asia Pacific region through 2033.

Which Factors are Driving the Sales of Pulse Oximeters in European Countries?

“Changing Regulatory Standards and Rising Approval of New Medical Diagnostic Equipment”

Regulatory norms for the approval of new medical equipment have been changing in European countries and this trend is anticipated to be a prominent factor that is expected to bolster demand for different medical products such as vital sign monitors, oxygen testers, saturation probes, etc. New regulatory standards slow down the approval process of new medical equipment but are thorough and eliminate the possibility of product recalls in the future and thus, have a positive impact on the market in the long run.

Pulse oximeter manufacturers are continually developing new products and applying for approval to fast-track the launch of innovative medical diagnostic equipment. Germany, Italy, and the United Kingdom are anticipated to be the prime markets in the European region over the next ten years owing to growing investments in healthcare infrastructure development and rising awareness regarding chronic disorders.

How Will Pulse Oximeter Demand Fare in the United States?

“Favorable Reimbursement Policies Driving Pulse Oximeter Sales”

The United States is known across the world for its developed healthcare infrastructure, which is anticipated to play a crucial role in augmenting pulse oximeter shipments across the forecast period and beyond. The country also has a favorable reimbursement and insurance infrastructure that covers the costs of pulse oximeters, which is expected to further bolster market development in the future.

Supportive government initiatives, the high prevalence of cardiovascular disorders, quick adoption of novel medical technologies, high healthcare expenditure, and growing awareness about chronic diseases are other factors that could uplift the demand for vital sign monitors such as blood oxygen meters, SpO2 monitors, etc. Growing number of people opting for homecare solutions is expected to open up new avenues of opportunities for oxygen monitor manufacturers in the United States going forward.

Category-wise Insights

Sales of Which Type of Pulse Oximeter Could Soar Over the Coming Years?

“Handheld Pulse Oximeters to Account for Dominant Market Share”

Based on product type, the pulse oximeters market is segmented into finger pulse oximeters, handheld pulse oximeters, tabletop pulse oximeters, and wrist pulse oximeters.

The ease of use that handheld pulse oximeters offer makes them a highly preferred choice over other types of oximeters. Better portability and advanced features owing to the integration of various advanced technologies are other factors that are expected to contribute to the dominant market share of handheld pulse oximeters throughout the forecast period. In 2022, shipments of handheld pulse oximeters accounted for nearly 40% of the global market revenue share.

Growing demand for continuous monitoring of oxygen levels is projected to uplift sales of fingertip pulse oximeters and wrist pulse oximeters over the next ten years. An increasing number of new launches and continual investments in the R&D of better medical devices are other prospects that are expected to contribute to rising shipments of wrist and fingertip pulse oximeters through 2033.

Competitive Landscape

Prime pulse oximeter suppliers are focusing on launching new products to maximize their sales potential and gain a competitive edge over other market players.

• In May 2022, Medtronic, a global leader in medical technology announced that it had received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its Nellcor™ OxySoft™ SpO2 sensor. This was the first device to use a silicone adhesive that is designed to protect the fragile skin of patients.

Leading pulse oximeter manufacturers are also anticipated to focus on mergers, acquisitions, and collaborations to expand their market presence on a global level.

• In April 2022, Masimo, a leading medical device manufacturer announced that it had completed the acquisition of Sound United, a renowned consumer technology organization. The companies are expected to use their respective expertise to help bolster Masimo’s market presence in the competitive landscape.

All the new developments by established and new pulse oximeters companies have been extensively listed in this Fact.MR research report.

Key Segments of Pulse Oximeters Industry Research

• By Product Type :

  • Finger Pulse Oximeters
  • Handheld Pulse Oximeters
  • Tabletop Pulse Oximeters
  • Wrist Pulse Oximeters

• By End User :

  • Hospitals
  • Clinics
  • Ambulatory Surgical Centers
  • Homecare Settings

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA