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The global pulse oximeters market size was USD 2.40 Billion in 2022 and is expected to register a rapid revenue CAGR of 6.3% during the forecast period. Increasing awareness about respiratory diseases and rising trend of home healthcare are key factors driving market revenue growth.
Pulse oximeters, such as table-top/bedside, fingertip, handheld, wrist-worn, and pediatric pulse oximeters, are used to assess the oxygen level in patient’s body. Awareness about respiratory diseases is increasing due to rising number of campaigns focusing on respiratory symptoms such as persistent cough and inappropriate breathlessness. These symptoms are indicative of various respiratory conditions, including lung disease and cancer.
The information provided in these campaigns establishes a clear link between symptoms such as a persistent cough or breathlessness and potential respiratory diseases, including lung cancer, heart disease, and Chronic Obstructive Pulmonary Disease (COPD). This knowledge prompts individuals to take these symptoms seriously and consult healthcare professionals for proper diagnosis and management.
The technological advancements in pulse oximeters is another key factor driving revenue growth of the market. Advanced pulse oximeters utilize multiple wavelengths of light to analyze various hemoglobin species, including oxyhemoglobin, methemoglobin, and carboxyhemoglobin. This allows for a more accurate and comprehensive assessment of arterial oxygen saturation.
Signal processing enhancements address challenges, such as low signal-to-noise ratio, motion artifacts, and low perfusion, improving the reliability of measurements in diverse clinical conditions. Moreover, new-generation pulse oximeters offer real-time, continuous monitoring of various parameters. This capability is crucial for timely intervention and management decisions. Continuous monitoring of total hemoglobin further enhances the utility of pulse oximeters in various clinical scenarios.
However, availability of substitutes is a key factor, which could restrain market revenue growth. There are alternative technologies or devices that perform a similar function as pulse oximeters but are more cost-effective, accurate, or convenient, it could impact the demand for pulse oximeters. In addition, advancements in medical technology led to the development of new and improved devices that serve the same purpose as pulse oximeters but with added features or benefits.
A recent trend in pulse oximeters is multiwave analysis involving significant technological advancements, enhancing their capabilities beyond basic arterial oxygen saturation (SpO2) monitoring. These innovations include extended analysis of the photo plethysmography waveform, use of multiple wavelengths to measure additional hemoglobin species (such as carboxyhemoglobin and methemoglobin), and improved signal processing during challenging conditions such as low perfusion and motion artifacts.
In addition, morphological analysis of the plethysmography waveform, incorporating parameters, such as Perfusion Index (PI) and Pleth Variability Index (PVI), has emerged, providing valuable information on vascular tone, fluid responsiveness, and others. These trends enhance the versatility and clinical applications of pulse oximeters.
On the basis of product type, the global pulse oximeters market is segmented into fingertip pulse oximeters, handheld pulse oximeters, wrist-worn pulse oximeters, and tabletop pulse oximeters.
The wrist-worn pulse oximeters accounted for largest market share in the global pulse oximeters market in 2022 due to capability of wrist-worn pulse oximeters, which provides continuous monitoring. The continuous measurement every second offers a comprehensive overview of oxygen saturation levels throughout the sleep cycle. Continuous monitoring is crucial for detecting variations and patterns in oxygen saturation, especially in conditions, such as Obstructive Sleep Apnea (OSA), where intermittent desaturation events occur.
The fingertip pulse oximeters segment is expected to register moderately fast market growth rate in the global pulse oximeters market during the forecast period due to ease of use fingertip pulse oximeters provides. Fingertip pulse oximeters are easy to use, making these accessible for individuals at home.
The testing process emphasizes on the importance of ease of use, suggesting that people may prefer devices that are user-friendly. In addition, fingertip pulse oximeters are used for their large and bright displays and importance of a clear display for interpreting results. Consumers prefer devices that offer easily readable results, contributing to the popularity of fingertip pulse oximeters.
On the basis of end-use, the global pulse oximeters market is segmented into hospitals, clinics, Ambulatory Surgical Centers (ASCs), homecare settings, sports and fitness.
The homecare settings segment is expected to account for significantly large market share in the global pulse oximeters market during the forecast period due to rising popularity and demand for at-home monitoring. In addition, increasing popularity of at-home pulse oximeters as people increasingly prioritize wellness and actively seek convenient ways to monitor their health.
Home care settings provide individuals with the ability to monitor their blood oxygen levels without the need for frequent visits to healthcare facilities. Moreover, rising use of pulse oximeters among people with chronic heart and respiratory conditions, such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and allergies, is also expected to drive revenue growth of this segment during the forecast period. Home care settings allow individuals with chronic conditions to monitor their oxygen levels regularly, providing timely insights into their health status.
The hospitals segment is expected to register steadily fast market growth rate in the global pulse oximeters market during the forecast period due to increasing need of pulse oximeters in hospitals. Pulse oximetry is used in various medical situations, such as during or after surgery, to assess lung function, and check a person's ability to handle increased activity levels. Pulse oximeters help healthcare providers make informed decisions about patient care. In addition, hospitals routinely use pulse oximetry as a part of standard patient monitoring protocols, which helps healthcare professionals detect any abnormalities in oxygen levels promptly.
On the basis of distribution channel, the global pulse oximeters market is segmented into online retail, online retail, and hospital pharmacies.
The retail pharmacies segment is expected to account for largest market share in the global pulse oximeters market over the forecast period because retail pharmacies are easily accessible to the general public. People often visit pharmacies for various health-related needs, and the availability of pulse oximeters in these locations makes it convenient for individuals to purchase them on the spot. In addition, pharmacies are well-positioned to educate and create awareness among consumers about the importance of monitoring oxygen levels, which awareness leads to increased sales of pulse oximeters.
The online retail segment is expected to register fastest market growth rate in the global pulse oximeters market during the forecast period due to increasing accessibility and availability of online retailers. Online retail provides a convenient shopping experience, allowing consumers to browse, compare products, and make purchases from the comfort of their homes.
This convenience factor is particularly relevant for health-related devices, where individuals may prefer to avoid physical stores. In addition, online platforms provide detailed product descriptions, customer reviews, and educational content. This information helps consumers make informed decisions, about which pulse oximeter to purchase based on their specific requirements.
North America accounted for largest market share in the global pulse oximeters market in 2022 due to rising number of patients with chronic respiratory diseases. Pulse oximeters are commonly used to monitor oxygen saturation levels, making these essential for managing respiratory conditions.
In addition, high prevalence of such diseases and increasing regulatory authority support are also expected to drive market revenue growth of this region during the forecast period. For instance, in September 2020, the Rad-G Pulse Oximeter, a rugged handheld device that provides clinically proven SET pulse oximetry, respiration rate from the pleth (RRp), and other vital parameters for both spot-checking and continuous monitoring, cleared by the US Food and Drug Administration (FDA).
Europe is expected to register fastest market growth rate in the global pulse oximeters market over the forecast period due to high prevalence of chronic respiratory impairments. This prevalence is rising demand for pulse oximeters in the region as these devices are crucial for monitoring and managing respiratory conditions. In addition, country's leading position in medical tourism and advanced technological expertise suggest a favorable environment for the adoption of pulse oximeters.
Asia Pacific is expected to account for considerably large market share in the global pulse oximeters market during the forecast period due to rising prevalence of respiratory diseases. A large percentage of the population suffers from various types of respiratory diseases, necessitating the use of pulse oximeters for monitoring oxygen saturation levels. In addition, pulse oximeters are used at high altitudes to assess patients' oxygenation levels and determine if external oxygen supply is needed, which suggests a diverse range of applications for pulse oximeters.
The global pulse oximeters market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient & solutions in the market.
PARAMETERS | DETAILS |
The market size value in 2022 | USD 2.40 Billion |
CAGR (2023-2032) | 6.3% |
The Revenue forecast in 2032 | USD 4.35 Billion |
Base year for estimation | 2022 |
Historical data | 2019-2021 |
Forecast period | 2023-2032 |
Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product type, technology, end-use, patient age-group, distribution channel, Region |
Regional scope |
North America; Europe; Asia-Pacific; Latin America; Middle East & Africa |
Country scope |
U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of MEA |
Key companies profiled | Masimo Corporation, Medtronic plc, Koninklijke Philips N.V., Nonin Medical, Inc., Smiths Medical, Nihon Kohden Corporation, General Electric Company, Omron Corporation, Contec Medical Systems Co., Ltd., Spacelabs Healthcare, Mindray Medical International Limited, Opto Circuits (India) Limited, BPL Medical Technologies, ChoiceMMed America Co., Zensorium, A&D Company, Limited, Vyaire Medical, Inc., Hill-Rom Holdings, Inc., Bosch Healthcare Solutions GmbH, and Edan Instruments, Inc |
Customization Scope |
10 hrs of free customization and expert consultation |
For the purpose of this report, Emergen Research has segmented the global pulse oximeters market on the basis of product type, technology, end-use, patient age group, distribution channel, and region:
The global pulse oximeters market revenue is expected to register a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period.
The global pulse oximeters market size was USD 2.40 Billion in 2022.
Increasing awareness about respiratory diseases and technological advancements in pulse oximeters are key factors driving market revenue growth.
Retail pharmacies was leading the pulse oximeters market based on distribution channel in 2022.
Accuracy concerns related to pulse oximeters and availability of substitutes are key factor, which could restrain market revenue growth.
Key Aspects Covered
Market Overview:
Market Dynamics:
Competitive Landscape:
Segmentation Analysis:
Market Size and Forecast:
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