The report Pulse Oximeter Market is poised for substantial growth, with a projected value of USD 4.3 billion by 2027, compared to its 2022 value of USD 2.8 billion, reflecting a robust compound annual growth rate (CAGR) of 8.8% throughout the forecast period. This upward trajectory is primarily attributed to several key factors.
One of the primary drivers of market expansion is the escalating prevalence of respiratory diseases, which is prompting a heightened demand for pulse oximeters. Additionally, the world's aging population is growing, resulting in an increased incidence of chronic ailments. Furthermore, the rising occurrence of congenital heart disease (CHD) among children is contributing to the market's growth.
Moreover, the expansion of medical device companies into emerging economies is creating fertile ground for market players to capitalize on. The growing preference for noninvasive medical devices and the adoption of point-of-care testing methods are anticipated to provide significant growth opportunities for industry stakeholders in the foreseeable future.
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Key Market Player:
The global pulse oximeters market is highly competitive, with various players governing major shares in the conventional and connected pulse oximeter markets. Some of the major players governing the overall pulse oximeters market include Medtronic plc (Ireland), Masimo Corporation (US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Nihon Kohden Corporation (Japan), GE Healthcare (US), CONTEC MEDICAL SYSTEMS CO., LTD. (China), ICU Medical, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), OSI Systems, Inc. (Spacelabs Healthcare) (US), Honeywell International Inc. (US), MEDITECH Equipment Co., Ltd. (China), Medline Industries, LP (US), ChoiceMMed (China), Dr Trust (US), Shanghai Berry Electronic Technology Co., Ltd. (China), Promed Group. Co., Ltd. (China), Tenko Medical System Corp. (US), HUM GmbH (Germany), Beurer GmbH (Germany).
Drivers: rising incidence of respiratory diseases
The escalating prevalence of respiratory ailments, including chronic obstructive pulmonary disease (COPD), asthma, and pneumonia, stands as a prominent driver in the market. These conditions, characterized by obstructed lung airways, impede proper air movement and subsequently lead to diminished oxygen levels in the bloodstream. This phenomenon, known as hypoxia, necessitates oxygen therapy for affected patients. Addressing this critical need, pulse oximetry emerges as a pivotal noninvasive diagnostic tool to assess oxygen saturation in individuals grappling with breathlessness and acute illnesses.
Through pulse oximetry, oxygen saturation levels are quantified and displayed on the pulse oximeter's screen. This metric effectively indicates the degree of oxygen saturation in red blood cells. Additionally, this data serves as a crucial determinant in ascertaining whether supplementary oxygen intervention is required for patients, as highlighted by the American Lung Association (2021). As the incidence of respiratory conditions like COPD, asthma, and pneumonia continues to rise, the demand for pulse oximeters is poised for substantial growth in the foreseeable future.
Restraints: Regulations and accuracy concerns for OTC pulse oximeters
Medical products approved to be sold directly to consumers without prescription from relevant medical authorities are referred to as “OTC” medical products. OTC pulse oximeters do not need FDA clearance and can be bought directly from any pharmacy without a prescription. However, there are concerns regarding the safety and accuracy of pulse oximeters bought over the counter.
Opportunities: Expansion of medical device companies in emerging economies
Emerging economies are expected to provide significant growth opportunities to medical device players operating in the pulse oximeter market. Governments like India and China continuously improve their investments in healthcare modernization and value-based care systems. Emerging countries are also becoming manufacturing hubs for healthcare products such as generic pharmaceuticals and medical devices.
In the past few years, medical device manufacturing has witnessed significant growth in the APAC region. The current development trends among players indicate even greater potential in the coming years.
Challenge: Development of alternative smart devices
The conventional market is currently challenged by companies with a growing focus on health technology. The market is witnessing the arrival of smartwatches equipped with sensors to monitor the SpO2 levels in the blood, along with other features like heart rate monitoring, pulse rate monitoring, and routine energy consumption. Therefore, the presence of alternate devices for oximetry will challenge the growth of the pulse oximeter market in the coming years.
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The equipment segment accounted for the largest share of the pulse oximeter market in 2021
Based on product, the pulse oximeters market is segmented into sensors and equipment. The equipment segment accounted for the largest share of the pulse oximeter market in 2021. During the COVID-19 pandemic there was increased adoption of fingertip devices for monitoring blood oxygen levels and technological advancements in wearable pulse oximeters is the major factor driving the growth of this segment.
The portable pulse oximeters segment is expected to register the highest CAGR during the forecast period
Based on type, the pulse oximeter market is segmented into portable pulse oximeters and bedside/tabletop pulse oximeters. The market for portable pulse oximeters is further segmented into fingertip, handheld, and wearable pulse oximeters. The portable pulse oximeters segment is expected register the highest growth during the forecast period. The large share of this segment is attributed to the rising demand and adoption of fingertip and wearable oximeter devices during the COVID-19 pandemic for continuous patient monitoring.
The connected devices segment is expected to register the highest growth during the forecast period
Based on technology, the pulse oximeters market is segmented into conventional and connected devices. The connected devices segment is expected to register the highest CAGR during the forecast period. This can be attributed to the growing need for advanced inbuilt connected device technologies, and high adoption of wireless pulse oximeters in home care and ambulatory care settings for continuous patient monitoring of patients with chronic lung disease.
The adult age group segment accounted for the largest share in the pulse oximeter market
Based on age group, the pulse oximeters market is segmented into adults (18 and over) and pediatrics (neonates under 1 month, infants between 1 month and 2 years of age, children between 2 and 12 years, and adolescents between 12 and 16 years). In 2021, the adults segment accounted for the largest share of the market. The growing incidence of chronic respiratory diseases, the growing demand for remote patient monitoring devices, and the rapid increase in the geriatric population are the major factors driving the growth of this segment.
Asia Pacific is expected to account for the highest CAGR for players operating in the pulse oximeter market
The Asia Pacific pulse oximeter market is expected to grow at the highest CAGR during the forecast. The presence of low-cost medical devices, rising number of companies setting up manufacturing units in these countries, favorable government regulations, low labor and manufacturing costs, rising number of surgical procedures conducted annually, and the large patient population are the key factors driving the growth of the APAC pulse oximeters market during the forecast period.
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