Pulse Oximeters Market Expected to Reach $3.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Pulse Oximeters Market," The pulse oximeters market size was $2.1 billion in 2021, and is estimated to reach $3.9 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.

Pulse oximeters deal in the measurement of vital health parameters, such as respiratory rate, heart rate, and pulse rate. These are used to monitor a patient’s status prior to or during diagnosis of health condition. Pulse oximeters are used in a medical setting, home, or at the site of medical emergency.

Rise in cases of respiratory diseases such as chronic obstructive pulmonary diseases (COPD), asthma, pneumonia drive demand for pulse oximeter industry. Furthermore, pulse oximeters market trends such as technological advancement will be a key aspect driving pulse oximeters market growth in the upcoming years. Nonin Medical Inc. offers NoninConnect, a Bluetooth-enabled wireless finger pulse oximeter, which can be used by athletes, pilots, and quantified-self trackers for measuring arterial blood oxygen saturation and pulse rate. The device possesses advanced features such as pairing ability with Bluetooth-enabled mobile devices and use of nonincorrect check finger placement technology for alerting users about proper finger placement. Thus, the market is expected to witness dynamic growth with the advent of these technologically advanced products.  However, lack of awareness in developing countries surrounding portable pulse oximeters hampers the growth of the pulse oximeters industry.

In addition, prevalence of cardiovascular diseases in China has been increasing continuously. As per the report published in the Journal of Geriatric Cardiology by Li-Yuan Ma, in China, in 2020, over 290 million individuals suffered from cardiovascular diseases and nearly 2 out of every 5 fatalities occurred as a result of cardiovascular disease(CVD) . Therefore, rise in number of cardiovascular diseases results in increase in number of surgeries. This has led to increase in usage of pulse oximeters for diagnosis of cardiovascular disease that further boosts global pulse oximeters market share.

Moreover, development of pharmaceutical and medical device industries and improvement in healthcare spending are anticipated to drive the growth of the pulse oximeter market.

Depending on product, the market is bifurcated into bedside, fingertip, handheld, wrist-worn, and pediatric pulse oximeters.

The fingertip pulse oximeter segment market holds the highest share in overall pulse oximeter market ,owing to rise in adoption of fingertip oximeter devices during the COVID-19 pandemic for continuous patient monitoring. Launch of new fingertip pulse oximeter by large number of key players are the major factor driving the market growth. However, the wrist worn segment is expected to witness considerable growth during the forecast period, owing to rise in demand for accurate readings, long-time durability and reduce the difficulties associated with overnight oximeter studies is expected drive the growth.  By end user, the hospitals and clinics segment dominated the market, owing to rise in number of surgeries and emergency room visits. However, the home environment segment is expected to witness considerable growth during the forecast period, owing to increase in awareness regarding the importance of monitoring oxygen levels by self at home and spot checking. Moreover, self-monitoring helps patients actively participate in the management of their health.

Region wise, North America and Asia-Pacific are the most lucrative markets. The growth of these markets is mainly due to the rise in geriatric  population and increase in incidence and prevalence of respiratory diseases.

In North America, pulse oximeter market in the U.S. has garnered a dominant share, due to the technological advancements, government regulations, rise in incidences of healthcare associated infections (HAI), and increase in awareness among the patients and the caregivers. In Asia-Pacific, China, and India collectively constitute large patient-bases of chronic obstructive pulmonary diseases, which boost the volume growth of the pulse oximeters market. In addition, increase in healthcare expenditure, improvement in healthcare infrastructure, and growth in medical tourism fuels the growth of the pulse oximeter market in this region. Key strategies deployed by major market players to gain pulse oximeter market share include product launches/approval.

KEY FINDINGS OF THE STUDY

• By type, the fingertip pulse oximeter segment was the highest contributor to the market in 2021.
• By end user, the hospitals and clinics segment dominate the growth of the market.
• North America accounted for a majority of the pulse oximeter market share in 2021, and is anticipated to remain dominant during the forecast period.