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Pulse Oximeter Market Size & Share, by Product Type (Fingertip, Hand-Held, Wrist-Worn, Table Top/Bedside); Technology (Conventional, Connected); Age Group (Adults, Pediatric); End-user (Hospitals & Clinics, Homecare) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 3120
  • Published Date: Feb 10, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Pulse Oximeter Market size is anticipated to surpass USD 4 Billion by the end of 2033, growing at a CAGR of 4% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of pulse oximeter was over USD 2 Billion.The growth of the market is primarily attributed to the increasing prevalence of chronic respiratory diseases. According to the World Health Organization, 455 000 individuals died from asthma in 2019, which is estimated to have affected 262 million people. Moreover, growing prevalence of target diseases, and accessibility of new products are some other major factors which are driving the growth of the market over the forecast period.

Further, growing prevalence of diabetes is expected to boost the growth of the market over the forecast period. According to the World Health Organization, age-specific diabetes mortality rates increased by 3% between 2000 and 2019. Besides this, during pandemic high quality pulse oximeters were in great demand for early diagnosis and treatment of patient with covid-19.

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Pulse Oximeter Market: Key Insights

Base Year

2022

Forecast Year

2023-2033

CAGR

4%

Base Year Market Size (2022)

USD 2 Billion

Forecast Year Market Size (2033)

USD 4 Billion

Regional Scope
  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

Pulse Oximeter Sector: Growth Drivers and Challenges

Market-Growth-Drivers

Growth Drivers

  • Growing prevalence of Lung Cancer – For instance, 121,680 men and 112,350 women were expected to have had lung cancer in the US in 2018, totaling 234,030 cases, or 641 cases per day. Red blood cells, which carry oxygen from the lungs to the heart and the rest of the body, could be reduced by lung cancer. Hence to determine the blood's oxygen saturation level, pulse oximetry is utilized. Therefore, the market is expected to grow for the forecast period owing to this factor.
  • Surge in COPD Cases - Globally, approximate 210 million cases of COPD were documented in 2019, and the disease was responsible for about 2 million fatalities and approximate 73 million DALYs.
  • Growing Geriatric Population - According to the World Health Organization, the number of persons in the globe who are 60 years or older will double by 2050. (2.1 billion).
  • Increasing Prevalence of Chronic Disease - It was estimated that, the number of Americans with chronic diseases would rise by about 45 million, or approximate 36 percent, between 2000 and 2030.
  • Technology Advancement - Researchers from the Universities of California, San Diego, and Washington have demonstrated that cell phones can detect blood oxygen saturation levels as low as 70%. The U.S. Food and Drug Administration advises that pulse oximeters be capable of measuring no less than this level.

Challenges

  • Regulation & Accuracy Concerns – Factors such as skin temperature, blood circulation, and dark skin pigmentation majorly effect the accuracy rate of oximeters. Besides this, OTC pulse oximeters do not require FDA approval and people purchase them without a prescription from any pharmacy. However, there are issues with the reliability and safety of over-the-counter pulse oximeters. Hence, these factors are expected to hinder the growth of the market.
  • Lack of Awareness
  • Increased Pressure on Key Players

Pulse Oximeter Segmentation

End-user (Hospitals & Clinics, Homecare)

The global pulse oximeter market is segmented and analyzed for demand and supply by end-use into hospitals & clinics, and homecare. Out of which, the hospitals & clinics segment is anticipated to garner the largest revenue by the end of 2033, backed by growing number of surgeries and emergency room visit. For instance, over 1 million surgical procedures were performed at hospitals that were registered in 2021. Besides this, notably increasing prevalence of various chronic disorders such as asthma, cardiovascular and pneumonia is also fueling up the growth of the market over the forecast timeframe.

Our in-depth analysis of the global market includes the following segments:

         By Product Type
  • Fingertip Pulse Oximeters
  • Hand-Held Pulse Oximeters
  • Wrist-Worn Pulse Oximeters
  • Table Top/Bedside Pulse Oximeters

         By Technology
  • Conventional
  • Connected

         By Age Group
  • Adults
  • Pediatric

 

         By End-use
  • Hospitals & Clinics
  • Homecare

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Pulse Oximeter Industry - Regional Synopsis

Asia Pacific Market Forecast

The Asia Pacific pulse oximeter market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033 owing to growing prevalence of respiratory diseases, followed by the new product launches in the region. For instance, with more than 2 million cases, the Indian state of Rajasthan experienced the greatest prevalence of acute respiratory infections in 2020. Moreover, strong focus of governments of emerging nations on improving healthcare infrastructure is another significant factor which is propelling the growth of the pulse oximeter market in the region.

Research Nester
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Companies Dominating the Pulse Oximeter Landscape

top-features-companies
    • Medtronic
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Becton Dickinson and Company
    • GE Healthcare
    • Koninklijke Philips N.V.
    • Masimo
    • CAS Medical Systems, Inc.
    • Opto Circuits India Limited
    • Nonin Medical, Inc.
    • ICU Medical, Inc.
    • Welch Allyn 
In-the-news

In The News

  • Medtronic’s Nellcor Bedside SpO2 pulse oximeter is claimed to provide faster stable oxygen saturation readings in mewborns than any other oximeter.

  • Masimo and Philips reinforced a partnership to bring Maximo NomoLine capnography and O3 regional oximetry to select Philips patient monitors.


Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 3120
  • Published Date: Feb 10, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major market growth drivers are growing awareness about pulse oximeters as of COVID-19 outburst, increasing count of chronic respiratory diseases, and increasing availability of newly launched high-quality products.

The market is anticipated to attain a CAGR of 4% over the forecast period, i.e., 2023-2033.

Regulation & accuracy concerns, lack of awareness, and increased pressure on key players are estimated to hamper the market growth.

The market in Asia Pacific is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Medtronic, Becton Dickinson and Company, GE Healthcare, Koninklijke Philips N.V., Masimo, CAS Medical Systems, Inc., Opto Circuits India Limited, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product type, technology, age group, end use, and by region.

The hospitals & clinics segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Pulse Oximeter Market Report Scope
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