The global pulse oximeter market size is expected to reach USD 5.3 billion by 2030, registering a CAGR of 6.6% from 2024 to 2030, according to a new report. The increasing prevalence of respiratory and cardiovascular diseases globally is anticipated to boost the demand for continuous monitoring devices, such as pulse oximeters. According to the National Center for Health Statistics, in 2022, 4.6% of the U.S. population over 18 years suffered from emphysema, COPD, or chronic bronchitis. Moreover, factors such as technological advancements, strategic partnerships among key players, and the rising adoption of home healthcare & remote patient monitoring are driving the pulse oximeters market growth.
Furthermore, market conglomerates are forming strategic alliances to penetrate untapped markets and establish their global presence. These partnerships aim to offer precise, real-time health data, bolster patient involvement, and facilitate clinical decision-making, thereby enhancing patient care quality as well as streamlining healthcare services. For instance, in January 2023, Royal Philips and Masimo expanded their partnership to improve patient monitoring capabilities in home telehealth settings by deploying the Masimo W1, an advanced health-tracking device.
“Expanding our partnership with Philips in this way is a win-win for patients and clinicians everywhere, and is an important part of our multi-year plan to bring the best of hospital monitoring to the home while continuing to improve access to quality hospital care.”
In developed countries, there is a rising trend of surgical patients requiring intensive postoperative monitoring. Traditionally managed in post-anesthesia or surgical Intensive Care Units (ICUs), resource constraints often lead to premature transfer of patients to general wards, where continuous monitoring may be inadequate. Inadequate monitoring in general wards, where nurse-to-patient ratios can reach 1:20 during nighttime, increases the risk of complications going unnoticed. Studies indicate that postoperative complications contribute significantly to hospital mortality rates. With recognition of the risk of undiagnosed hypoxemia and the impact of postoperative complications on patient outcomes, the demand for pulse oximeters to enhance monitoring and mitigate risks during postoperative care is increasing.
Furthermore, the adoption of pulse oximeters is expected to increase in outpatient settings, such as ambulatory surgical centers and physician offices, due to their convenience and the growing importance of patient monitoring. These facilities are opting for portable, handheld models to enable continuous monitoring without restricting patient mobility, aligning with the shift toward value-based care that emphasizes effective and cost-efficient monitoring solutions.
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Furthermore, market conglomerates are forming strategic alliances to penetrate untapped markets and establish their global presence. These partnerships aim to offer precise, real-time health data, bolster patient involvement, and facilitate clinical decision-making, thereby enhancing patient care quality as well as streamlining healthcare services. For instance, in January 2023, Royal Philips and Masimo expanded their partnership to improve patient monitoring capabilities in home telehealth settings by deploying the Masimo W1, an advanced health-tracking device.
“Expanding our partnership with Philips in this way is a win-win for patients and clinicians everywhere, and is an important part of our multi-year plan to bring the best of hospital monitoring to the home while continuing to improve access to quality hospital care.”
- Bilal Muhsin, Chief Operating Officer, Masimo
In developed countries, there is a rising trend of surgical patients requiring intensive postoperative monitoring. Traditionally managed in post-anesthesia or surgical Intensive Care Units (ICUs), resource constraints often lead to premature transfer of patients to general wards, where continuous monitoring may be inadequate. Inadequate monitoring in general wards, where nurse-to-patient ratios can reach 1:20 during nighttime, increases the risk of complications going unnoticed. Studies indicate that postoperative complications contribute significantly to hospital mortality rates. With recognition of the risk of undiagnosed hypoxemia and the impact of postoperative complications on patient outcomes, the demand for pulse oximeters to enhance monitoring and mitigate risks during postoperative care is increasing.
Furthermore, the adoption of pulse oximeters is expected to increase in outpatient settings, such as ambulatory surgical centers and physician offices, due to their convenience and the growing importance of patient monitoring. These facilities are opting for portable, handheld models to enable continuous monitoring without restricting patient mobility, aligning with the shift toward value-based care that emphasizes effective and cost-efficient monitoring solutions.
Pulse Oximeter Market Report Highlights
- Based on component, the monitor segment dominated the market and held a revenue share of 65.0% in 2023. The launch of advanced pulse oximeter monitors equipped with Organic Light-emitting Diode (OLED), Liquid Crystal Display (LCD), and High-Definition (HD) displays are expected to drive the segment growth over the forecast period. For instance, in July 2024, Santa Medical introduced the latest version of its premium OLED SM-1100 Silver Finger Pulse Oximeter, Generation 2, with strong battery performance.
- Based on type, the tabletop/bedside pulse oximeter segment held the largest share of 58.2% in 2023. This can be attributed to the integration of tabletop/bedside pulse oximeters in hospitals and healthcare facilities. For instance, in June 2023, Koninklijke Philips N.V. initiated a significant rollout of the Philips SureSigns VS4 integrated with IntelliBridge Enterprise and CareAware at Florida Hospital, a medical facility managed by Adventist Health System with 2,247 beds.
- In terms of age group, the adult segment held the largest revenue share of 62.6% in 2023. The segment growth can be attributed to the growing geriatric population and increasing incidence of Chronic Obstructive Pulmonary Disease (COPD) among this set of age group. According to the American Lung Association's 2022 insights, around 1.7 million adults, or 4.6% of the adult population, were diagnosed with COPD, including conditions such as chronic bronchitis or emphysema.
- Based on end use, the hospitals segment held the largest revenue share of 42.8% in 2023. This can be attributed to the extensive adoption of pulse oximetry for routine patient vital sign monitoring across global healthcare facilities. Its efficacy in detecting potential hypoxemia or hyperoxemia makes it integral in critical care environments, including surgical units, postoperative recovery, intensive care units, emergency departments, and general wards.
- North America dominated the market with a share of 39.4% in 2023. Growth in the region can be attributed to the increasing prevalence of respiratory diseases, such as hypoxemia, COPD, and asthma. In addition, the increasing number of new product launches and partnerships by notable players to increase their reach further is expected to contribute to market growth.
- The market is moving towards fragmentation owing to the presence of several players. This is expected to intensify the competition in the coming years. Key companies are adopting diverse strategies, such as new product developments, collaborations, and mergers & acquisitions, to strengthen their market positions. For instance, in February 2024, Masimo unveiled that the FDA approved the MightySat Medical, marking it as the inaugural and sole fingertip pulse oximeter for medical use. Consumers can purchase Over-the-Counter (OTC) without needing a prescription.
This product will be delivered within 1-3 business days.
Table of Contents
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Pulse Oximeter Market Variables, Trends & Scope - Industry Outlook
Chapter 4 Pulse Oximeter Market: Component Segmentation Estimates & Trend Analysis
Chapter 5 Pulse Oximeter Market: Type Segmentation Estimates & Trend Analysis
Chapter 6 Pulse Oximeter Market: Age Group Segmentation Estimates & Trend Analysis
Chapter 7 Pulse Oximeter Market: End Use Estimates & Trend Analysis 2018 - 2030 (Revenue, USD Million)
Chapter 8 Regional Estimates & Trend Analysis, By Segment, 2018- 2030 (Revenue, USD Million)
Chapter 9 Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- Medtronic
- Masimo
- Koninklijke Philips N.V.
- GE HealthCare
- Nonin
- NIHON KOHDEN CORPORATION
- ICU Medical, Inc.
- OSI Systems, Inc.
- CONTEC MEDICAL SYSTEMS CO., LTD
- Drägerwerk AG & Co. KGaA
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 180 |
| Published | July 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 3.3 Billion |
| Forecasted Market Value ( USD | $ 5.3 Billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
