Pulse Oximeter Global Market Report 2024

The pulse oximeter market has grown strongly in recent years. It will grow from $2.58 billion in 2023 to $2.71 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The expansion observed during the historical period can be ascribed to several factors, including the growing aging demographic, an upsurge in respiratory diseases, advancements in hospital and healthcare infrastructure, heightened awareness and education, and the global impact of pandemics.

The pulse oximeter market is expected to see strong growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.The anticipated growth in the forecast period can be linked to various factors, such as the integration with wearable devices, readiness for global health crises, governmental healthcare initiatives, increased focus on health and wellness monitoring, and preparedness for potential global health crises. Notable trends expected during this period encompass the integration of telehealth, ongoing technological advancements, a heightened emphasis on home healthcare, incorporation of smart features and connectivity, and the expansion of remote patient monitoring, particularly in the management of chronic diseases.

The anticipated growth in the pulse oximeter market is expected to be driven by the rising prevalence of respiratory diseases. These conditions, affecting the airways and lungs and impacting human respiration, are on the upswing due to factors such as increased air pollution, dust exposure, an aging population, and smoking habits. Pulse oximeters play a crucial role in early detection by identifying changes in oxygen saturation levels before symptoms become apparent. For example, data from the American Lung Association in February 2023 revealed that over 34 million Americans suffer from chronic lung diseases, including asthma, COPD, emphysema, and chronic bronchitis. Moreover, the Cystic Fibrosis Foundation reported an increase in cystic fibrosis patients from 31,534 in 2020 to 32,100 in 2021. The heightened prevalence of respiratory diseases is a key driver for the growth of the pulse oximeter market.

The growth factor for the pulse oximeter market is the expanding reach of telehealth and telemedicine. Telehealth involves the use of telecommunications technology to deliver healthcare services remotely, while telemedicine specifically includes remote clinical consultations. Pulse oximeters, essential for remote assessment of oxygen levels, are particularly valuable in at-home healthcare, especially for patients with chronic conditions. The integration of pulse oximeters with wearables and smartphones enhances their role in telehealth, enabling seamless data sharing and reducing the necessity for hospital visits. For instance, data from the Centers for Disease Control and Prevention in October 2022 indicated that 37.0% of adults in the United States utilized telemedicine in the preceding 12 months of 2021. This increasing expansion of telehealth and telemedicine is a significant driver for the growth of the pulse oximeter market.

The pulse oximeter market is witnessing a notable trend towards product innovation, with major players dedicating efforts to develop novel offerings and enhance their market position. In March 2021, Nonin Medical Inc., a US-based OEM solutions provider, introduced single-use accessories for WristOx2® 3150 Pulse Oximeters. This innovative product presents a more convenient and safer alternative to traditional reusable pulse oximeter accessories, emphasizing enhanced patient comfort. The WristOx2® 3150 Pulse Oximeters, characterized by their compact, lightweight, and wearable design, serve the purpose of measuring oxygen saturation levels in the blood.

Prominent companies in the pulse oximeter market are actively investing in cutting-edge technologies, such as Pulse Oximetry (SpO2) Sensor Technology, to gain a competitive edge. Pulse Oximetry (SpO2) Sensor Technology employs specialized sensors to measure oxygen saturation levels in the blood, commonly expressed as SpO2. In November 2022, BioIntelliSense Inc., a US-based patient monitoring solutions company, introduced innovative pulse oximetry (SpO2) sensor technology addressing challenges related to skin pigmentation and motion monitoring. This patented sensor chipset and integrated processing technology ensure medical-grade accuracy, even across diverse skin tones and during movement. This breakthrough technology aims to contribute to healthcare equity by overcoming historical accuracy issues during activity and with darker skin tones. The design incorporates a unique white light emitter and spectral sensor, surpassing traditional architectures and providing clinically accurate SpO2 measurements.

In January 2022, ICU Medical, a US-based specialist in infusion therapy and critical care, completed the acquisition of Smiths Medical for an undisclosed amount. This strategic move enables ICU Medical to expand its product line with Smiths Medical's offerings, including infusion pumps, catheters, and various vascular access equipment. Smiths Medical, a US-based company specializing in innovative medical products, including pulse oximeters, adds valuable diversity to ICU Medical's portfolio through this acquisition.

Major companies operating in the pulse oximeter market report are Medtronic Plc, GE Healthcare, Masimo Corporation, Nonin Medical Inc., Nihon Kohden Corporation, Koninklijke Philips NV, Philips Healthcare, Contec Medical Systems Co. Ltd., Omron Corporation, Carefusion Corp., CAS Medical Systems Inc., Opto Circuits India Ltd., Welch Allyn Inc., Spacelabs Healthcare, Meditech Equipment Co. Ltd., Vyaire Medical Inc., Beurer GmbH, Drägerwerk AG & Co. KGaA, ICU Medical Inc., Smiths Medical, Mindray Medical International Limited, Criticare Systems Inc., BPL Medical Technologies, ChoiceMMed America Co. Ltd., Beijing Choice Electronic Technology Co. Ltd., Creative Medical, Edan Instruments Inc., Heal Force Bio-Meditech Holdings Limited, Mediana Co. Ltd., Medlab Clinical Ltd.

North America was the largest region in the pulse oximeter market in 2023. The regions covered in the pulse oximeter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pulse oximeter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Diverse categories of pulse oximeters cater to specific needs, including fingertip oximeters, handheld oximeters, wrist-worn oximeters, and table-top and bedside oximeters. Fingertip oximeters, specifically, are designed for convenient attachment to a patient's fingertip, incorporating a blend of connected and conventional technologies. These devices are programmed to cater to both adult and pediatric populations. Targeted end-users encompass hospitals and clinics, ambulatory surgical centers, and home healthcare settings.

The pulse oximeters market research report provides pulse oximeters market statistics, including pulse oximeters industry global market size, regional shares, competitors with a pulse oximeters market share, detailed pulse oximeters market segments, market trends and opportunities, and any further data you may need to thrive in the pulse oximeters industry. This pulse oximeters market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The pulse oximeter market consists of sales of finger-tip pulse oximeter, blood oxygen saturation monitor. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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