The global pulse oximeter market size was estimated to be USD 2.57 billion in 2023 and is expected to reach at USD 5.55 billion by 2034 with a CAGR of 7.23% during the forecast period 2024-2034. Surge in prevalence of respiratory conditions such as asthma & COPD, growing number of surgical procedures & hospitalizations, rising technological advancements in pulse oximeter devices, increasing demand for remote monitoring solutions used for both hospitals & homecare settings, surge in awareness regarding measuring their blood oxygen levels, growing adoption of oximetry in newborn screening, rising initiatives by both public and commercial institutions to increase the accuracy of pulse oximeters for improved patient outcomes are some of the key factors boosting the market growth.
Rising initiatives by both public and commercial institutions to increase the accuracy of pulse oximeters for improved patient outcomes is predicted to boost the market growth during the forecast period. For instance, in October 2022, The UCSF Center for Health Equity in Surgery and Anesthesia, in collaboration with the UCSF Hypoxia Laboratory, initiated the 'Open Oximetry Project' with the aim of enhancing worldwide access to secure pulse oximeters. This involves the sharing of data and the development of innovative technologies and validation standards for pulse oximeters.
By product, handheld pulse oximeters was the highest revenue-grossing segment in the global pulse oximeter market in 2023 owing to the increased use of portable handheld devices in emergency circumstances, growing incidence of respiratory disorders, rise in hospital admissions, the expansion of technology in terms of data transfer speed, security, & accuracy, and growing regulatory approvals of novel products. For instance, in March 2022, Masimo has received CE mark clearance for a durable handheld device known as Rad-G, which serves as a versatile 2-in-1 tool for both pulse oximetry and temperature measurement. Additionally, fingertip pulse oximeters is predicted to grow at fastest CAGR during the forecast period owing to the increasing demand for continuous patient monitoring at home settings, growing patient awareness, and rising launch of advanced products.
By technology, conventional was the highest revenue-grossing segment in the global pulse oximeter market in 2023 owing to the increasing need for ongoing patient monitoring in clinics & hospitals, growing need for wired measuring devices combined with additional medical equipment in critical care settings. Additionally, connected devices is predicted to grow at fastest CAGR during the forecast period owing to the growing adoption of connected medical devices such as wireless devices, rising demand for continuous patient monitoring in ambulatory settings & homecare, and increasing introduction of smart devices by the market players. For instance, in March 2022, Smart Meter has unveiled the iPulseOxTM, the world's inaugural cellular-connected pulse oximeter, marking a significant advancement in the evolution of remote patient monitoring services for chronic illnesses like chronic obstructive pulmonary disease (COPD) and heart disease.
By type, disposable sensor was the highest revenue-grossing segment in the global pulse oximeter market in 2023 owing to improved patient satisfaction due to its non-invasive monitoring capabilities, small weight, great flexibility, & biocompatibility of the soft material, rising demand for the enhanced capacity of disposable sensor oximeters to avoid HAIs & cross-contamination, and increasing launch of innovative products. For instance, in March 2022, Nonin Medical, Inc., a prominent player in noninvasive medical monitoring on a global scale, has introduced two fresh disposable items: a single-use wristband and a sensor designed for compatibility with Nonin's WristOx2 3150 wrist-worn pulse oximeter (SpO2). Additionally, reusable probes is predicted to grow at fastest CAGR during the forecast period owing to the product's improved capacity to withstand mechanical stress and cleaning convenience, an increase in the need for reusable probes in intensive care units, interoperability with standard monitoring equipment, novel product designs, and precise measurement outcomes.
By age group, adult was the highest revenue-grossing segment in the global pulse oximeter market in 2023 owing to the growing prevalence of chronic respiratory conditions such as COPD & asthma among adult population, increasing hospitalizations of adult patients requiring continuous patient monitoring, rising geriatric population, and surge in approvals by regulatory bodies. For instance, in May 2022, Medtronic Plc, anticipates obtaining 510(k) clearance from the US FDA for its Nellcor OxySoft SpO2 Sensor, which is suitable for neonates and adults. This special pulse oximeter sensor utilizes silicone adhesive to ensure extended adherence, offering added protection for delicate newborn skin. Additionally, pediatric is predicted to grow at fastest CAGR during the forecast period owing to the availability of a wide range of pediatric pulse oximeter products, surge in development of small-sized oximeters for children, increasing prevalence of respiratory conditions in pediatric patients, and rising initiatives by childcare groups to promote neonatal health.
By end-user, hospitals and others was the highest revenue-grossing segment in the global pulse oximeter market in 2023 owing to the increasing need for continuous patient monitoring systems due to hospitalisation, growing number of hospitals, surge in number of patients in hospitals to manage asthma & COPD. Additionally, homecare is predicted to grow at fastest CAGR during the forecast period owing to the rising usage of portable wireless oximeters in home healthcare settings for ongoing patient monitoring, growing adoption of portable oximeters for home healthcare, increasing demand for home healthcare due to high disease prevalence, presence of a wide variety of homecare service providers, and surge in launch of advanced products. For instance, in August 2022, Masimo Corporation, headquartered in the United States, revealed a limited market launch of the Masimo W1 health watch. This health watch serves as a noninvasive monitoring solution for measuring blood parameters accurately and continuously, providing valuable health insights that can be acted upon.
North America region is anticipated for the highest revenue share during the forecast period owing to the surge in investments by market players, increasing adoption of wireless pulse oximeters, growing usage of oximeters in home healthcare, surge in hospital admissions due to the high disease prevalence, and rising focus on development of technologically advanced oximeters. For instance, in November 2022, BioIntelliSense, Inc. has introduced an FDA-cleared pulse oximetry sensor chipset that is capable of accurately measuring blood oxygen levels in individuals with various skin pigmentations, including both light and dark skin tones. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of target diseases, growing improvements in healthcare infrastructure, surge in awareness regarding efficient patient monitoring devices, increasing demand for advanced products, rising need for non-invasive, remote, & portable patient monitoring solutions, and growing launch of advanced products by market players. For instance, in June 2022, Garmin has introduced the Vivosmart 5 fitness band in the Indian market. This latest fitness tracker includes features such as Women's health tracking, heart rate monitoring, body battery energy monitoring, step counting, calorie tracking, stress monitoring, and blood oxygen level measurement.
Rising initiatives by both public and commercial institutions to increase the accuracy of pulse oximeters for improved patient outcomes is predicted to boost the market growth during the forecast period. For instance, in October 2022, The UCSF Center for Health Equity in Surgery and Anesthesia, in collaboration with the UCSF Hypoxia Laboratory, initiated the 'Open Oximetry Project' with the aim of enhancing worldwide access to secure pulse oximeters. This involves the sharing of data and the development of innovative technologies and validation standards for pulse oximeters.
By product, handheld pulse oximeters was the highest revenue-grossing segment in the global pulse oximeter market in 2023 owing to the increased use of portable handheld devices in emergency circumstances, growing incidence of respiratory disorders, rise in hospital admissions, the expansion of technology in terms of data transfer speed, security, & accuracy, and growing regulatory approvals of novel products. For instance, in March 2022, Masimo has received CE mark clearance for a durable handheld device known as Rad-G, which serves as a versatile 2-in-1 tool for both pulse oximetry and temperature measurement. Additionally, fingertip pulse oximeters is predicted to grow at fastest CAGR during the forecast period owing to the increasing demand for continuous patient monitoring at home settings, growing patient awareness, and rising launch of advanced products.
By technology, conventional was the highest revenue-grossing segment in the global pulse oximeter market in 2023 owing to the increasing need for ongoing patient monitoring in clinics & hospitals, growing need for wired measuring devices combined with additional medical equipment in critical care settings. Additionally, connected devices is predicted to grow at fastest CAGR during the forecast period owing to the growing adoption of connected medical devices such as wireless devices, rising demand for continuous patient monitoring in ambulatory settings & homecare, and increasing introduction of smart devices by the market players. For instance, in March 2022, Smart Meter has unveiled the iPulseOxTM, the world's inaugural cellular-connected pulse oximeter, marking a significant advancement in the evolution of remote patient monitoring services for chronic illnesses like chronic obstructive pulmonary disease (COPD) and heart disease.
By type, disposable sensor was the highest revenue-grossing segment in the global pulse oximeter market in 2023 owing to improved patient satisfaction due to its non-invasive monitoring capabilities, small weight, great flexibility, & biocompatibility of the soft material, rising demand for the enhanced capacity of disposable sensor oximeters to avoid HAIs & cross-contamination, and increasing launch of innovative products. For instance, in March 2022, Nonin Medical, Inc., a prominent player in noninvasive medical monitoring on a global scale, has introduced two fresh disposable items: a single-use wristband and a sensor designed for compatibility with Nonin's WristOx2 3150 wrist-worn pulse oximeter (SpO2). Additionally, reusable probes is predicted to grow at fastest CAGR during the forecast period owing to the product's improved capacity to withstand mechanical stress and cleaning convenience, an increase in the need for reusable probes in intensive care units, interoperability with standard monitoring equipment, novel product designs, and precise measurement outcomes.
By age group, adult was the highest revenue-grossing segment in the global pulse oximeter market in 2023 owing to the growing prevalence of chronic respiratory conditions such as COPD & asthma among adult population, increasing hospitalizations of adult patients requiring continuous patient monitoring, rising geriatric population, and surge in approvals by regulatory bodies. For instance, in May 2022, Medtronic Plc, anticipates obtaining 510(k) clearance from the US FDA for its Nellcor OxySoft SpO2 Sensor, which is suitable for neonates and adults. This special pulse oximeter sensor utilizes silicone adhesive to ensure extended adherence, offering added protection for delicate newborn skin. Additionally, pediatric is predicted to grow at fastest CAGR during the forecast period owing to the availability of a wide range of pediatric pulse oximeter products, surge in development of small-sized oximeters for children, increasing prevalence of respiratory conditions in pediatric patients, and rising initiatives by childcare groups to promote neonatal health.
By end-user, hospitals and others was the highest revenue-grossing segment in the global pulse oximeter market in 2023 owing to the increasing need for continuous patient monitoring systems due to hospitalisation, growing number of hospitals, surge in number of patients in hospitals to manage asthma & COPD. Additionally, homecare is predicted to grow at fastest CAGR during the forecast period owing to the rising usage of portable wireless oximeters in home healthcare settings for ongoing patient monitoring, growing adoption of portable oximeters for home healthcare, increasing demand for home healthcare due to high disease prevalence, presence of a wide variety of homecare service providers, and surge in launch of advanced products. For instance, in August 2022, Masimo Corporation, headquartered in the United States, revealed a limited market launch of the Masimo W1 health watch. This health watch serves as a noninvasive monitoring solution for measuring blood parameters accurately and continuously, providing valuable health insights that can be acted upon.
North America region is anticipated for the highest revenue share during the forecast period owing to the surge in investments by market players, increasing adoption of wireless pulse oximeters, growing usage of oximeters in home healthcare, surge in hospital admissions due to the high disease prevalence, and rising focus on development of technologically advanced oximeters. For instance, in November 2022, BioIntelliSense, Inc. has introduced an FDA-cleared pulse oximetry sensor chipset that is capable of accurately measuring blood oxygen levels in individuals with various skin pigmentations, including both light and dark skin tones. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of target diseases, growing improvements in healthcare infrastructure, surge in awareness regarding efficient patient monitoring devices, increasing demand for advanced products, rising need for non-invasive, remote, & portable patient monitoring solutions, and growing launch of advanced products by market players. For instance, in June 2022, Garmin has introduced the Vivosmart 5 fitness band in the Indian market. This latest fitness tracker includes features such as Women's health tracking, heart rate monitoring, body battery energy monitoring, step counting, calorie tracking, stress monitoring, and blood oxygen level measurement.
Segmentation: Pulse Oximeter Market Report 2022 - 2033
Pulse Oximeter Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Handheld Pulse Oximeters
- Fingertip Pulse Oximeters
- Others
Pulse Oximeter Market Analysis & Forecast by Technology 2023 - 2034 (Revenue USD Bn)
- Connected Devices
- Conventional
Pulse Oximeter Market Analysis & Forecast by Type 2023 - 2034 (Revenue USD Bn)
- Reusable Probes
- Disposable Sensors
Pulse Oximeter Market Analysis & Forecast by Age Group 2023 - 2034 (Revenue USD Bn)
- Pediatric
- Adult
Pulse Oximeter Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Homecare
- Hospitals & Others
Pulse Oximeter Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Pulse Oximeter Market: Product Estimates & Trend Analysis
8. Pulse Oximeter Market: Technology Estimates & Trend Analysis
9. Pulse Oximeter Market: Type Estimates & Trend Analysis
10. Pulse Oximeter Market: Age Group Estimates & Trend Analysis
11. Pulse Oximeter Market: End-user Estimates & Trend Analysis
12. Regional Market Analysis
13. North America Pulse Oximeter Market
14. Europe Global Pulse Oximeter Market
15. Asia Pacific Global Pulse Oximeter Market
16. Latin America Global Pulse Oximeter Market
17. MEA Global Pulse Oximeter Market
18. Competitor Analysis
19. Company Profiles
Companies Mentioned
- ICU Medical Inc.
- Masimo
- Nonin
- OSI Systems Inc.
- Medtronic
- Koninklijke Philips N.V.
- General Electric
- Drägerwerk AG & Co. KGaA
- CONTEC MEDICAL SYSTEMS CO. Ltd
- NIHON KOHDEN CORPORATION
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | October 2023 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 2.57 Billion |
| Forecasted Market Value ( USD | $ 5.55 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
