Global Pulse Oximeter Market to Grow at a CAGR of 8.68% During 2024-2032, Aided by the Growing Prevalence of Respiratory Diseases Across the Globe

According to a new report by EMR titled, ‘The Global Pulse Oximeter Market Report and Forecast 2024-2032’, the market attained a value of nearly USD 2.7 billion in 2023. The market is further estimated to grow at a CAGR of 8.68% between 2024 and 2032 to reach a value of USD 5.8 billion by 2032.

Global Pulse Oximeter Market Overview

Pulse oximeter is a device used to measure the oxygen level in the blood. The device offers a painless, non-invasive method of measuring the oxygen level and therefore, is considered more advantageous over the traditional method of measuring the blood oxygen level. The demand of pulse oximeter is on rise with increase in the respiratory diseases and geriatric population around the globe. As per the World Health Organization facts, in 2020 – there were 1 billion people aged above 60 years and above, this number is expected to reach 1.4 billion by 2030, making 1 in every 6 people aged 60 years or over by 2030.

Key Findings

• Pulse oximeter has been registered in the national standards for monitoring anesthesia and included in the WHO safe surgery checklist as well. Therefore, the device is recognized as an important perioperative safety monitoring device.

• The Asia Pacific region is likely to experience notable growth in the forecast period. This could be due to the increase in smoking, infection, and air pollution that can result in the increasing prevalence of respiratory diseases.

• In February 2024, the United States FDA cleared the first over-the-counter fingertip pulse oximeter, called MightySat Medical developed by Masimo.

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Global Pulse Oximeter Market Growth Drivers

With the rising burden of diseases around the globe due to lifestyle changes, the market has been witnessing an increase in the number of surgical procedures. As per the World Health Organization, over 300 million surgical procedures are performed each year globally. Furthermore, increased incidence of collaborations are also expected to contribute to market growth in the forecast period. In November 2023, GE HealthCare and Masimo entered a collaboration which involves integration of Masimo Signal Extraction Technology® (SET®) pulse oximetry into GE HealthCare’s Portrait Mobile wireless and wearable patient monitoring solution.

In addition, there has been a continuous rise in respiratory diseases due to changing lifestyles and environmental conditions across the globe. Some of the most common respiratory diseases driving market growth include chronic obstructive pulmonary disease (COPD), asthma, occupational lung diseases and pulmonary hypertension. According to World Health Organization estimations, COPD is attributed as the third leading cause of death globally with about 90% of COPD deaths occur in those under 70 years of age living in low- and middle-income countries.

Global Pulse Oximeter Market Segmentation Analysis

Application Areas are Poised to Experience Growth

Based on type, the market segmentation includes disposable sensors and reusable probes. Among both of the types, reusable probes are more expensive as compared to the disposable ones. The rise in the demand of pulse oximeters is also attributed to an increase in the demand of disposable sensors as they allow contamination free usage of the sensor.

Market Segmentation Based on Product Type is Reasonably Distributed

Based on product type, the market segmentation is bifurcated among finger, handheld, wrist, wireless, bedside, and pediatric pulse oximeters. There are many types of pulse oximeter available in the market that increases the choice amongst individuals. However, the type of pulse oximeter used depends on the person's requirement and preference.

The market segmentation is also based on types, technology as well as age groups.

Global Pulse Oximeter Market: Competitive Landscape

• In November 2023, Masimo received FDA 510(k) clearance for the Masimo W1™ medical watch which is the first FDA-cleared watch to provide continuous real-time oxygen saturation (SpO2) for OTC and Rx use.

• In January 2023, Philips and Masimo expanded their partnership to augment patient monitoring capabilities in home telehealth applications with the Masimo W1™ watch.

• Other players involved in the market includes Medtronic, Masimo, Koninklijke Philips N.V., NIHON KOHDEN CORPORATION, GE Healthcare, Contec Medical Systems Co. Ltd, ICU Medical, Drägerwerk AG & Co. KGaA, OSI Systems, Inc., Smiths Medical plc, Beurer GmBH, Vyaire, Promed Technology Co., and Omron Corporation.

Regional Overview

North America to Lead the Market Share Based on Region

Regionally, the market report offers an insight into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America and Europe, having technological advancements and growing awareness among the individuals, is estimated to hold a high market value. Increasing collaborations between academic institutions and MedTech organizations to boost research initiatives also fuel the region’s market share.

Key Offerings of the Report

• The EMR report gives an overview of the global market for pulse oximeter for the periods (2017-2023) and (2024-2032).

• The report also offers historical (2017-2023) and forecast (2024-2032) market information for the type, end-use, and region of the global market.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Key Highlights of the Report

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