Global Pulse Oximeter Market Report and Forecast 2024-2032

Global Pulse Oximeter Market Size

The global pulse oximeter market was valued at USD 2.7 billion in 2023, driven by the growing prevalence of respiratory diseases and increasing number of surgical procedures across the globe. The market is expected to grow at a CAGR of 8.68% during the forecast period of 2024-2032, with the values likely to rise from USD 3 billion in 2024 to USD 5.8 billion by 2032.

Global Pulse Oximeter Market Outlook

• In February 2024, Masimo announced FDA approval of MightySat® Medical which is the first and only FDA-cleared medical fingertip pulse oximeter available Over the Counter (OTC) direct to consumers without a prescription.

• In November 2023, GE HealthCare and Masimo announced a joint agreement to integrate Masimo Signal Extraction Technology (SET) pulse oximetry into GE HealthCare’s Portrait Mobile wireless and wearable patient monitoring solution.

• In January 2023, Philips and Masimo expanded their partnership for telehealth applications with the Masimo W1™ advanced health tracking watch. Masimo W1 is the first watch to provide accurate, continuous pulse oximetry measurements.

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Global Pulse Oximeter Market Overview

Pulse oximeter is an electronic device that offers non-invasive, pain-free way of measuring the saturation of oxygen in a person’s red blood cells. The device is advantageous over the traditional way of measuring blood oxygen levels which involves drawing the blood from arteries. Pulse oximeters have been included in the WHO safe surgery checklist and recognized as the important perioperative safety monitoring device. It plays a crucial role in providing the safe delivery of anaesthesia during the surgery. Due to its compact, user-friendly, and portable features, it makes it easy for people to use it at homecare setting. The device is also recommended for use in patients with lung or heart conditions. As a result, pulse oximeters are frequently employed at home for patients suffering from chronic respiratory conditions.

Global Pulse Oximeter Market Growth Factors

Increasing Prevalence of Respiratory Diseases like Asthma and COPD

The data from American Thoracic Society indicates that around 235 million people suffer from asthma and more than 200 million people have chronic obstructive pulmonary disease (COPD ). Also, nearly 4 million people die prematurely from chronic respiratory disease. Rising urbanisation is leading to elevated pollution levels, likely to enhance respiratory issues in the future as well. Consequently, high demand of pulse oximeter in patients with respiratory diseases is expected to fuel the growth of the market.

Surge in Surgical Procedures to Boost Pulse Oximeter Market Demand

Increased use of pulse oximeters during and after the surgical procedures for patient monitoring is also a key driver in driving the market growth. As per the World health Organization (WHO) 2021 report, more than 313 million surgical procedures are performed globally. Among this, 15 million of surgical procedures are performed in the United States. Pulse oximeter is an indispensable tool helping doctors or physicians in the hospital settings. According to the WHO 2019, there are approximately 421 million hospitalizations in the world annually. Additionally, increased number of COVID-19 cases and hospitalizations during the historical years have put and positive impact in accelerating the growth of pulse oximeter market.

Other factors that can influence the market growth include rise in geriatric population, increasing prevalence of cardiovascular diseases, and high demand of non-invasive methods over traditional methods.

Global Pulse Oximeter Market Trends

Global Pulse Oximeter Market Segmentation

Market Breakup by Type

• Disposable Sensors

• Reusable Probes

Market Breakup by Product Type

• Finger Pulse Oximeters

• Handheld Pulse Oximeters

• Wrist-worn Oximeters

• Wireless Pulse Oximeters

• Bedside/Table Top Pulse Oximeters

• Pediatric Pulse Oximeters

• Others

Market Breakup by Technology

• Conventional Devices

• Connected Devices

Market Breakup by Age Group

• Adult

• pediatric

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

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Global Pulse Oximeter Market Share

Disposable Sensors are Expected to Lead the Market Share Based on Type

The market segmentation by type includes disposable sensors and reusable probes. Reusable probes are more expensive than their counterparts. In addition, the re-use of pulse oximeter probes raises the risk of cross-contamination amongst patients as well. However, disposable sensors are not only easy to use but also offer more durability and comfort. Thus, in practice, disposable oximeter sensors are used more commonly than the reusable probes.

Connected Devices are Projected to Hold Significant Market Value in the Forecast Period

Based on technology, the global pulse oximeter market is segmented into conventional devices and connected devices. Connected devices allow healthcare professionals to monitor patients remotely which can lead to improved patient outcomes. While conventional devices are standalone devices and are commonly used in clinical settings such as hospitals and clinics. Rising prevalence of telehealth and remote patient monitoring is likely to boost the market share of connected devices in the coming years.

Global Pulse Oximeter Market Analysis by Region

The market report offers insights into major regional markets including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America, particularly United States, leads the market segment which can be attributed to the presence of an advanced healthcare infrastructure and technological advancements. Furthermore, the region is experiencing several mergers and acquisitions. Prominent healthcare leaders are acquiring smaller companies to foster innovation and growth in the region.

The Asia-Pacific region is anticipated to experience a surge in the market value, aided by improvements in research and healthcare infrastructure. In addition, the rising privatization in emerging economies like South Korea, and India is driving the market forward with rapid adoption of latest technologies. Initiatives to make the masses aware about the application of pulse oximeters is also expected to aid growth in the coming years.

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Leading Players in the Global Pulse Oximeter Market

The key features of the market report include patent analysis, grants analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Medtronic Plc

• Masimo Corporation

• Koninklijke Philips N.V.

• Nihon Kohden Corporation

• GE Healthcare

• Contec Medical Systems Co. Ltd

• ICU Medical (Smiths Medical Group)

• Vyaire Medical, Inc.

• Promed Technology Co.

• Omron Corporation  

• Drägerwerk AG & Co. KGaA

• Nonin Medical, Inc.  

• Spacelabs Healthcare (OSI Systems)

• Welch Allyn, Inc. (Baxter International) 

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Key Queries Solved in the Global Pulse Oximeter Market Report

• What was the global pulse oximeter market value in 2023?  
• What is the global pulse oximeter market forecast outlook for 2024-2032?  
• What are the major factors aiding the global pulse oximeter market demand?  
• What are the major global pulse oximeter market trends?
• What is the market segmentation based on the type?
• What is the market segmentation based on product type?
• What age groups use pulse oximeters? 
• What are the major regional markets for pulse oximeter, according to the EMR report? 
• Who are the key players involved in the global pulse oximeter market?
• How will the market landscape evolve in the forecast period? 
• What will be the effect of each driver, challenge, and opportunity on the market? 
• Which regional market is expected to experience expedited growth during the forecast period? 
• Which product type will lead the market growth? 
• Which product type of pulse oximeter is expected to dominate the respective market segment? 
• What are the key research initiatives expected to boost the market value during the forecast period? 
• Which age group area is poised to make the highest impact on the market growth?
• What is the market share, strategies, and product portfolios of the leading players in the market?
• How is the regulatory landscape shaping the market?
• What are the market dynamics, trends, and growth prospects in the key regional markets?
• How is technological innovation impacting the development of pulse oximeters?
• What are the investment opportunities and potential risks associated with the market?
• What is the patents landscape of the market?