The global pulse oximeter market size was valued at USD 2.51 billion in 2022. It is projected to reach USD 4.42 billion by 2031, growing at a CAGR of 6.5% during the forecast period (2023–2031).
A pulse oximeter is a medical device that detects changes in skin blood volume and indirectly measures the oxygen saturation of a patient's blood. This results in a photoplethysmogram that can be processed to produce additional readings. A multiparameter patient monitor may include a pulse oximeter. The majority of monitors typically show the pulse rate. Portable, battery-powered pulse oximeters are also available to monitor blood oxygen levels in the field or at home. A non-invasive method of determining someone's oxygen saturation is pulse oximetry. It is a quick, continuous, noninvasive method of monitoring oxygenation that identifies abrupt changes in a patient's clinical status early.
Modern pulse oximeters can measure the amount of red and infrared light in a region of pulsatile blood flow. Blood oxygen saturation (SpO2), pulse rate, and perfusion index are all measured by a pulse oximeter (PI). The more accurate arterial blood gas analyzer reading of SaO2 is typically within 2% accuracy of peripheral oxygen saturation (SpO2) values. However, the two are sufficiently linked to make it worthwhile to measure oxygen saturation in clinical settings using the secure, easy, noninvasive, and affordable pulse oximetry approach. The most popular technique is transmissive pulse oximetry.
The leading causes of death worldwide in recent years have been chronic respiratory illnesses like asthma, chronic obstructive pulmonary disease (COPD), lung cancer, cystic fibrosis, sleep apnea, and occupational lung diseases. Furthermore, congenital heart defects and COPD are prevalent in high- and middle-income countries. An essential factor in COPD and other chronic respiratory diseases is oxygen saturation. The oximeter calculates the percentage of arterial blood's hemoglobin that is oxygen-saturated to diagnose COPD. The demand for various new products has increased as a result of the rising incidence of CHDS, COPD, and other respiratory diseases in young children and the elderly population. One neonate out of every 100 is born with a congenital heart defect (CHD), and 25% of those are expected to have a severe CHD (CCHD). In the upcoming years, market growth is anticipated to be fueled by the extremely high prevalence of chronic respiratory diseases that call for measuring devices.
The government has mandated that patients with chronic respiratory disorders continuously monitor their oxygen saturation level. In developed and developing nations, pulse-measuring device guidelines and recommendations have been implemented. Additionally, the market has grown as more oximeters are used in developed nations to monitor anesthesia during surgeries. Pulse oximetry screening (POS) reduces the risk of severe complications in newborns by assisting in the early detection of chronic diseases like CHDS, hypoxemia, and other disorders. These POS advantages have boosted product adoption in healthcare settings. In developing nations, there is a growing concern about patient safety during surgery and anesthesia, which has led to a realignment of the requirements for critical care departments and a requirement for hospitals to have oximeters for monitoring patients' oxygen saturation.
Even though pulse measuring devices are being used more frequently worldwide, inaccuracies with the product are anticipated to restrain market growth in the years to come. Several variables, including poor circulation, high skin temperature, thick skin, fingernail polish, and dark skin pigmentation, impact the accuracy of oximeters. Patients with dark skin pigmentation have a higher error rate. Numerous studies have demonstrated that the device gives African-American patients inaccurate readings. Numerous government agencies, including the FDA, recently released guidelines for these oximeter inaccuracies. The new FDA guidelines state that if a pulse oximeter reading of 90% is obtained, the proper oxygen saturation of the blood is typically between 86 and 94%. During the forecast period, such product inaccuracies are anticipated to restrain market growth.
Players in the pulse oximeter medical device market can expect significant growth opportunities due to emerging economies. Governments like China and India consistently increase their expenditures on value-based care and healthcare modernization. Additionally, manufacturing hubs for medical equipment and generic pharmaceuticals are emerging in emerging nations. Companies in the market constantly concentrate on strategies like mergers, acquisitions, and expansions these tactics aid businesses in generating more money and boosting market expansion overall. The APAC region has seen significant growth in the manufacturing of medical devices over the last few years. The current trends in player development indicate even more potential in the upcoming years. Additionally, several industry participants are creating brand-new goods to treat a range of chronic respiratory conditions, which is anticipated to fuel market expansion in the upcoming years.
| Study Period | 2019-2031 | CAGR | 6.5% |
| Historical Period | 2019-2021 | Forecast Period | 2023-2031 |
| Base Year | 2022 | Base Year Market Size | USD 2.51 Billion |
| Forecast Year | 2031 | Forecast Year Market Size | USD 4.42 Billion |
| Largest Market | North America | Fastest Growing Market | Asia Pacific |
The global pulse oximeter market is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.
North America is the most significant global pulse oximeter market shareholder and is expected to grow at a CAGR of 6.11% during the forecast period. The U.S. and Canada are included in the analysis of the pulse oximeter market in North America. Due to the public's growing understanding of the importance of tracking respiratory health, North America continued to dominate the industry and make a profit. Pulse oximeters are used to treat congenital heart disease, peripheral vascular disease, and peripheral arterial disease in this area. Congenital heart disease (CHD), one of the most common congenital disabilities seen, is also prevalent in the United States. Thus, screening newborns using these tools became mandatory before releasing them from a healthcare facility. A pulse oximeter is regarded as a reasonable requirement and is paid with sufficient documentation for inpatients, outpatients, and patients who choose to receive treatment at home. A favorable reimbursement infrastructure is therefore anticipated to support market expansion.
Asia Pacific is expected to grow at a CAGR of 6.86% during the forecast period. The Asia-Pacific pulse oximeter market analysis includes China, Australia, India, Japan, and the rest of Asia-Pacific. Asia Pacific market players are recognizing the potential and launching new products designed for the region's emerging economies. The tool's purpose is to improve neonatal CHD screening. Despite a slightly declining birth rate in Asia and the Pacific, many babies are stillborn every day. Therefore, CHD has a sizable target market. Furthermore, a large population, increased income levels, and increased patient awareness of cutting-edge pulse oximeters would contribute to further market expansion. According to reports, Asia-Pacific lowers postoperative admission rates and lowers the risk of cardiac failure during procedures. Pulse oximeter use is encouraged for any cosmetic procedure by organizations like the Indian Society of Anesthesiologists.
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The global pulse oximeter market is segmented by type, technology, and end user.
Based on type, the global market is bifurcated into fingertip stimulators, handheld, tabletop oximeters, and others.
The fingertip stimulators segment is the highest contributor to the market and is expected to grow at a CAGR of 6.24% during the forecast period. The fingertip pulse oximeters are small, portable, and easy to use. Babies and neonates favor such devices because they are non-invasive. The Segment is anticipated to hasten technological advancements in fingertip pulse oximeters. Additional features like Bluetooth, an alarm system, a large memory, and simple data transfer increase production efficiency. To maintain the pulse oximeter brand's competitiveness, industry companies are introducing new products with improved functionality. Due to the increased use of these medical devices for at-home monitoring of respiratory disorders like asthma and COPD, demand is anticipated to increase.
Based on technology, the global market is bifurcated into conventional and smart.
The smart segment is the highest contributor to the market and is expected to grow at a CAGR of 6.69% during the forecast period. The growing demand for ongoing patient monitoring in ambulatory and home care settings, as well as the rising use of connected equipment like wireless measuring devices. Segmental growth is anticipated to be boosted by market participants' increased focus on releasing intelligent devices. The segment is growing due to the rising incidence of COVID-19 in the pediatric population. Additionally, more consumers are anticipated to use the product during the forecast period due to the rising prevalence of asthma in children. During the forecast period, it is anticipated that the rising prevalence of asthma will increase demand for pediatric pulse-measuring devices.
Based on end users, the global market is bifurcated into hospitals, home care, and others.
The home care segment is the highest contributor to the market and is expected to grow at a CAGR of 6.4% during the forecast period. One of the main factors driving the demand for pulse oximeters is the rising awareness of the importance of monitoring oxygen levels. There is a demand for homecare pulse oximeters because patients with chronic illnesses continue to receive treatment at home despite rising healthcare costs. Fingertip pulse oximeters are considered safe and dependable for home healthcare because they can reduce the hospital readmission risk by monitoring and maintaining patients' oxygen levels. The segmental growth results from market participants releasing more products for homecare settings and increased public awareness of the value of at-home oxygen level monitoring.
Before the pandemic, several developments took place on an international level. The U.S.-China trade war has affected all economies. The U.K.'s exit from the EU is expected to result in a considerable slowdown for the British economy before it gains ground. However, France, Italy, and Germany are expected to benefit from the scenario. And Germany's dominance in the automobile, electronics, and pharmaceuticals sectors will prove beneficial for the Resistive Load Banks market. The U.S.-China trade war and Brexit hint at the global economy moving towards protectionism.
The pandemic has put several restraints on the global economy and brought international trade to a standstill. Manufacturers of resistive load banks are expected to have begun evaluating alternative raw materials suppliers. In addition, more prominent companies, which have a large balance sheet, are likely to adopt strategies such as vertical integration, which will gain control of the supply chain and aid in gaining a deeper understanding of domestic markets. These players are expected to absorb smaller players, with smaller businesses either shutting down temporarily or permanently. Key players are also likely to turn to increased automation, keeping in mind the uncertainty of the global economy and the workforce. This will also be done to improve just-in-time solutions (JIT) and is expected to aid in the provision of customizations.
