Pulse Oximeters Market
Pulse Oximeters Market By Product Type (Fingertip Pulse Oximeters, Handheld Pulse Oximeters, Bench-Top Pulse Oximeters, and Wearable Pulse Oximeters), Age Group (Adult and Pediatrics), End-User (Hospitals, Ambulatory Surgical Centers, Homecare Settings, and Others), and Geography is expected to grow at a consistent CAGR Forecast till 2028 owing to unprecedented COVID-19 pandemic and the rising technological advancements.
The global Pulse Oximeters Market was valued at USD 2.16 billion in 2022, growing at a CAGR of 10.73% during the forecast period from 2023 to 2028, to reach USD 3.98 billion by 2028. The demand for Pulse Oximeters is primarily attributed to the sudden outbreak of the COVID-19 pandemic, the rising prevalence of various respiratory disorders coupled with the growing geriatric population, technological advancement, and the availability of new products.
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Pulse Oximeters Market Dynamics
Pulse Oximeters are medical devices that are widely used to monitor the oxygen saturation in the blood as well as to track the pulse rate simultaneously. The pulse oximeters market is witnessing increased growth due to the unprecedented outbreak of the novel coronavirus pandemic and the demand is expected to remain high during the forthcoming years. This is mainly because these devices have been extensively used by the population as an early screening method for the deadly disease. Infection with coronavirus affects the respiratory organ of the body along with other vital organs causing severe acute respiratory syndrome (SARS) which tends to decrease the oxygen saturation in the blood level under normal room air conditions. Also, as per the WHO clinical management of SARS interim guidelines pulse oximeters, functioning oxygen systems and appropriate oxygen-delivering interfaces should be available in all areas where patients with a severe acute respiratory infection (SARI) are taken care of.
Moreover, the increasing awareness among the population regarding applications of pulse oximeters in COVID-19 management is also likely to fuel the Global Pulse Oximeters market.
Also, the rising prevalence of chronic respiratory disorders worldwide is likely to boost the global market for pulse oximeters. Chronic respiratory disorder such as asthma, chronic obstructive pulmonary disorders, emphysema, and others usually leads to hypoxemia, a condition when levels of oxygen in the blood are lower than normal. For instance, as per the WHO’s recent report, approximately 235 million people suffer from asthma and more than three million people die each year from COPD, worldwide. Therefore, the rising prevalence of such respiratory disorders require devices such as pulse oximeters that provide valuable insight regarding the oxygen saturation percentage and alerts for low oxygen level thereby raising their demand.
In addition, technological advancements in pulse oximeters such as alarm systems, extensive memory, easily transferable data, and installation of Bluetooth systems within the device modality are other factors likely to augment the global market for pulse oximeter devices. For instance, in December 2020, Shenzhen AOJ Medical Technology Co., Ltd received FDA clearance for its Pulse Oximeter (model: AOJ-70A, AOJ-70B, AOJ-70C, AOJ-70D, and AOJ-70E). These oximeters are equipped with a skin-friendly silicone finger pad, are compact, portable, and comprise the alarm function.
Certain factors such as regulations and accuracy concerns over OTC Pulse Oximeters pose a minor hurdle to the growth of the pulse oximeter market.
Pulse Oximeters Market Segment Analysis
Pulse Oximeters by Product Type (Fingertip Pulse Oximeters, Handheld Pulse Oximeters, Bench-Top Pulse Oximeters, and Wearable Pulse Oximeters), Age Group (Adult and Pediatrics), End-User (Hospitals, Ambulatory Surgical Centers, Homecare Settings, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the pulse oximeters product segment, the fingertip pulse oximeter is expected to hold the largest market during the forecast period from 2023-2028. This is because these devices are cost-effective and easily affordable. Moreover, better precision and practical ergonomics raise the demand for fingertip pulse oximeters for self-monitoring of saturated oxygen levels.
Further, the availability of newly developed fingertip pulse oximeters that are capable of measuring pulse rate, perfusion rate, and respiration rate along with the detection of oxygen levels is also anticipated to propel the market. The incorporation of telehealth technology with fingertip oximeters can also contribute to the pulse oximeter market growth. For instance, the recent launch of the artificial intelligence-powered Fingertip Pulse Oximeter (SpO2) by TytoCare Ltd in January 2022, enabled remote monitoring at the time of the COVID crisis, which is likely to boost the pulse oximeter market.
North America is expected to dominate the overall Pulse Oximeters Market
North America is expected to dominate the overall pulse oximeters market during the forecast period. This domination is due to the growing demand for respiratory monitoring devices owing to the rising prevalence of respiratory diseases, increased R&D funding, favorable reimbursement for these devices, and the presence of an advanced healthcare system.
Further, the United States represents the largest market worldwide supported by developed healthcare infrastructure and rising adoption of advanced non-invasive patient monitoring technologies. In addition, the presence of key market players such as Masimo, and Nonin Medical Inc, among others, along with the advanced product launches and commercialization agreements among them is also expected to boost the market. For instance, recently in March 2022, Nonin Medical, Inc. launched two new disposable products – a single-use wristband and a sensor for use with Nonin’s WristOx2 3150, a wrist-worn pulse oximeter (SpO2). Nonin’s new disposables offer immediate and cost-effective solutions to reduce healthcare provider and patient exposure to infectious agents during the pandemic. Thus, these are some factors contributing to the market growth of pulse oximeters in the region.
Pulse Oximeters Market Key Players
Some of the key market players operating in the Pulse Oximeters market include Medtronic, Nonin Medical Inc., Lepu Medical Technology, TytoCare Ltd., VYAIRE., OMRON Corporation, Meditech Equipment Co ., Ltd, among others.
Recent Developmental Activities in the Pulse Oximeters Market
- In March 2022, Masimo secured CE mark approval for a rugged handheld device called Rad-G, a 2-in-1 device for pulse oximetry and temperature measurement.
- In January 2020, Vyaire Medical launched its MX40-a reusable telemetry adapter in the U.S. This product features a SpO2 port, which is compatible with Philips 9 pin pulse oximeter sensor and Masimo LNCS pulse oximeter.
Key Takeaways from the Pulse Oximeters Market Report Study
- Pulse Oximeter Market size analysis for current market size (2022), and market forecast for 5 years (2023-2028)
- The effect of the COVID-19 pandemic on pulse oximeter market is significant. To capture and analyze suitable indicators, our experts are closely watching the Pulse Oximeters market.
- Top key product/services/technology developments, mergers, acquisitions, partnerships, joint ventures happened in the last 3 years
- Key companies dominating the Global Pulse Oximeters Market.
- Various opportunities are available for the other competitor in the Pulse Oximeters Market space.
- What are the top-performing segments in 2022? How these segments will perform in 2028.
- Which are the top-performing regions and countries in the current market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Pulse Oximeters market growth in the coming future?
Target Audience who can be benefited from Pulse Oximeters Market Report Study
- Pulse Oximeters providers
- Research organizations and consulting companies
- Pulse Oximeters-related organization, association, forum, and other alliances
- Government and corporate offices
- Start-up companies, venture capitalists, and private equity firms
- Distributors and Traders in Pulse Oximeters
- Various End-users want to know more about the Pulse Oximeters Market and the latest technological developments in the Pulse Oximeters market.