The global pulse oximeter market is evaluated at US$ 1.543 billion for the year 2019 growing at a CAGR of 6.99% reaching the market size of US$2.476 billion by the year 2026.
Pulse Oximeters works on the principle of pulse oximetry, which is used to determine the fraction of oxygen-saturated hemoglobin concerning the total hemoglobin. Pulse Oximeters are widely used in the healthcare industry for monitoring the blood oxygen levels of patients, in emergencies, operations, and intensive care units, thereby boosting the market growth. Also, factors such as declining cost and improving result precision will further fuel the market growth. The North American region is expected to witness high growth due to the presence of a strong healthcare industry coupled with a favorable innovation environment and huge research and development expenditure.
The market is significantly impacted by the rise in awareness about pulse oximeters amongst the customers and with the ongoing technological advancements being done in the sector, the market is expected to grow further in the coming years. Availability of new products and high unmet needs in developing and least-developed economies are expected to boost market growth over the forecast period. Around 43 states in the U.S. have made pulse oximetry mandatory for newborn screening and is gaining popularity in other countries due to applications in the detection of Congenital Heart Defects (CHD) and other heart and respiratory conditions.
The growing prevalence of target diseases such as asthma, hyperlipidemia, hypertension, diabetes, ischemic conditions, cardiac arrhythmia, sleep apnea, and COPD is expected to be a major market driver over the forecast period. According to the WHO, around 64 million patients are currently living with COPD worldwide with approximately 90% of deaths due to COPD occurring in low- and middle-income countries.
Furthermore, a rise in health and fitness awareness coupled with the advent of new technologies such as the Internet of Things (IoT), big data, and analytics in medical devices are the key factors that escalate the market growth. Furthermore, stressful and hectic lifestyles have resulted in the rise of several health disorders that will fuel the market's growth. The industry is also expected to witness strong growth mainly due to the rising incidents of chronic diseases, increasing adoption of pulse oximeters, other monitoring, and implantable devices; rising expenditure on healthcare across the world, and a growing elderly population.
The market witnessed a boom in demand during the pandemic which encouraged significant investments done by several governments to enhance the technological advancements in the sector.
The advent of COVID-19 had a positive impact on the pulse oximeter market given the rise in the cases from the disease which encouraged the patients to opt for pulse oximeters as the hospitals were filled and many patients were treated at home. The increase in health concerns amongst the customers fuelled the market in the year 2020. The Center for Disease Prevention and Control defines severe illness of COVID-19 in people as taking more than 30 breaths per minute and having a SpO2 reading lower than 94%, on room air at sea level (or a decrease of more than 3% from a baseline reading for patients with chronic hypoxemia, a below-normal level of oxygen in the blood, specifically in the arteries). High-quality pulse oximeters are critical for the early diagnosis and treatment of patients with COVID-19. The manufacturing and supply chains of pulse oximeters are expected to witness challenges during this period, as most of the companies are working at half their production capacities. Furthermore, trade restrictions across highly impacted countries are expected to limit the timely distribution of products. However, manufacturers are working to ensure an adequate supply of fingertip and handheld pulse oximeters to countries in dire need, as cases of COVID-19 continue to increase at an exponential rate. According to U.S Food & Drug Administration, it is informing patients and health care providers although pulse oximetry is useful for estimating blood oxygen levels, pulse oximeters have limitations and risk of inaccuracy under certain circumstances that should be considered. Patients with conditions such as COVID-19 who monitor their condition at home should pay attention to all signs and symptoms of their condition and communicate any concerns to their health care provider.
All the patients with acute respiratory problems are typically monitored with pulse oximetry systems in hospitals or ambulatory surgical centers. The advancement in technology has resulted in the possibility of home monitoring for patients with underlying health conditions. The market for wearable and hand-held pulse oximeters in-home settings has therefore been robustly growing but is expected to be fuelled by COVID-19 influenced purchasing.
A substantial shift from hospitals to home-care is expected to fuel the market during the forecast period.
The COVID-19 pandemic witnessed a surge in the demand of various healthcare facilities by a huge number of patients. This gradually resulted in the increasing adoption of home care services and self-care medical equipment around the world. The customers are now more attracted towards portable and handy medical devices which give rapid analytics and thus an exponential rise in the demand for pulse oximeters. Even though the use of pulse oximeters in home-care settings can ease the burden on hospitals, the error margin can be high when the patients without medical training attempt to interpret results. In general, doctors consider an oxygenation saturation of 95 percent and above to be normal. However, external factors such as movement artifacts and poor circulation can skew the results. Moreover, the increasing demand gave key market players to invest in the product and come up with a more technologically advanced solution in the coming years. This is a key factor expected to drive the market during the forecast period.
|Market size value in 2019||US$1.543 billion|
|Market size value in 2026||US$2.476 billion|
|Growth Rate||CAGR of 6.99% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Contec Medical Systems Co., Ltd., GE Healthcare, Halma plc, Koninklijke Philips N.V., Masimo Corporation, Medtronic plc, Nihon Kohden Corporation, Nonin Medical, Inc., Omron Corporation, Smiths Group plc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the pulse oximeter market size by 2026?
A1. The pulse oximeter market is projected to reach a market size of US$2.476 billion by 2026.
Q2. What is the size of the global pulse oximeter market?
A2. Pulse Oximeter Market was valued at US$1.543 billion in 2019.
Q3. What are the growth prospects for the pulse oximeter market?
A3. The global pulse oximeter market is projected to grow at a CAGR of 6.99% over the forecast period.
Q4. Which region holds the largest market share in the pulse oximeter market?
A4. The North American region is expected to hold a significant share in the pulse oximeter market due to the presence of a strong healthcare industry coupled with a favorable innovation environment and huge research and development expenditure.
Q5. What factors are anticipated to drive the pulse oximeter market growth?
A5. Pulse Oximeters are widely used in the healthcare industry for monitoring the blood oxygen levels of patients, in emergencies, operations, and intensive care units, thereby boosting the market growth.