Pulse Oximeter Market Size To Reach USD 4.9 Billion By 2033, At 7.0% CAGR: Insights By Dimension Market Research


(MENAFN- GlobeNewsWire - Nasdaq) Advancements and Projections in the Pulse Oximeter Market: Insights, Trends, Opportunities, and Recent Developments

New York, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Overview

The Global Pulse Oximeter market size is expected to reach USD 2.7 billion by 2024 and it is further anticipated to reach a market value of USD 4.9 billion in 2033 at a CAGR of 7.0%.

These include the establishment of the pulse oximeter used in intensive care units as well as home healthcare and the rising demand for continuous checking of oxygen levels in the blood. This market covers the production, distribution, sale, and application of pulse oximeters including portable and finger-clipping oximeters. The stakeholders include producers, suppliers, distributors, hospitals and clinics, policymakers, and research and development firms. Factors such as increased prevalence of chronic diseases, use of RPM, and occurrences of global incidents define this market.

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Pulse Oximeter Market Size To Reach USD 4.9 Billion By 2033, At 7.0% CAGR: Insights By Dimension Market Research Image

The US Pulse Oximeter Market

The US pulse oximeter market is projected to reach a market value of USD 2.0 billion in 2033 from a base value of USD 1.1 billion at a CAGR of 6.2%.

The growth in the demand for pulse oximeters in the US is due to a higher prevalence of chronic respiratory diseases, more number of surgical procedures, and the trend in home health care monitoring. It is widely used because of its simple and portable type of pulse oximeters, such as the fingertip and hand-held types. This has made key market players engage in research and development to come up with new products to capture a bigger share of the market.

Important Insights

  • Market Size: This market size is expected to hold a market value of USD 4.9 billion in 2033 from a base value of USD 2.7 billion in 2024 at a CAGR of 7.0% .
  • Type Segment: Disposable sensors, particularly in the form of pulse oximeter probes are expected to dominate this segment as they hold 76.1% of the market share in 2024.
  • Product Segment: Handheld oximeters are expected to dominate this segment as they hold 41.9% of the market share in 2024.
  • Age Group Segment: Based on the age group, the adult population is anticipated to dominate this segment as it holds the highest market share in 2024.
  • Regional Insights: North America is expected to dominate the global pulse oximeter market as it holds 50.3% of the market share in 2024.

Latest Trends

  • Current advances in wireless and wearable pulse oximeters continue to propel changes in the pulse oximeter market with features that are easy to use and accurate. Sophisticated sensors that improve the real-time monitoring of the patient's status and connect with healthcare providers and other caregivers. The incorporation of AI and machine learning in medical diagnosis is further enhancing diagnosis and device reliability for consistent prediction.
  • High population growth, an increasing elderly population, and increased incidence of lifestyle diseases such as diabetes are making more people require access to cheap healthcare services, and the use of portable home health instruments such as portable pulse oximeters is increasing. Such devices assist in the convenient supplemental oxygen level monitoring for patients at home.

Pulse Oximeter Market: Competitive Landscape

  • Intense competition is observed amongst various leading players including Masimo Corporation, Medtronic plc, and Koninklijke Philips N. V. mainly due to product development, mergers, acquisitions, and joint ventures for improving the market coverage and market share.
  • These companies pay much attention to the developments of new models of pulse oximeters, which are released frequently for different uses, thereby ensuring the market's continuous growth and satisfaction of customers, thus continuing to remain relevant and competitive in the healthcare market.

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Some of the prominent market players:

  • Medtronic
  • Masimo
  • Koninklijke Philips N.V.
  • General Electric
  • Nonin
  • NIHON KOHDEN CORPORATION
  • ICU Medical Inc.
  • OSI Systems Inc.
  • CONTEC MEDICAL SYSTEMS CO. LTD
  • Drägerwerk AG & Co. KGaA
  • Other Key Players

Pulse Oximeter Market Scope

Report Highlights Details
Market Size (2024) USD 2.7 Bn
Forecast Value (2033) USD 4.9 Bn
CAGR (2024-2033) 7.0%
North America Revenue Share 50.3%
The US Market Size (2024) USD 1.1 Bn
Historical Data 2018 - 2023
Forecast Data 2024 - 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Type, By Product, By Age Group, By End User
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Growth Drivers

  • Rising Prevalence of Respiratory Diseases: Chronic diseases like COPD, asthma, and sleep apnea are on the rise and because of this patients' oxygen levels require constant tracking to avoid adverse effects. The improvement of the incidence detection and cure of respiratory ailments is the significant reason for pulse oximeters for use both in hospitals and at home.
  • Aging Population and Increased Healthcare Spending: In the pulse oximeter market, globalization and prominent healthcare expenses focusing on an aging population are encouraging. Old people with respiratory problems often need the check their oxygen level more often, while increasing costs of healthcare make people acquire better devices.

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Restraints

  • High Cost of Advanced Devices: There is a relatively higher cost of some pulse oximeters, especially the high-end models, the tabletop, and multi-parameter monitors that are quite expensive to acquire for most patients and healthcare facilities in some areas of the world. This means they are not frequently used in low and middle-income countries and averts their use in home health care.
  • Regulatory and Compliance Challenges: There are regulatory difficulties where market players have to invest more time and money to effectively demonstrate devices' safety and efficiency. This can postpone new product deployment, as well as enhance costs, turning the process of compliance multifaceted concerning various countries.

Growth Opportunities

  • Expansion in Emerging Markets: Asia-Pacific and Latin America are the most promising regions because of the healthcare facilities' upgrades and rising health consciousness among people. An increase in disposable income levels and a growing population of middle-income earners are also fuelling the demand for pulse oximeters within these regions.
  • Product Innovation and Development: There seems to be a lot of growth that is possible through constant product innovation. The innovations that customers find useful are portable and articulate devices such as Bluetooth pulse oximeters and wearables along with multiparameter monitors. To decrease the number of missed steps, there is a continuous advancement in the accuracy of the devices, sensors, and software quality.

Market Analysis

Disposable sensors, specifically pulse oximeter probes, are expected to dominate the healthcare market, holding 76.1% of the market share in 2024. This is because they act as single-use products and therefore can reduce cross contaminations which is very important, especially in health facilities. They replace sterilization and this removes the probability of disease spread and the time is also saved. Also, since they do not have to be cleaned and sterilized as reusable probes, they are more economical in the long run even though one might require a steep capital outlay to purchase them.


Pulse Oximeter Market Size To Reach USD 4.9 Billion By 2033, At 7.0% CAGR: Insights By Dimension Market Research Image

Pulse Oximeter Market Segmentation

By Type

  • Disposable Sensors
  • Reusable Probes

By Product

  • Handheld Pulse Oximeter
  • Fingertip Pulse Oximeters
  • Others

By Age Group

  • Adult
  • Pediatric

By End User

  • Hospital & Ambulatory Surgical centers
  • Clinics
  • Home Healthcare
  • Others

Regional Analysis

North America is projected to dominate the global pulse oximeter market in 2024, holding 50.3% of the share due to advanced healthcare facilities, high healthcare spending, and major market players. This is also due to the high prevalence of chronic respiratory diseases in the region and the abundant application of monitoring equipment. Some of the factors contributing to its growth include key firm presence, high technological developments, and reimbursement policies that support North America's dominance in the pulse oximeter market.

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Pulse Oximeter Market Size To Reach USD 4.9 Billion By 2033, At 7.0% CAGR: Insights By Dimension Market Research Image

By Region

North America

  • The U.S.
  • Canada

Europe

  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America

Middle East & Africa

  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

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Recent Developments in the Pulse Oximeter Market

  • June 2024: Medtronic launched a handheld pulse oximeter with enhanced accuracy and connectivity for improved patient monitoring in clinical and home settings.
  • April 2024: Masimo introduced a wrist-worn pulse oximeter for continuous monitoring during sleep and physical activities, targeting wearable health tech.
  • February 2024: Philips partnered with a telehealth provider to integrate pulse oximeters into remote patient monitoring solutions, enhancing remote care capabilities.
  • December 2023: Nonin Medical expanded its product line with new tabletop pulse oximeters for hospitals, featuring advanced sensor technology.
  • October 2023: GE Healthcare released a fingertip pulse oximeter with Bluetooth connectivity for real-time data sharing with healthcare providers.
  • August 2023: Smiths Medical launched a pulse oximeter with improved sensor technology for accurate readings in low perfusion conditions.
  • June 2023: SpO2 Medical unveiled a portable pulse oximeter for pediatric use, featuring a child-friendly interface and enhanced comfort.
  • April 2023: Medtronic introduced an updated handheld pulse oximeter with extended battery life and faster response time.
  • November 2022: Masimo released the Hydration Index for the Masimo W1 Advanced Health Tracking Watch, offering continuous pulse oximetry and insightful health data.

About Dimension Market Research (DMR)

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