Global Pulse Oximeter Market Insights Forecasts to 2033

• The Global Pulse Oximeter Market Size Was Estimated at USD 3.11 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 6.52% from 2023 to 2033
• The Worldwide Pulse Oximeter Market Size is Expected to Reach USD 5.85 Billion by 2033
• Asia Pacific is predicted to grow at the fastest CAGR throughout the projection period

The Global Pulse Oximeter Market Size is Predicted to Exceed USD 5.85 Billion by 2033, Growing at a CAGR of 6.52% from 2023 to 2033. The market growth is propelled by the rising prevalence of congenital heart diseases, respiratory diseases, an aging population, technological developments, investments in healthcare infrastructure, and the spread of infectious diseases.

Market Overview

The pulse oximeter market involves the production, and distribution of non-invasive devices used to measure oxygen saturation levels and heart rate in healthcare sectors. A pulse oximeter is a wireless electronic device that measures oxygen saturation in red blood cells (RBC). Mostly attached to fingertips for measuring purposes and can be reused as per the advice of healthcare professionals. The device measures the amount of light that passes through the fingernail, skin, tissue, and blood, allowing it to estimate the oxygen saturation of the blood. The normal range for SpO2 is 95% to 100%; results less than 95% are considered unstable. An individual with less than 90% SpO2 is considered hypoxemic and requires an external oxygen supply.   

The increasing prevalence of cardiovascular diseases including myocardial infarction, arrhythmia, and angina pectoris, raising the demand for the pulse oximeter. For Instance, the data provided by the Centers for Disease Control and Prevention, it is revealed that cardiovascular diseases are the leading cause of death, causing one death in 33 seconds. In 2022, 702,880 people died, costing $252.2 billion from 2019 to 2022.

Several pharmaceutical, medical, and IT sectors are collaborating to focus and enrich the development of sophisticated devices such as pulse oximeters. For example, DetelPro launched the oximeter OXY10 with a cost of Rs 299. The DetelPro pulse oximeter, a fingertip-clipped device, displays oxygen saturation and pulse rate, with a normal range of 70-99 percent, and an auto shut-off feature after 8 seconds of inactivity.

The increasing proportion of the geriatric population as they are more susceptible to cardiovascular and respiratory diseases drives the demand for pulse oximeter led to the growth of the market.

Report Coverage

This research report categorizes the global pulse oximeter market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global pulse oximeter market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global pulse oximeter market.

Driving Factors

Rising prevalence of respiratory disease.

Common respiratory conditions that cause blocked airways and low blood oxygen levels include COPD, asthma, and pneumonia. Supplemental oxygen therapy is necessary for hypoxic patients. Pulse oximetry analyzes oxygen saturation to assess if more oxygen is required for patients suffering from uneasy and critically unwell states. For instance, in 2019, CRDs were the third leading cause of death globally, causing 4.0 million deaths and 454.6 million cases. Despite an increase in total deaths and prevalence, age-standardized rates have dropped.

Escalating the geriatric population:

Age-related changes in the heart and blood vessels can heighten the risk of heart disease, a major health issue that can limit activity and reduce the quality of life for older individuals. The geriatric population is more prone to respiratory disease as arteries and blood vessels become weaker contributing to market growth.

Rising trend of AI tools:

AI algorithms are being used to improve patient outcomes and enable remote monitoring, presenting a promising future for the healthcare industry. Researchers are developing devices including pulse oximeters with AI features for better patient outcomes. The upsurge in consumption of AI tools and their incorporation led to the expansion of the market.

Restraining Factors

The market expansion may be constrained by product errors brought on by elements such as skin temperature, dark pigmentation, inadequate circulation, regulations, and concerns about over-the-counter dependability, while low-and middle-income nations lack awareness and technological advancements pressure new players.

Market Segmentation

The global pulse oximeter market share is classified into product type, technology, age group, and end-user.

• The tabletop oximeters segment dominated the global pulse oximeter market in 2023 and is predicted to grow at a remarkable CAGR during the forecast period.

Based on the product type, the global pulse oximeter market is categorized into tabletop oximeters, fingertip oximeters, handheld oximeters, and others. Among these, the tabletop oximeters segment dominated the global pulse oximeter market in 2023 and is predicted to grow at a remarkable CAGR during the forecast period. The segmental expansion is owing to integration with rechargeable lithium polymer battery, easy to handle, suitable for outdoor and indoor monitoring purposes, portable, applicable for neonatal, pediatrics, and adults, easy to operate, flexible infrastructure, low power consumption than other types of the oximeters, precise and accurate results, suitable for surgery centers, hospitals, and community health care, display of battery power, manipulating feature of the brightness of the screen, built with alarm settings, clock functionality, volume adjustability while measuring the pulse sound indication, and real-time data uploading.

• The conventional segment held the largest share in 2023 and is anticipated to grow at a significant CAGR throughout the projected timeframe.

Based on the technology, the global pulse oximeter market is categorized into smart and conventional. Among these, the conventional segment held the largest share in 2023 and is anticipated to grow at a significant CAGR throughout the projected timeframe. The segment growth is propelled by the cost-effective, rising consumption of wired monitoring devices, early identification of hypoxia, ease of use, and improved accuracy and reliability.

• The adult segment dominated the pulse oximeter market in 2023 and is expected to grow at a CAGR during the forecast period.

Based on the age group, the global pulse oximeter market is categorized as pediatrics and adults. Among these, the adult segment dominated the pulse oximeter market in 2023 and is expected to grow at a CAGR during the forecast period. This sector growth is ascribed to the rising prevalence of respiratory and cardiovascular diseases among the adult population, growing interest in continuous health monitoring, the individual with a heavy workload at their workplace may alter the sleep cycle which may lead to sleep disorders, and increasing awareness via social networking.

• The hospitals and ambulatory surgical centers segment accounted for the largest share in 2023 and is predicted to grow at a significant CAGR during the forecast period.

Based on the end-user, the global pulse oximeter market is categorized as clinics, hospitals and ambulatory surgical centers, home healthcare, and others. Among these, the hospitals and ambulatory surgical centers segment accounted for the largest share in 2023 and is predicted to grow at a significant CAGR during the forecast period. The segmental expansion is attributed to a rise in the admission of patients to hospitals, growth in the birth rate led to a rise in new borning screening, provision of healthcare insurance and beneficiary schemes for patients, presence of OPD centers, and frequent visits of patients owing to rising infectious and bacterial diseases. For instance, in Maharashtra, specifically Pune, the Guillain-Barre Syndrome (GBS) outbreak is confirmed waterborne, with 166 cases, five deaths, 52 discharges, 21 ventilators, and 61 ICU stays, with WHO guiding medical staff. GBS weakens the breathing muscles which leads to respiratory failure hence raising the demand for pulse oximeters.

Regional Segment Analysis of the Global Pulse Oximeter Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the global pulse oximeter market over the predicted timeframe.

North America is anticipated to hold the largest share of the global pulse oximeter market over the forecast period. The pulse oximeter market in North America is expected to grow due to the rapid adoption of wireless pulse oximeters, increasing home healthcare usage, and a growing number of chronic respiratory disease patients. North America dominates the industry, using pulse oximeters for treating congenital heart disease, peripheral vascular disease, and peripheral arterial disease. A favorable reimbursement infrastructure is expected to support market expansion.

Asia Pacific is anticipated to grow at the fastest CAGR throughout the projected timeframe. The Asia-Pacific pulse oximeter market, including China, Australia, India, and Japan, is attracting new products to improve neonatal CHD screening. Despite a declining birth rate, the region's large population, increased income, and patient awareness of pulse oximeters contribute to market expansion. The growth is attributed to improving hospital infrastructure, and increasing awareness of chronic respiratory disorder.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global pulse oximeter market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Nonin
• Contec Medical System
• Philips Healthcare
• Spacelabs Healthcare
• ICU Medicals
• Promed Co.
• Welch Allyn Co.
• Omron Corporation
• Opto Circuits Ltd.
• Meditech Equipment Co. Ltd.
• Masimo Corporations
• CareFusion Corp.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In December 2024, Movano launched the Evie Ring, a general wellness device with features of a pulse oximeter. Movano's Eviemed ring offers FDA-grade accuracy and a comfortable wearable design for remote monitoring, exceeding FDA blood oxygen accuracy requirements, particularly in users with darker skin tones.

Market Segment            

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global pulse oximeter market based on the below-mentioned segments:

Global Pulse Oximeter Market, By Product Type

• Tabletop Oximeters
• Fingertip Oximeters
• Handheld Oximeters
• Others

Global Pulse Oximeter Market, By Technology

• Smart
• Conventional

Global Pulse Oximeter, By Age Group

• Pediatrics
• Adults

Global Pulse Oximeter, By End-User

• Clinics
• Hospitals and Ambulatory Surgical Centers
• Home Healthcare
• Others

Global Pulse Oximeter Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East and Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East and Africa