The global pulse oximeter market size was valued at USD 2.27 billion in 2020 and is projected to reach USD 3.33 billion by 2028, expanding at a CAGR of 6.32 % during the forecast period, 2021–2028. The growth of the market is attributed to the increasing prevalence of target diseases globally.

Pulse oximetry is a noninvasive way to monitor a person's oxygen saturation. However, the reading of perivascular oxygen saturation (SpO2) from arterial blood gas analysis is often not comparable to the more favorable reading related to arterial blood gases, which comprises of arterial oxygen saturation (SaO2). These two are adequately correlated that the noninvasive, convenient, safe, and economical pulse oximetry methodology is beneficial for assessing oxygen saturation in practices for clinical use. A sensor device is implanted on a thin area of the patient's body, generally on earlobe or a fingertip, or across the foot in the case of a newborn, in its most common i.e., transmissive application mode. Two wavelengths of light are sent via the body part to a photodetector by the gadget. It determines the absorbances due to pulsing arterial blood alone, eliminating venous bone, skin, blood, muscle, fat, and nail paint, by measuring the changing absorbance at each of the wavelengths.
The COVID-19 pandemic outbreak had negative impact on the pulse oximeter market. During the pandemic, the demand for the devices were disrupted owing to insufficiency of material supply, which resulted in temporary halt in manufacturing and supply chain of the devices. The market is expected to recover an uptrend operation soon owing to subsiding the COVID cases significantly across the globe.
Market Trends, Drivers, Restraints, and Opportunities
- Growing prevalence of respiratory diseases is one of the key factors driving the market growth.
- Increasing awareness regarding applications of pulse oximeters in COVID-19 disease management is expected to boost the market growth in the coming years.
- Rising adoption of pulse oximeter globally is expected to fuel the market growth during the forecast period.
- Regulations and accuracy concerns related to pulse oximeters present a major challenge. This is anticipated to hinder the market growth in the projected period.
- Growing demand for patient monitoring in non-hospital settings is projected to create significant growth opportunities for the market in the near future.
Scope of the Report
The report on the global pulse oximeter market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Pulse Oximeter Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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End-users (Homecare and Hospitals & Other Healthcare Facilities) and Types (Handheld, Fingertip, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Nihon Kohden Corp.; Spacelabs Healthcare; Medtronic plc; CareFusion Corp.; Welch Allyn, Inc.; GE Healthcare; Philips Healthcare; Masimo; CAS Medical Systems, Inc.; Opto Circuits India Ltd.; Nonin Medical, Inc.; Smiths Medical, Inc.; and Meditech Equipment Co., Ltd.
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Market Segment Insights
Hospitals & other healthcare facilities segment to grow at a rapid pace
Based on end-users, the global pulse oximeter market is bifurcated into homecare and hospitals & other healthcare facilities. The hospitals & other healthcare facilities segment is expected to grow at a rapid pace during the forecast period owing to the frequent emergency room visits and increase in the number of surgeries. However, the homecare segment is anticipated to hold a key share of the market in the coming years due to the factors, such as increasing awareness regarding the significance of monitoring oxygen levels. Additionally, self-monitoring allows patients to take an active role in their own health care, which is expected to drive the segment growth further.
Handheld segment to expand at a considerable CAGR
On the basis of types, the market is segregated into handheld, fingertip, and others. The handheld segment is projected to expand at a considerable CAGR during the forecast period attributed to the rise in the number of stroke cases and surgeries. On the other hand, the fingertips segment is anticipated to account for a major market share during the forecast period due to technological advancement in pulse oximeter.

North America to constitute a key market share
In terms of regions, the global pulse oximeter market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to increasing awareness related to the importance of monitoring respiratory vitals between the common population across the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to the prevalence of respiratory diseases, and the demand for resources in the region.

Segments
Segments Covered in the Report
The global pulse oximeter market has been segmented on the basis of
End-users
- Homecare
- Hospitals & Other Healthcare Facilities
Types
- Handheld
- Fingertip
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Nihon Kohden Corp.
- Spacelabs Healthcare
- Medtronic plc
- CareFusion Corp.
- Welch Allyn, Inc.
- GE Healthcare
- Philips Healthcare
- Masimo
- CAS Medical Systems, Inc.
- Opto Circuits India Ltd.
- Nonin Medical, Inc.
- Smiths Medical, Inc.
- Meditech Equipment Co., Ltd.
Competitive Landscape
Key players competing in the global pulse oximeter market are Nihon Kohden Corp.; Spacelabs Healthcare; Medtronic plc; CareFusion Corp.; Welch Allyn, Inc.; GE Healthcare; Philips Healthcare; Masimo; CAS Medical Systems, Inc.; Opto Circuits India Ltd.; Nonin Medical, Inc.; Smiths Medical, Inc.; and Meditech Equipment Co., Ltd. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
For instance, in in January 2020, Vyaire Medical released the MX40, which is a reusable telemetry adaptor across the United States. This item offers a SpO2 port, which is compatible with Masimo LNCS pulse oximeters as well as 9 pin pulse oximeter sensors by Philips.
