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Pulse Oximeters Market Size, Share and Forecast Analysis, By Product Type (Handheld Oximeters, Fingertip Oximeters, Tabletop Oximeters), By End-User (Home Healthcares, Hospitals, Ambulatory Surgical Centres) - Global Industry Analysis, Trends, Regional Outlook and Forecast 2024 - 2033
The global pulse oximeters market size reached at USD 2.28 billion in 2023 and is estimated to hit USD 5.56 billion by 2033, growing with a compound annual growth rate (CAGR) of 9.33% forecast period 2024 to 2033. The increasing number of respiratory and cardiovascular issue amongst the population worldwide is expected to help the growth of pulse oximeters as continuous
The U.S. pulse oximeters market size was valued at USD 781.81 million in 2023 and is expected to reach USD 1,978.17 million by 2033, growing at a CAGR of 9.74% from 2024 to 2033.
North American region is anticipated to dominate the market and is expected to uphold this trend throughout the prediction period. Factors, such as an increase in the prevalence of respiratory disorders, availability of advanced healthcare facilities in North American countries, and growth in awareness among patients regarding cost-effective pulse oximeters are responsible for the market growth.
The Asia Pacific region is expected to grow at the fastest growth rate due to the high occurrence of chronic disease across the region. Moreover, a high population, augmented incomes levels, and enhancement in patient consciousness for cutting-edge pulse oximeters would further upsurge market growth. The Middle East & Africa region is projected to show a sizable growth rate during the prediction period.
Numerous benefits offered by pulse oximeters such as portability, connectivity, and compact size are triggering the market growth across the world. Furthermore, the increasing demand for consistent vital stats monitoring and rising emphasis on patient safety during anesthesia is projected to drive the growth of the pulse oximeter market. Moreover, pulse oximeter market growth is mainly driven by the growing adoption of oximeters in critical care, childbirth, surgery, neonatal, anesthesia, & pediatric care and technological advancements in oximeters. However, an increase in healthcare expenditure in the developing countries and high demand for proactive monitoring are anticipated to create new opportunities for market players in the near future. Nevertheless, the dearth of awareness in developing regions is expected to hinder the market growth.
Escalating implementation of wireless pulse oximeters by home consumers and clinicians is projected to spur the sale of pulse oximeters worldwide. Portability offered by wireless pulse oximeters is propelling growth of finger-top and wrist pulse oximeters, specifically in home care situations. Masimo introduced wireless pulse oximeter named, Masimo Rad - 5, that achieved enormous popularity due to its superior wireless features.
Home care captures the imagination of people, primarily for convenience and cost-related reasons, mainly in areas where repayment policies are fragile; subsidize profoundly to the growth for a global pulse oximeter market. In addition, the demand for remote monitoring is seeing a hasty rise as continuous monitoring is an expensive task, boosting the growth of pulse oximeter market as spot-checking via fingertip alternatives and handheld oximeters. This may help to reduce cost on readmission costs that are quite usually incurred by patients of COPD.
In addition, the existing apprehension over the proliferation of coronavirus is also foreseen to have a substantial influence on the growth of global pulse oximeters market across the world. As a consequence of the current pandemic, the medical device industry has been under tremendous pressure to deliver new products. With coronavirus infections propagating worldwide, the apprehension regarding a shortage of crucial life-saving devices and additional indispensable medical supplies in order to inhibit the spread of this pandemic and deliver prime care to the infected also widen.
Artificial Intelligence (AI) is changing the landscape of every industry and will continue to do in the foreseeable future. AI has been welcomed into the healthcare industry because of its broad scope of applications that can improve patient health through different devices, monitors, sensors, pharmaceuticals as well as help in operations of organizations. For example, AI combined with machine learning (ML) can analyze the pulse oximeter waveform in the fingertip. This can be utilized to determine CRI (compensatory reserve index) in trauma patients. Furthermore, the measurement is enables to see the remaining cardiovascular capacity. AI technology integration into pulse oximeters can offer better care to the patients. The key players of oximeters market are undertaking various research and development activities to apply AI based technology.
Rising cases of respiratory issues
The cases of asthma, chronic obstructive pulmonary disease and pneumonia are respiratory issues that are rising all over the world. The low concertation of oxygen levels in patients with these conditions require monitoring of blood oxygen levels. The pulse oximeters are a non-invasive device that help measure oxygen saturation. The rising levels of pollutions, rising geriatric population and changing lifestyle have increased the number of cases with respiratory issues.
Government Regulations
The governments all over the world are tightening rules and regulation related to sale of medical devices like oximeters directly to the consumers without prescriptions. This will make it difficult for people to get the device as a precautionary measure without medical consultations. The stricter rules have also been enforced due to concerns about accuracy of these oximeters and how reliable the information could be.
Key players interest in developing economies
The major players of the oximeter market are looking to explore the untapped potential for growth in the emerging economies. The governments in countries like India and China are on the look out for opportunities to invest in the healthcare sector especially in modernizing their existing infrastructure. Such countries are becoming hubs of manufacturing for healthcare and pharmaceutical products. The region of Asia Pacific promises potential of growth for the pulse oximeters market.
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 9.33% |
| Market Size in 2023 | USD 2.28 Billion |
| Market Size by 2033 | USD 5.56 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Product, End Users |
| Regional Scope | APAC, North America, Latin America, Europe, MEAN |
U.S. Pulse Oximeters Market Trends
The U.S. is a prominent factor for the region of North America holding the biggest market share across the region. The pulse oximeter market in U.S. is steadily rising due to significant collaborations between key players and universities which helps innovation. The universities play an important part in the research and development activities like research on sensors, materials, algorithms, improving precision and reliability and also, undertake clinical trials. These factors create a collaborative and innovative ecosystem in the country which is helping pulse oximeters market growth in the region.
The tabletop/bed side pulse oximeter segment dominated the market, with the largest share of 58.2% in 2024. The adoption of tabletop/bedside pulse oximeters is driven by its wide application in various healthcare environments including hospitals, clinics, emergency departments, surgical theaters, intensive care units, and post anesthesia care units. The reliability and efficient functioning of tabletop oximeters are important aspects in making it popular choice.
Pulse oximeters products market is segmented into fingertip pulse oximeters, handheld pulse oximeters, and tabletop pulse oximeters. Among these, the handheld pulse oximeters are beneficial for pilots to check the oxygen level when they are operating at above 10,000 feet. These devices are also beneficial to the athletes and mountaineers to check the oxygen level. Handheld pulse oximeters are more accurate and come with probes that can be utilized for individual patients to limit the spread of the virus.
The fingertip pulse oximeters are non-invasive, which makes them a favored option for infants and neonates. Furthermore, the fingertip pulse oximeters are dense in size and easy to use. Moreover, the added features such as Bluetooth, alarm system, extensive memory, and easy transfer of data upsurge the effectiveness of products.
Depending on end-users the global pulse oximeters market is categorized into hospitals, ambulatory surgical centers, and home healthcare. Among these, the hospitals segment is projected to register a comparatively higher stake in the global pulse oximeters market due to the oximetry is a fundamental part of newborn screening in numerous countries, adding to the number of devices procured by hospitals. Furthermore,the higher utilization and higher adoption of these devices in hospitals is expected to boost the segmental growth.
Conversely, a patient suffering from chronic diseases prefers to seek care in home settings and rising healthcare costs have created a market for home healthcare pulse oximeters.
The hospital segment from the end user point of view is the leading segment of the market in 2024. Hospitals are the first point of contact for people when it comes to health issues which is a factor that drives this segment’s growth.
The home healthcare segment is expected to grow at the fastest rate during the forecast period. This segment is anticipated to rise as there is an increase in awareness regarding importance of monitoring oxygen levels among people.
Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2021 to 2033. This research study analyzes market thoroughly by classifying global pulse oximeters market report on the basis of different parameters including type of products, end users, and region:
By Product Type
By End-user
By Regional Outlook
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June 2024