Pulse Oximeter Market Size, Share & COVID-19 Impact Analysis, By Product Type (Fingertip Oximeters, Handheld Oximeters, Tabletop Oximeters, and Others), By Technology (Conventional and Smart), By Age Group (Adults and Pediatrics), By End-user (Hospitals and Ambulatory Surgical Centers, Clinics, Home Healthcare, and Others), and Forecast, 2022-2029

The global Pulse Oximeter Market was valued at USD 2.66 billion in 2021 and is projected to grow from USD 2.36 billion in 2022 to USD 3.02 billion by 2029, exhibiting a CAGR of 3.6% during the forecast period. Based on our analysis, the market had exhibited a higher growth of 32.0% in 2020 as compared to 2019. The global COVID-19 pandemic has been unprecedented and staggering, with experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

This is a small, non-invasive electronic device that measures variation in the oxygen saturation level of the blood. It can be attached to the body parts such as a finger, ear, nose, and toe. It sends wavelength of light through any of these body parts and monitors pulse rate and oxygen saturation. Healthcare professionals often use them in critical care settings such as emergency rooms or hospitals. There are various oximeters are available in the market. The device can be used to monitor people suffering from severe respiratory disorders.

The market growth is attributed to the increasing prevalence of chronic respiratory diseases. Moreover, technological advancements in product are anticipated to propel the demand for them in the coming years. Furthermore, emerging government guidelines & recommendations for the use of pulse measuring device and rising product launches are expected to boost the global Pulse Oximeter Market growth during the forecast period.

• In February 2019, Santamedical launched the generation 2 SM-1100 finger oximeter. The prominent features of the oximeter include quick reading, accuracy, reliability, brightness, compact & light and long battery life.

COVID-19 Pandemic Boosted Market Revenue Due to Increased Adoption of Fingertip Pulse Oximeters

The impact of COVID-19 is expected to result in considerably high growth of the market during the analysis period. This is attributed to the significant increase in the adoption of fingertip pulse oximeters supported by favorable regulations and a decline in in-person visits to healthcare facilities. The market witnessed a humongous growth rate of 32.0% in 2020 as compared to 4.0% in 2019.

The surge in the severe COVID-19 cases resulted in the patient's low oxygen saturation levels, which increased the need for continuous manufacturing of critically affected patients. In 2021, a study published in the Hindustan Times reported that in India, nearly 40% of COVID-19 patients hospitalized in AIIMS Jhajjar had oxygen saturations below 94% at the time of admission. Such decline in oxygen saturation of COVID-19 patients and rising government support to use these products for continuous monitoring of oxygen levels led to a sudden increase in the market size.

Furthermore, Masimo, a leader in the market, witnessed an increase of 22.1% in its revenue in 2020 to reach USD 1,143.7 million. The expansion of its customer base for core SET oximeter is one of the reasons for the growth in the revenue of the company.

Further, the COVID-19 pandemic boosted the demand for fingertip oximeters, which stimulated the companies to increase their production capacities in 2020 and 2021.

• For instance, in April 2021, Konica Minolta, Inc., in cooperation with Seki Aoi Techno Co., Ltd. (Seki Aoi), increased its production capacity of pulse oximeters by 20 times that of 2019. Such an increase in the production capacity is expected to contribute to market growth in the near future.

LATEST TRENDS

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Strategic Initiatives by Market Players to Boost Market Growth during Forecast Period

The companies operating in the market constantly focus on the strategies such as acquisitions, expansions, and mergers. These strategies help the companies increase their revenue, thereby increasing overall market growth.

• For instance, in December 2021, Zynex, Inc acquired Kestrel Labs, Inc., a patient monitoring technology company. The acquisition will help Zynex Inc. add several laser-based pulse oximetry monitoring products to its portfolio.

Moreover, many market players are developing new products to treat various chronic respiratory disorders, which is expected to drive market growth in the coming years. 

• For instance, in January 2021, Tyto Care announced the introduction of its U.S. FDA-cleared fingertip oximeter (SpO2). The launch of this device is expected to boost the market in the coming years.  

DRIVING FACTORS

Surge in Prevalence of Chronic Respiratory Disorders to Favor Market Growth

In recent years, chronic respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), lung cancer, cystic fibrosis, sleep apnea, and occupational lung diseases have been the leading causes of death globally. Furthermore, the high and middle-income countries are highly affected by congenital heart defects and COPD.

• For instance, according to the Centers for Disease Control and Prevention (CDC), in 2018, an estimated 5% to 7% of residents in the U.S. were suffering from COPD. The prevalence ranges from 1% to 2% among the pediatric population, increasing to around 9% to 11% among the geriatric population.  

Oxygen saturation is an important parameter in COPD and other chronic respiratory diseases. The oximeter measures oxygen saturation or the percentage of hemoglobin saturated with oxygen in arterial blood to diagnose COPD.

The rising prevalence of CHDs, COPD and other respiratory diseases in infants and the geriatric population has increased the demand for various new products.

• For instance, according to an article published by the American Academy of Pediatrics, in 2019, about one neonate in every 100 is born with a CHD, and 25% of those are expected to have a critical congenital heart defect (CCHD).

Such a high prevalence of chronic respiratory diseases requiring measuring device is expected to drive market growth in the coming years.

Emerging Government Guidelines and Recommendations on Use of Pulse Oximeters to Bolster Market Growth

The government across various countries has mandated continuous monitoring for the oxygen saturation level of patients suffering from chronic respiratory disorders. The government guidelines and recommendations on pulse measuring device have been implemented in developed and developing countries. Moreover, increasing oximeters for anesthesia monitoring during surgeries across developed countries have contributed to the market growth.  

Pulse oximetry screening (POS) helps detect chronic diseases such as CHDs, hypoxemia, and other disorders, thereby eliminating the risk of severe complications in newborns. Such benefits of POS have increased the product adoption in healthcare settings.

• For instance, the American Academy of Pediatrics recommended a pulse oximeter as part of newborn screening for CCHD. In 2018, policies for screening newborns were implemented in all states in the U.S.

The increasing awareness about patient safety during surgery and anesthesia in developing countries has resulted in realigning the pre-requisites of critical care departments, thereby mandating the hospitals to include oximeters for monitoring patients' oxygen saturation.

Such recommendations and implementation of various guidelines by government organizations for the use of oximeters are expected to increase the demand for devices, thereby propelling the market growth during the forecast period.

RESTRAINING FACTORS

Rising Inaccuracies and Limitations Associated with Use of Pulse Oximeters to Hinder Product Adoption

Despite the increasing adoption of pulse measuring device globally, the inaccuracies associated with product are expected to limit the market growth in the coming years. There are several factors that affect the accuracy of oximeters, such as poor circulation, skin temperature, skin thickness, fingernail polish, and dark skin pigmentation.

They have a higher error rate in patients with dark skin pigmentation. Many studies have shown that the device results in inaccurate readings among African-American patients.

• For instance, according to a study conducted by Michigan Medical School in January 2021, black patients were likely to have low oxygen levels that were missed by device. The study confirmed that sometimes when the product read 94%, the actual blood oxygen saturation was much lower for a black patient.

In recent times, many government bodies and the FDA released guidelines for these inaccuracies by oximeter

• According to the new guidelines released by the U.S. FDA in February 2021, they stated that if an FDA-cleared pulse oximeter results in 90%, the blood's true oxygen saturation (SPO2) is generally between 86-94%.

Such inaccuracies associated with a product are expected to limit the market growth during the forecast period.

SEGMENTATION

By Product Type Analysis

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Tabletop Oximeters Segment to Hold a Major Share due to Growing Burden of COPD

Based on the product type, the market is segmented into fingertip oximeters, handheld oximeters, tabletop oximeters, and others.

The tabletop oximeters segment held the highest pulse oximeter market share in 2021 and is anticipated to expand at a substantial CAGR during the forecast period. The large percentage of the segment is attributed to the increasing number of hospitalizations and the high prevalence of respiratory disorders such as asthma and COPD.

• For instance, according to a GOLD (Global Initiative for Chronic Obstructive Lung Disease) report 2020, the worldwide COPD prevalence was 10.1%, with 11.8% for men and 8.5% for women. Moreover, a majority of 3-11% was reported among never-smokers. Such a high prevalence of COPD worldwide is expected to increase hospital admissions, fueling the demand for measuring device.

The fingertip segment is projected to expand at the highest CAGR during the forecast period. This segmental growth is attributed to the sudden increase in the adoption of these products during the COVID-19 pandemic. Moreover, the growing adoption of such medical devices for home monitoring of respiratory disorders such as asthma and COPD is expected to drive its demand in the future.

By Technology Analysis

Conventional Segment to Dominate Market due to Increasing Adoption of Wired Pulse Oximeters

Based on technology, the market is segmented into conventional and smart.

The conventional segment accounted for the largest market share in 2021 and is expected to expand at a substantial CAGR during the forecast period. The increase in the adoption of wired measuring device and the growing demand for continuous patient monitoring in hospitals are expected to contribute to the growth of the conventional segment during the forecast period. Furthermore, the surge in the prevalence of various respiratory disorders requiring continuous monitoring of patients in hospitals and clinics drives the segment growth.

• For instance, NHS Digital data shows that in the year 2020-21, approximately 1.17 million people in England have been diagnosed with COPD, which was around 1.9% of the population. Such high prevalence in England is expected to increase the demand for conventional in the coming years.

The smart segment is anticipated to expand at the highest CAGR during 2022-2029. The highest CAGR of this segment is attributed to the rise in the adoption of connected devices such as wireless measuring device and the increasing need for continuous patient monitoring in home care and ambulatory settings. Furthermore, the growing focus of market players to launch smart devices is expected to contribute to the segmental growth during the forecast period.

By Age Group Analysis

Pediatrics to Exhibit Highest CAGR Due to Increasing Prevalence of Asthma among Children

Based on age group, the market is segmented into adults and pediatrics.

The adults' segment held the largest market share in 2021 and is projected to expand at a substantial CAGR during the forecast period. The growth of the adults’ segment is attributed to the increasing prevalence of chronic respiratory diseases such as asthma and COPD among the adult population. Furthermore, factors such as the high prevalence of COVID-19 among the adult population and growing hospitalizations of adult patients requiring continuous patient monitoring are expected to drive the segmental growth in the coming years.

The pediatrics segment is projected to expand at the highest CAGR during the forecast period. The growth of the pediatrics segment is attributed to the increasing incidence of COVID-19 among the pediatric population. Moreover, the rising prevalence of asthma in children is expected to increase the adoption of product during the forecast period.

• For instance, according to research published by Sabinet in 2018, the prevalence of asthma in children under the age of 6-7 years was 17.3%. In children aged 13-14, the majority was 15.9% in the Latin America region.

Such a high prevalence of asthma is expected to boost the demand for pediatric pulse measuring device during the forecast timeframe.

By End-user Analysis

Hospitals and Ambulatory Surgical Centers Segment to Continue Dominance Due to Increasing Patient Admissions

Based on the end-user, the market is segmented into hospitals and ambulatory surgical centers, clinics, home healthcare, and others.

In 2021, the hospitals and ambulatory surgical centers held the highest market share and were expected to expand at the highest CAGR in 2022-2029. This segmental growth is attributed to the increasing number of hospital admissions requiring continuous patient monitoring systems. Moreover, the rising number of hospitals coupled with the increased footfall of patients in hospitals to treat COPD and asthma are expected to drive the demand for device in the projected years.

• For instance, according to the National Ambulatory Medical Care Survey of 2018 published on CDC, the percentage of visits to office-based physicians with COPD indication was 4.1% of the total visits, and patient visits to the emergency department with COPD indication was 873,000. Such high patient visits are expected to fuel the segmental growth during the forecast timeframe.

The home healthcare segment is expected to expand at the second-highest CAGR during the forecast period, 2022-2029. The segmental growth is due to awareness regarding the home monitoring of oxygen levels and increasing launches of measuring device by the market players for homecare settings. Moreover, a sudden increase in the demand for fingertip measuring device during the COVID-19 pandemic is expected to contribute to segmental growth in the long run.

REGIONAL ANALYSIS

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In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America dominated the market with a revenue of USD 1.07 billion in 2021 and is expected to continue its dominance during the forecast period. The rapid adoption of wireless pulse oximeters and the increasing usage of a oximeter in home healthcare is expected to contribute to the market growth in the region. Moreover, a growing number of patients suffering from chronic respiratory diseases, the surge in hospital admissions & ASCs, and a strong presence of market players in the region are anticipated to drive the market growth across the region.

Europe held the second-highest market share in 2021 and is anticipated to expand at a moderate CAGR during the forecast period. The growth is attributed to the increasing prevalence of CCHD in newborns and the mandate to screen CCHD in newborns with oximetry in hospitals. Furthermore, the improvement in healthcare infrastructure resulting in the increased number of hospitals in Europe ultimately drives the demand for new product

• For instance, according to the OECD (Organization for Economic Co-operation and Development), in 2019, the estimated number of hospitals in the U.K. was 1,978 compared to 1,910 in 2018. Such an increase in the number of hospitals requiring tabletop pulse oximeters drives the market growth.

The Asia Pacific is expected to expand at the highest CAGR during the forecast period. The market growth across the Asia Pacific is attributed to the strong focus on improving hospital infrastructure, growing awareness regarding the diagnosis of chronic respiratory disorders, and the rising COVID-19 cases.

Latin America and the Middle East and Africa regions are expected to expand at a comparatively lower CAGR during the forecast timeframe. The growth is attributed to the increasing healthcare expenditures, improvement in healthcare infrastructure, and rising awareness of efficient patient monitoring devices for chronic disorders.

KEY INDUSTRY PLAYERS

Diversified Product Portfolio Coupled with Strong Distribution Network to Maintain Market Position for Medtronic and Masimo

The market was highly consolidated before the COVID-19 pandemic. However, due to the high demand for pulse measuring device during the pandemic, many small and local players entered the market.

Masimo and Medtronic are prominent players in the market and accounted for the major market share in 2021. The large market share of these companies is attributed to the diversified product portfolio and strong direct & indirect presence. Furthermore, the introduction of technologically advanced products is one of the major factors anticipated to strengthen the position of Masimo in the market.

Other key market players such as Koninklijke Philips N.V. and NIHON KOHDEN CORPORATION held substantial shares in the market. Moreover, Nonin is one of the key players operating in the market due to the strong portfolio of various technologically-advanced devices. The other key players are focusing on multiple strategies to increase their market share during the forecast timeframe.

LIST OF KEY COMPANIES PROFILED:

• GE Healthcare (General Electric Company) (U.S.)


• Masimo (U.S.)


• VYAIRE (U.S.)


• Nonin (U.S.)


• Medtronic (Ireland)


• Koninklijke Philips N.V. (Netherland)


• Smiths Medical (ICU Medical Inc.) (U.S.)


• Beurer GmbH (Germany)


• NIHON KOHDEN CORPORATION (Japan)

KEY INDUSTRY DEVELOPMENTS:

• December 2021 - Telli Health announced the delivery of its first U.S. FDA certified and approved 4G cellular-connected SpO2 oximeter. This oximeter and its remote patient monitoring devices help track the COVID-19 patients during the pandemic.


• August 2021 – Nihon Seimitsu Sokki Co. Ltd. increased its production capacity of pulse oximeters to 1.5 times the level seen at the end of 2020. This production capacity expansion is intended to help COVID-19 patients recuperating at home.

REPORT COVERAGE

An Infographic Representation of Pulse Oximeters Market

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The global pulse oximeter market research report provides a detailed competitive landscape and market dynamics. It focuses on key aspects, such as technological advancements and the prevalence of major pulmonary diseases, including asthma and COPD. Besides this, the report provides information related to the new product launches and key industry developments such as mergers and acquisitions. In addition, the report includes insights into industry trends and the impact of COVID-19 on the market.

Report Scope & Segmentation