Pulse Oximeter Industry Overview
The global pulse oximeter market size is expected to reach USD 3.4 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.4% from 2021 to 2028. Technological advancements in products, growing healthcare costs, and readmission, and increasing adoption of pulse oximetry devices are expected to boost market growth during the forecast period. Market players are introducing devices that are more efficient and support telehealth approaches. For instance, in February 2017, the company received a CE mark for Rad-97 Pulse CO-Oximeter used to monitor blood pressure at set intervals. It is also capable of transferring the data to a remotely connected device.
Pulse Oximeter Market Segmentation
Grand View Research has segmented the global pulse oximeter market on the basis of type, end-use, and region:
Based on the Type Insights, the market is segmented into Fingertip, Handheld, Others.
- The handheld segment dominated the market for the pulse oximeter and accounted for the largest revenue share of 38.9% in 2020.
- The market is primarily driven by the fact that these oximeters are easy to use in case of emergencies. The oxygen saturation level of a patient can strongly influence the course of treatment. A rise in the number of stroke cases and surgeries is anticipated to boost market growth over the forecast period.
- Technological advancements in oximeters are expected to drive the segment. Added features such as easy transfer of data, extensive memory, alarm system, and Bluetooth increase the efficiency of products.
- The COVID-19 pandemic has restricted the visits to medical facilities hindering medical care services, and manufacturers are innovating products to provide alternative telehealth solutions.
- In January 2021, Tyto Care, a telehealth company launched a fingertip pulse oximeter that connects to the Tyto Care device via a cable to logging test results to patients EHR enabling its remote monitoring by clinicians.
Based on the End-use Insights, the market is segmented into Hospitals & Other Healthcare Facilities, Homecare.
- The hospitals and other healthcare facilities segment dominated the pulse oximeter market and accounted for the largest revenue share of 82.0% in 2020 due to an increase in the number of surgeries and emergency room visits.
- Long-term care facilities are at high risk of COVID-19 infections, and residents are being continuously monitored for symptoms by checking vital respiratory parameters. Thus, demand for pulse oximeters from home healthcare centers and long-term care facilities is expected to increase during the COVID-19 pandemic.
- The homecare segment is expected to witness lucrative growth during the forecast period due to factors such as increasing awareness regarding the importance of monitoring oxygen levels. Fingertip pulse oximeters are considered affordable and effective in homecare, as they can help track and store a patient’s oxygen level readings, which can help reduce the risk of readmission to a hospital.
Pulse Oximeter Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is fragmented with the presence of various global and regional manufacturers. The market is expected to adopt various strategies such as product launches and acquisitions by key players to expand their market share.
Some prominent players in the global pulse oximeter market include
- Medtronic (Covidien)
- Carefusion Corp.
- GE Healthcare
- Philips Healthcare
- Masimo
- CAS Medical Systems, Inc.
- Opto Circuits India Ltd.
- Nonin Medical, Inc.
- Smiths Medical
- Welch Allyn
- Spacelabs Healthcare
- Meditech Equipment Co.
- Nihon Kohden Corporation
Order a free sample PDF of the Pulse Oximeter Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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