Number of pages: 100 | Report Format: PDF | Published date: December 20, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
According to the deep-dive market assessment study by Growth Plus Reports, the global pulse oximeters market was pegged at US$ 3.09 billion in 2021 and is expected to register a revenue CAGR of 15.20% to reach US$ 3.43 billion by 2030.
A pulse oximeter is a small noninvasive medical device applied on the finger or pulsating ear vessels to monitor oxygen saturation levels in the blood. Pulse oximetry employs spectrophotometry to calculate the percentage of oxygenated hemoglobin (oxyhemoglobin) in peripheral arterial blood. It is used in emergency care, cardiology, and respiratory disease management.
The global pulse oximeters market revenue is driven by the increasing prevalence of infectious and chronic diseases such as COVID-19, heart disease, tuberculosis, etc., the growing geriatric population, and the introduction of novel products. Additionally, technological advancement, the presence of key players, and increasing awareness about oxygen monitoring devices are contributing to the revenue growth of the global pulse oximeters market. Moreover, the growing affordability of oximeters and the acquisition and merger of companies fuel the global pulse oximeters market revenue. However, rising healthcare regulations and less accuracy are holding back the global pulse oximeters market revenue from growing.
The global pulse oximeters market has been analyzed from four perspectives: product type, technology, end-user, and region.
Pulse Oximeter Market by Product Type
Based on product type, the global pulse oximeters market is segmented into fingertip, handheld, tabletop oximeters, and others.
The tabletop oximeters segment is leading the global pulse oximeters market revenue owing to increasing demand for tabletop oximeters in hospitals and clinics, high accuracy compared to fingertip oximeters, and more reliability regarding cardiovascular and respiratory disease management. Additionally, technological advancement, the introduction of novel products, and the increased presence of key players fuel the revenue growth of the global pulse oximeters market.
The fingertip oximeter segment is also expected to account for a higher revenue share during the forecast period owing to the high demand for oximeters during the COVID-19 pandemic, increasing awareness about oximeters and their benefits in cardiovascular and respiratory diseases home management.
Pulse Oximeter Market by Technology
Based on technology, the global pulse oximeters market is segmented into conventional and smart.
The conventional segment dominates the global pulse oximeters market with the largest revenue share owing to increasing demand for wired-based pulse oximeters for continuous monitoring of patients and increasing adoption of conventional pulse oximeters in hospitals and clinics. Most hospitalized patients require continuous monitoring of cardiac and respiratory patients; therefore, reliable conventional pulse oximeters are the most preferred by doctors and healthcare practitioners, driving the revenue growth of the global conventional pulse oximeters market.
Pulse Oximeter Market by End-user
Based on end-user, the global pulse oximeters market is segmented into hospitals and clinics, ambulatory surgical centers, home healthcare, and others.
The hospitals and clinics segment accounts for the largest revenue share in the global pulse oximeters market owing to increasing patient footfall in hospitals and clinics for diagnosis and treatment and increasing adoption of novel technologies in hospitals. Additionally, increasing chronic and infectious diseases such as heart attack, chronic artery disease, COVID-19 pandemic, lung cancer, pneumonia, etc., fuels the revenue growth of the global hospital pulse oximeters market.
Pulse Oximeter Market by Region
Based on region, the global pulse oximeters market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global pulse oximeters market in terms of the largest revenue share. The large revenue share of North America in the global market can be attributed to developed healthcare infrastructure, increasing adoption of novel products, and growing numbers of hospitals and ambulatory centers. Additionally, the rising prevalence of cardiovascular diseases and respiratory diseases in the region and growing awareness about using oximeters fuel the revenue growth of this region.
Asia Pacific is also expected to show the highest revenue growth in upcoming years owing to the high geriatric population, increasing technology adoption, rising healthcare startups, and developing healthcare infrastructure.
The prominent players operating in the global pulse oximeters market are:
The expected revenue CAGR for the global pulse oximeters market is 3.40% during the forecast period from 2022 to 2030.
The estimated market size of the global pulse oximeters market is US$ 3.4 billion in 2030.
North America and Asia Pacific account for the highest revenue share in the global pulse oximeter market.
The increasing prevalence of chronic and respiratory diseases, the introduction of novel products, and technological advancement are driving the global pulse oximeters market growth.
GE Healthcare (General Electric Company), Beurer GmbH, CareFusion Corp, Koninklijke Philips N.V., and Masimo are the key player operating in the global pulse oximeter market.
*Insights on financial performance are subject to the availability of information in the public domain