The report Pulse Oximeter Market is projected to reach USD 4.3 billion by 2027 from USD 2.8 billion in 2022, at a CAGR of 8.8% during the forecast period. Growth in this market is majorly driven by the rising prevalence of respiratory diseases, increasing geriatric population and subsequent rise in chronic diseases, and the increasing prevalence of congenital heart disease (CHD) in children. The expansion of medical device companies in emerging economies, and growing preference for noninvasive devices and point-of-care testing are expected to offer significant growth opportunities for market players during the forecast period. However, concerns regarding the regulations and the accuracy concerns for OTC pulse oximeters are expected to limit market growth to some extent in the coming years.
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Key Market Player:
The global pulse oximeters market is highly competitive, with various players governing major shares in the conventional and connected pulse oximeter markets. Some of the major players governing the overall pulse oximeters market include Medtronic plc (Ireland), Masimo Corporation (US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Nihon Kohden Corporation (Japan), GE Healthcare (US), CONTEC MEDICAL SYSTEMS CO., LTD. (China), ICU Medical, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), OSI Systems, Inc. (Spacelabs Healthcare) (US), Honeywell International Inc. (US), MEDITECH Equipment Co., Ltd. (China), Medline Industries, LP (US), ChoiceMMed (China), Dr Trust (US), Shanghai Berry Electronic Technology Co., Ltd. (China), Promed Group. Co., Ltd. (China), Tenko Medical System Corp. (US), HUM GmbH (Germany), Beurer GmbH (Germany). However, in the last few years, a number of smaller players have emerged that are competing with global players based on price and technological innovation. Due to the intense competition in the market, major market players are increasingly focusing on strengthening their competitiveness in the market by launching more technologically advanced products and receiving approvals for them and expanding their geographic presence into high-growth emerging markets.
Drivers: rising incidence of respiratory diseases
Chronic obstructive pulmonary disease (COPD), asthma, and pneumonia are among the most prevalent respiratory diseases worldwide. In COPD, asthma, and pneumonia, the airways of the lungs are obstructed, making it difficult to move air in and out of the lungs and eventually leading to low oxygen concentrations in the blood.
Patients experiencing hypoxia due to COPD, asthma, and pneumonia require supplemental oxygen (oxygen therapy). Pulse oximetry is a noninvasive test to measure oxygen saturation in breathless and acutely ill patients. The measured amount shown on the screen of the pulse oximeter reflects the saturation of red blood cells with oxygen. The oxygen level may also help determine whether the patient requires supplemental oxygen (American Lung Association, 2021). As a result, the growth in the number of patients suffering from respiratory disorders such as COPD, asthma, and pneumonia is expected to drive the demand for pulse oximeters in the coming years.
Restraints: Regulations and accuracy concerns for OTC pulse oximeters
Medical products approved to be sold directly to consumers without prescription from relevant medical authorities are referred to as “OTC” medical products. OTC pulse oximeters do not need FDA clearance and can be bought directly from any pharmacy without a prescription. However, there are concerns regarding the safety and accuracy of pulse oximeters bought over the counter.
Opportunities: Expansion of medical device companies in emerging economies
Emerging economies are expected to provide significant growth opportunities to medical device players operating in the pulse oximeter market. Governments like India and China continuously improve their investments in healthcare modernization and value-based care systems. Emerging countries are also becoming manufacturing hubs for healthcare products such as generic pharmaceuticals and medical devices.
In the past few years, medical device manufacturing has witnessed significant growth in the APAC region. The current development trends among players indicate even greater potential in the coming years.
Challenge: Development of alternative smart devices
The conventional market is currently challenged by companies with a growing focus on health technology. The market is witnessing the arrival of smartwatches equipped with sensors to monitor the SpO2 levels in the blood, along with other features like heart rate monitoring, pulse rate monitoring, and routine energy consumption. Therefore, the presence of alternate devices for oximetry will challenge the growth of the pulse oximeter market in the coming years.
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The equipment segment accounted for the largest share of the pulse oximeter market in 2021
Based on product, the pulse oximeters market is segmented into sensors and equipment. The equipment segment accounted for the largest share of the pulse oximeter market in 2021. During the COVID-19 pandemic there was increased adoption of fingertip devices for monitoring blood oxygen levels and technological advancements in wearable pulse oximeters is the major factor driving the growth of this segment.
The portable pulse oximeters segment is expected to register the highest CAGR during the forecast period
Based on type, the pulse oximeter market is segmented into portable pulse oximeters and bedside/tabletop pulse oximeters. The market for portable pulse oximeters is further segmented into fingertip, handheld, and wearable pulse oximeters. The portable pulse oximeters segment is expected register the highest growth during the forecast period. The large share of this segment is attributed to the rising demand and adoption of fingertip and wearable oximeter devices during the COVID-19 pandemic for continuous patient monitoring.
The connected devices segment is expected to register the highest growth during the forecast period
Based on technology, the pulse oximeters market is segmented into conventional and connected devices. The connected devices segment is expected to register the highest CAGR during the forecast period. This can be attributed to the growing need for advanced inbuilt connected device technologies, and high adoption of wireless pulse oximeters in home care and ambulatory care settings for continuous patient monitoring of patients with chronic lung disease.
The adult age group segment accounted for the largest share in the pulse oximeter market
Based on age group, the pulse oximeters market is segmented into adults (18 and over) and pediatrics (neonates under 1 month, infants between 1 month and 2 years of age, children between 2 and 12 years, and adolescents between 12 and 16 years). In 2021, the adults segment accounted for the largest share of the market. The growing incidence of chronic respiratory diseases, the growing demand for remote patient monitoring devices, and the rapid increase in the geriatric population are the major factors driving the growth of this segment.
Asia Pacific is expected to account for the highest CAGR for players operating in the pulse oximeter market
The Asia Pacific pulse oximeter market is expected to grow at the highest CAGR during the forecast. The presence of low-cost medical devices, rising number of companies setting up manufacturing units in these countries, favorable government regulations, low labor and manufacturing costs, rising number of surgical procedures conducted annually, and the large patient population are the key factors driving the growth of the APAC pulse oximeters market during the forecast period.
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