Global Pulse Oximeter Market - 2024-2031

Overview

The global pulse oximeter market reached US$ 3.11 billion in 2023 and is expected to reach US$ 5.68 billion by 2031, growing at a CAGR of 7.9 % during the forecast period 2024-2031.

A pulse oximeter is a noninvasive medical device used to measure the oxygen saturation level (SpO2) in an individual's blood. Typically attached to a fingertip, it operates by employing light wavelengths to assess the ratio of oxygenated hemoglobin to deoxygenated hemoglobin present in the bloodstream. The growing use of pulse oximetry in clinical settings has established it as a standard practice, often referred to as the "fifth vital sign," alongside traditional vital signs such as heart rate, blood pressure, respiratory rate, and temperature.

The main purpose of a pulse oximeter is to deliver immediate and precise readings of blood oxygen saturation levels. For healthy individuals, normal SpO2 levels generally range from 95% to 100%. Readings falling below this threshold may indicate potential health concerns, such as hypoxemia, where there is inadequate oxygen in the blood.

Pulse oximeters are capable of quickly detecting even minor fluctuations in oxygen levels, making them essential tools in emergency and critical care environments. They are frequently employed to monitor patients with respiratory conditions such as COPD, asthma, and pneumonia or during surgical procedures requiring sedation. These factors have driven the global pulse oximeter market expansion.

Market Dynamics: Drivers & Restraints

Technological Advancements in Pulse Oximeters

Technological advancements in pulse oximeters are significantly driving the global pulse oximeter market's growth, which is expected to continue throughout the market forecast period. These innovations improve the functionality, accuracy, and user-friendliness of pulse oximeters, making them increasingly attractive to both healthcare providers and patients.

Modern pulse oximeters incorporate sophisticated algorithms and signal processing technologies that significantly enhance the accuracy of oxygen saturation (SpO2) readings. Innovations such as Masimo's Signal Extraction Technology (SET) allow devices to deliver reliable measurements even under difficult conditions, such as low blood flow or patient movement. This level of reliability is vital in clinical settings where precise monitoring is essential for patient safety.

As ScienceDitect research publication stated pulse oximetry is a noninvasive optical method used for the continuous evaluation of arterial oxygen saturation (SpO2). It is widely considered one of the most significant advancements in patient monitoring in recent years. Driven by its operational simplicity, decreasing costs, and the ability to swiftly detect hypoxemia, pulse oximetry has become the standard for monitoring oxygen saturation during anesthesia, as well as in recovery rooms and intensive care units globally.

The growth of wearable health technology has led to the creation of pulse oximeters that can be worn continuously, enabling real-time monitoring of vital signs. Devices like smartwatches that include pulse oximetry functions facilitate ongoing health tracking, which is especially beneficial for managing chronic conditions and promoting patient engagement in their health management.

Furthermore, key player's strategies such as partnerships and collaborations would drive this pulse oximeter market growth. For instance, in January 2023, Philips and Masimo announced an expansion of their partnership, focusing on enhancing remote patient monitoring capabilities through the integration of Masimo's newly launched W1 smartwatch into Philips' enterprise patient monitoring ecosystem. This collaboration aims to improve telehealth applications, allowing for continuous health monitoring of patients in home settings. All these factors demand the global pulse oximeter market.

Moreover, the rising demand for integration with telehealth solutions contributes to the global pulse oximeter market expansion.

Product Recalls

The product recalls will hinder the growth of the global pulse oximeter market. Product recalls in the pulse oximeter market underscore significant safety concerns that can adversely affect consumer trust and overall market dynamics. A notable instance is the GE HealthCare recall of over 81,000 TruSignal pulse oximetry sensors, which highlights the potential dangers associated with faulty devices. This recall was classified as a Class I event by the FDA, indicating that these devices could pose serious risks to patients, including the possibility of worsening medical conditions or even death.

The recall was initiated after it was discovered that some TruSignal sensors might malfunction, particularly during critical situations such as defibrillation. Such malfunctions could hinder the defibrillator's ability to deliver necessary energy to a patient's heart, potentially obstructing essential therapy during life-threatening emergencies.

Similarly, in April 2024, the Global Fund Quality Assurance and Compliance Team received urgent information regarding a recall initiated by Masimo Corporation for certain Rad-G Pulse Oximeter devices. The recall was prompted by an investigation that identified a significant issue some of these devices could unintentionally change their power state, meaning they might turn off or on without the user pressing the power button.

The problem with the Rad-G pulse oximeters involves them powering off unexpectedly, which can lead to a loss of monitoring capabilities. This situation poses serious risks, especially in clinical settings where continuous monitoring of patients is critical for timely medical intervention. Thus, the above factors could be limiting the global pulse oximeter market's potential growth.

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Segment Analysis

The global pulse oximeter market is segmented based on Product Type, technology, component, age group, end-user, and region.

Product Type:

The portable pulse oximeter segment is expected to dominate the global pulse oximeter market share

The portable pulse oximeter segment currently holds a significant portion of the global pulse oximeter market and is expected to continue holding a significant portion during the forecast period.

This segment encompasses devices that are compact, user-friendly, and suitable for continuous monitoring of oxygen saturation levels across various environments, including hospitals, home care, and long-term care facilities. It is fueled by several key factors that enhance its appeal to both healthcare providers and consumers.

Portable pulse oximeters are designed for ease of use and portability, making them ideal for patients who need to monitor their oxygen levels outside clinical settings. Their compact design facilitates easy transport, allowing patients to track their health at home or while traveling. There are 3 types of portable pulse oximeters fingertip pulse oximeter, handheld pulse oximeter, and wearable pulse oximeter.

The growing trend towards home healthcare has significantly boosted the demand for portable pulse oximeters. As more individuals manage chronic conditions such as Chronic Obstructive Pulmonary Disease (COPD) and asthma at home, the need for reliable monitoring devices has become crucial. Portable pulse oximeters offer a practical solution for self-monitoring oxygen saturation levels.

Furthermore, key player strategies such as partnerships and collaborations would drive this segment's growth in the pulse oximeter market. For instance, in November 2023, GE HealthCare and Masimo announced a collaboration to integrate Masimo SET Pulse Oximetry into GE HealthCare's Portrait Mobile platform, a wireless and wearable patient monitoring solution. This partnership aims to enhance patient monitoring capabilities, particularly in mobile settings, by leveraging Masimo's advanced pulse oximetry technology. These factors have solidified the segment's position in the global pulse oximeter market.

Geographical Analysis

North America is expected to hold a significant position in the global pulse oximeter market share

North America holds a substantial position in the global pulse oximeter market and is expected to hold most of the market share.

The region has a high incidence of chronic respiratory diseases such as Chronic Obstructive Pulmonary Disease (COPD) and asthma. This prevalence drives the demand for effective monitoring solutions like pulse oximeters, which are essential for managing these conditions.

According to the Centers for Disease Control and Prevention (CDC) data in 2021, over 15 million Americans (approximately 6.4%) reported being diagnosed with Chronic Obstructive Pulmonary Disease (COPD). This condition is associated with several major risk factors, including tobacco smoking, occupational and environmental exposures, respiratory infections, and genetic predispositions. The prevalence of COPD can be assessed both in crude terms and through age-adjusted statistics, reflecting its significant impact on public health in the U.S. All these factors demand the global pulse oximeter market.

Furthermore, in this region, a major number of key players' presence, well-advanced healthcare infrastructure, government initiatives & regulatory support, product launches & approvals, and collaborations & partnerships would propel the pulse oximeter market growth. For instance, in February 2024, Masimo Corporation announced the FDA clearance of its MightySat Medical, marking it as the first and only FDA-cleared medical fingertip pulse oximeter available for purchase over-the-counter (OTC) without a prescription. The FDA granted 510(k) clearance to MightySat Medical after determining that it is substantially equivalent to a previously cleared prescription device from Masimo.

Also, in March 2024, Movano Health completed a hypoxia trial in collaboration with the University of California, San Francisco (UCSF), which yielded promising results regarding the accuracy of its Evie Ring pulse oximeter. This trial confirmed that the Evie Ring's blood oxygen saturation (SpO2) measurements exceed the accuracy guidelines set by the U.S. Food and Drug Administration (FDA).

Similarly, in May 2024, Masimo announced the FDA clearance for its new baby monitoring system called Stork, designed specifically for healthy infants aged 0 to 18 months. This innovative device allows parents and caregivers to monitor key vital signs without the need for a prescription, making it accessible for home use. Thus, the above factors are consolidating the region's position as a dominant force in the global pulse oximeter market.

Asia Pacific is growing at the fastest pace in the global pulse oximeter market share

Asia Pacific holds the fastest pace in the global pulse oximeter market and is expected to hold most of the market share.

The rise in respiratory conditions, particularly chronic obstructive pulmonary disease (COPD) and asthma, significantly boosts the demand for pulse oximeters. These devices are crucial for monitoring blood oxygen levels and essential for managing respiratory health effectively. The World Health Organization has reported that COPD is a leading cause of death globally, with a substantial burden falling on low- and middle-income countries where the need for monitoring tools is critical.

The Asian Development Bank's report, data in November 2022, "Strengthening Oxygen Systems in Asia and the Pacific," emphasizes the vital importance of pulse oximeters in pneumonia treatment, especially for children. It highlights that effective oxygen therapy and monitoring are crucial for managing pneumonia, which remains a leading cause of illness and death among young children.

A meta-analysis of oxygen improvement programs referenced in the report shows significant advantages linked to the use of pulse oximetry in pneumonia treatment. Notably, it indicates a 48% decrease in hospital mortality rates from pneumonia in children under five years old. This statistic underscores how timely and precise monitoring of oxygen levels can greatly enhance survival rates for this vulnerable age group.

Countries like China and India are experiencing rapid population growth alongside an aging demographic that is more vulnerable to chronic diseases. This demographic shift increases the demand for medical devices such as pulse oximeters, which facilitate ongoing health monitoring in both hospital and home care settings.

Furthermore, key players in the industry product launches that would drive this global pulse oximeter market growth. For instance, in February 2023, Heal Force introduced the FS-E2 Pulse Oximeter, a new product designed to effectively meet the blood oxygen saturation detection needs of residents, particularly elderly patients. This device is capable of real-time monitoring of blood oxygen saturation and pulse rate, allowing for timely detection of silent hypoxic symptoms in older adults in China.

Also, in October 2022, Max Ventilator is poised to introduce a range of new medical devices, including a pulse oximeter, ECG monitors, and other patient monitoring solutions. This initiative reflects the company's recognition of the growing demand for smart and innovative devices in the healthcare sector, aiming to enhance patient care and monitoring capabilities in India. Thus, the above factors are consolidating the region's position as the fastest-growing force in the global pulse oximeter market.

Competitive Landscape

The major global players in the pulse oximeter market include Masimo., Medtronic plc, Koninklijke Philips N.V., Nonin., NIHON KOHDEN CORPORATION., GE Healthcare, CONTEC MEDICAL SYSTEMS CO., LTD, ChoiceMMed, Dragerwerk AG & Co. KGaA, and ICU Medical, Inc. among others.

Key Developments

• In August 2024, Prevounce Health launched its first blood oxygen device for remote patient monitoring (RPM), named the Pylo OX1-LTE. This new pulse oximeter is designed to enhance the management of patients with chronic respiratory conditions, such as chronic obstructive pulmonary disease (COPD) and asthma, as well as other health scenarios that require continuous monitoring, and treatments that necessitate heart rate tracking.
• In May 2024, Masimo announced a partnership with Medable Inc. to integrate its medical-grade wearable devices into clinical research. This collaboration involves the incorporation of Masimo's MightySat Rx pulse oximeter into Medable's evidence-generation platform for eight large-scale pharmaceutical clinical trials focused on two oncology indications breast cancer and lung cancer.

Why Purchase the Report?

• Pipeline & Innovations: Reviews ongoing clinical trials, and product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.
• Product Performance & Market Positioning: Analyzes product performance, market positioning, and growth potential to optimize strategies.
• Real-World Evidence: Integrates patient feedback and data into product development for improved outcomes.
• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
• Market Updates & Industry Changes: Covers recent regulatory changes, new policies, and emerging technologies.
• Competitive Strategies: Analyzes competitor strategies, market share, and emerging players.
• Pricing & Market Access: Reviews pricing models, reimbursement trends, and market access strategies.
• Market Entry & Expansion: Identifies optimal strategies for entering new markets and partnerships.
• Regional Growth & Investment: Highlights high-growth regions and investment opportunities.
• Supply Chain Optimization: Assesses supply chain risks and distribution strategies for efficient product delivery.
• Sustainability & Regulatory Impact: Focuses on eco-friendly practices and evolving regulations in healthcare.
• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The global pulse oximeter market report delivers a detailed analysis with 60+ key tables, more than 50 visually impactful figures, and 176 pages of expert insights, providing a complete view of the market landscape.

Target Audience 2023

• Manufacturers: Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.
• Regulatory & Policy: Compliance Officers, Government, Health Economists, Market Access Specialists.
• Technology & Innovation: AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.
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