Meticulous Research®, a leading market research company, has released a new report titled "Pulse Oximeter Market Size, Share, Forecast, & Trends Analysis by Component (Device {Prescription, OTC}, SPO2 Sensors) Portability (Handheld, Wearable, Fingertip) Technology (Connected, Conventional) Age (Adult, Pediatric) End User – Global Forecast to 2031."
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According to this latest study, the global pulse oximeter market is anticipated to reach $3.40 billion by 2031, growing at a CAGR of 5.4% from 2024 to 2031. Key factors driving this growth include the increasing number of hospitalizations, the application of pulse oximeters in newborn screenings, the rising prevalence of Chronic Obstructive Pulmonary Disease (COPD) and asthma, and the expanding market for over-the-counter (OTC) pulse oximeters. Nevertheless, concerns regarding data accuracy and regulatory challenges surrounding OTC devices may impede market growth. On the other hand, advancements in technology, the growing adoption of wearable devices, and innovations in sensor technologies are expected to create significant opportunities for market participants. However, the emergence of mobile-based alternatives for monitoring blood oxygen levels presents a potential challenge.
The report profiles key players in the pulse oximeter market, including Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), GE HealthCare Technologies, Inc. (U.S.), Masimo Corporation (U.S.), Beurer GmbH (Germany), Nonin Medical, Inc. (U.S.), Nihon Kohden Corporation (Japan), Drägerwerk AG & Co. KGaA (Germany), ICU Medical, Inc. (U.S.), and Spacelabs Healthcare (a subsidiary of OSI Systems, Inc.) (U.S.).
The pulse oximeter market is segmented by Component (Devices [Prescription Pulse Oximeters, OTC Pulse Oximeters] and Sensors [Disposable SpO2 Sensors, Reusable SpO2 Sensors]), Portability (Handheld, Fingertip, Wearable, Bench-top), Technology (Conventional, Connected), Age Group (Adults, Pediatrics [Fetal, Neonatal, Infant Monitoring]), End User (Hospitals & Clinics, Home Care Settings, Ambulatory Care Centers, Other End Users), and Geography. The study provides a detailed evaluation of industry competitors and market dynamics at regional and country levels.
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Market Insights by Segment:
• Component: In 2024, the devices segment is projected to capture the largest share of the market, driven by an aging population, the rising burden of chronic diseases, and increased use by athletes and fitness enthusiasts. The integration of pulse oximetry in wearable devices for continuous monitoring is also a significant growth driver.
• Portability: Fingertip pulse oximeters are expected to exhibit the highest CAGR during the forecast period due to their compact size, ease of use, low power consumption, and accurate readings. These devices facilitate early detection of low blood oxygen levels.
• Technology: Conventional pulse oximeters are anticipated to hold the largest market share in 2024, attributed to their widespread use in primary healthcare and emergency settings and their affordability.
• Age Group: The pediatrics segment is expected to grow at the highest CAGR, fueled by increasing awareness of newborn screening and a rising number of companies offering related products. Recent FDA approvals, such as Owlet Baby Care's BabySat device, further support this growth.
• End User: The home care settings segment is forecasted to register the highest CAGR, driven by the growing trend of home healthcare, an aging population, and advancements in remote patient monitoring technologies.
Geographical Insights:
In 2024, North America is expected to dominate the pulse oximeter market, thanks to the extensive adoption of telehealth services, a robust healthcare infrastructure, and the presence of major market players.
Key Players in North America:
Prominent companies operating in the North American market include Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), Masimo Corporation (U.S.), Nonin Medical, Inc. (U.S.), Owlet Baby Care, Inc. (U.S.), ICU Medical, Inc. (U.S.), and GE HealthCare Technologies, Inc. (U.S.).
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