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The global pulse oximetry market size is forecast to increase by USD 1.19 billion at a CAGR of 8.09% between 2023 and 2028. Market demand is driven by the rising prevalence of chronic respiratory diseases, growing demand for wireless oximeters and respiratory monitoring devices, and guidelines recommending their use. While challenges such as data privacy issues and design constraints exist, trends like increasing online marketing, demand for advanced technology, and new product launches are expected to drive market growth.
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The market share growth by the bedside/desktop pulse oximeter segment will be significant during the forecast period. The bedside/desktop pulse oximeter is a type of beating oximeter that are stationary devices which are placed on a desk or supported by a stand. These devices have wide applications for providing inpatient healthcare across hospitals and clinics.
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The bedside/desktop pulse oximeter segment was valued at USD 719.80 million in 2018. There is an increasing adoption of these devices due to their various advantages such as enhanced measurement accuracy, data-tracking/transmission capabilities, network connectivity/wireless connectivity options, and higher durability than other types. Also, some of the key features of these devices include blood pressure monitoring, electrocardiogram (ECG), cardiovascular medical devices, and capnography (CO2 gases) to keep track of the vital parameters of patients. Vital stats monitoring often utilizes finger top pulse oximeters to provide accurate measurements of blood oxygen levels. Hence, such wide applications are expected to drive the growth of this segment which in turn will drive the market during the forecast period.
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North America is estimated to contribute 38% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Factors such as the high prevalence of respiratory disorders and chronic diseases, increasing the number of surgeries, the presence of skilled physicians, and advances in healthcare infrastructure are significantly contributing to the growth of the market in the region. In addition, the presence of prominent companies such as General Electric Co., Medtronic, Masimo, and Smiths Medical is also driving the market in North America. There is an increasing case of mortality rate due to respiratory disorders and cardiovascular diseases (CVDs) over the years, resulting in early diagnosis and prevention. Hence such factors are expected to drive the growth of the market during the forecast period.
In the ever-evolving landscape of healthcare, technological advancement in wearable pulse oximeters has revolutionized patient monitoring, particularly for the geriatric population and Covid affected patients. These devices, widely used in hospital and homecare centres, provide critical data on oxygen saturation level and other vital stats, enhancing patient safety and reducing morbidity and mortality. With the advent of Bluetooth devices and wire monitoring devices, pulse oximeters offer proactive monitoring capabilities, benefitting both clinicians and home consumers. Amidst the pandemic, remote monitoring solutions have become indispensable, driving the pulse oximetry market forward with a focus on technological advancements and patient-centric care.
One of the key factors driving market growth is the increasing prevalence of chronic respiratory diseases. Some of the wide variety of applications include use for various indications, such as endotracheal intubation, cardiac arrest, procedural sedation, asthma/chronic obstructive pulmonary disease (COPD), respiratory complaints, acute respiratory distress syndrome (ARDS), sleep disorders/sleep apnea, and shunts in cyanotic heart disease.
One of the main reasons for the increasing demand for such oximeters, especially in both developed and developing countries is due to the prevalence of chronic respiratory disorders such as COPD, asthma, and obstructive sleep apnea (OSA). There is an increasing growth of asthma in low and middle-income countries, especially those in Asia. For instance, it is estimated that approximately 34 million people in India had asthma in 2022, accounting for 13.09% of the global burden. COPD is the third-leading cause of death worldwide and caused over 3.2 million deaths globally in 2022. Hence, such factors are expected to drive the growth of the market during the forecast period.
A key factor shaping market growth is the increasing online marketing strategies by companies. There is a shift in the marketing strategies adopted by companies for pulse oximeters due to their increasing preference for home care settings. Therefore, companies are innovating new ways to market these products increasing their market presence via online marketing activities to achieve more product sales.
Masimo, which is one of the prominent companies are marketing its product by increasing its online presence by creating official pages on social media sites like Twitter and Facebook. Several market players are increasingly engaging in online retailing as this enables them to expand their target market beyond end-users like clinics and hospitals and be more accessible to home-based healthcare end-users. Hence such trends are expected to drive the growth of the market during the forecast period.
Data privacy issues in wearable pulse oximeters are one of the key challenges hindering market growth. As Wearable pulse oximeters involve the transfer of an individual's health-related data to healthcare providers, these devices share an enormous amount of data related to personal health and fitness with an unquantifiable audience and are very prone to data leaks.
Further, there is a growing concern regarding the data privacy concerns of wearable pulse oximeters as it is small in size and can store huge volumes of data, but the chance of this device going missing is high. Also, these devices have GPS functionality which allows the user to share their location with an unknown user. Hence such data privacy concerns are expected to hinder the growth of the market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Baxter International Inc: The company offers pulse oximetry solutions through its subsidiary Welch Allyn such as Vital Signs Monitor 300 Series.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
The market continues to evolve with advancements such as silicon adhesive technology, enhancing signal acquisition and ensuring accurate readings. Innovations like repositionability in sensors improve patient comfort and reliability. Integration with smart meter and alarm system enhances monitoring capabilities, aided by Bluetooth connectivity for seamless data transfer. Applications span diverse demographics, from childbirth monitoring to tracking pilots, athletes, and mountaineers. For vulnerable populations like infants and neonates, tabletop pulse oximeters offer critical insights into respiratory health. As data becomes increasingly crucial, compatibility with memory storage and transfer is prioritized, benefiting settings like ambulatory surgical centers and facilitating newborn screening for conditions like Pneumonia.
Additionally, the market has witnessed significant growth, driven by the increased demand for patient monitoring devices in response to the Covid-19 pandemic. From hospital and homecare centers to critical care units, Wireless pulse oximeters, wireless monitoring devices play a crucial role in tracking oxygen saturation levels and other vital stats during anesthesia, surgery, neonatal, and pediatric care. The market offers a variety of options, including finger-top pulse oximeters and wrist pulse oximeters, catering to diverse healthcare settings. With the ongoing focus on combating coronavirus and ensuring patient safety, the market continues to evolve with advancements in technology and improved monitoring capabilities.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
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Market growth 2024-2028 |
USD 1.19 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.32 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 38% |
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Key countries |
US, Germany, UK, Japan, and China |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
American Diagnostic Corp., Baxter International Inc., Contec Medical Systems Co. Ltd., Dragerwerk AG and Co. KGaA, General Electric Co., Halma Plc, Heal Force Biomeditech Holdings Ltd., ICU Medical Inc., Konica Minolta Inc., Koninklijke Philips N.V., Lepu Medical Technology Beijing Co. Ltd., Masimo Corp., Medical Information Technology Inc., Medtronic Plc, Nihon Kohden Corp., Nonin Medical Inc., OMRON Corp., SCHILLER AG, Shenzhen Mindray BioMedical Electronics Co. Ltd, and Vyaire Medical Inc. |
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Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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