Pulse Oximeter Market is projected to grow from USD 2.8 billion in 2022 to USD 4.3 billion by 2027, at a CAGR of 8.8% from 2022 to 2027, according to a new report by MarketsandMarkets™. The growth is majorly driven by the increasing number of surgical procedures and hospitalizations worldwide, the outbreak of infectious respiratory diseases, rising prevalence of respiratory diseases are some of the key factors driving the market for pulse oximeters.
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The equipment segment accounted for the largest share of the pulse oximeter market in 2021
Based on product, the market is segmented into sensors and equipment. The equipment segment accounted for the largest share of the 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.
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The adult age group segment accounted for the largest share in the pulse oximeter market
Based on age group, the 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.
The hospital end-user segment accounted for the largest share of the pulse oximeter market
Based on end users, the pulse oximeters market has been segmented into hospitals, home care settings, and ambulatory care centers. The hospitals segment accounted for the largest share of the market in 2021. This can be attributed to the increasing incidence of various chronic respiratory diseases leading to increased hospitalisation, leading to the adoption of monitoring devices such as oximeters during the diagnostic and treatment stages.
Asia Pacific is expected to account for the highest CAGR for players operating in the pulse oximeter market
The Asia Pacific pulse oximeters 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 market during the forecast period.
The prominent players in the global pulse oximeters market are 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), Shenzhen Aeon Technology Co., Ltd. (China), Bitmos GmbH (Germany), Tecno-Gaz S.P.A. (Italy), Shenzen Unicare Electronic Co., Ltd (Germany), and Visionflex Pty., Ltd (Australia).
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