The global pulse oximeter market is anticipated to grow at a CAGR of 2.3% during the forecast period (2021-2027). The major factors augmenting the growth of the global pulse oximeter market include growing prevalence of target diseases (asthma, hyperlipidemia, hypertension, diabetes, cardiac arrhythmia, and COPD among others), increasing geriatric population, and rapid improvement in healthcare infrastructure. For instance, according to WHO, COPD is the third leading cause of mortality worldwide, causing 3.23 million mortalities in 2019, and nearly 80.0% of these deaths occurred in low- and middle-income countries. Moreover, in 2019, as per the same source, Asthma affected an estimated 262 million people and caused 461,000 mortalities. These increased cases have surged the demand for pulse oximeters, hence drive the market. Pulse oximeters are painless, non-invasive, and can rapidly detect oxygen levels in the body, these are the advantages associated with the use of pulse oximeters which makes them highly adaptable in non-hospital healthcare settings. 

Furthermore, the accuracy issues associated with the non-medical pulse oximeters and regulations regarding the use of these devices, and lack of awareness about the pulse oximeters among the targeted population in developing countries may hinder the market growth for pulse oximeters. Apart from these, the growth in patient monitoring management devices in-home care or non-hospitals settings, and healthcare expenditure in emerging economies are expected to offer lucrative opportunities for the market growth during the forecast period.

Impact of COVID-19 on Global Pulse Oximeter Market

The sudden outbreak of the COVID-19 pandemichave significantly increased the demand for pulse oximeters. COVID-19 is a respiratory disease that requires continuous oxygen monitoring since the oxygen concentration in the blood significantly reduces in COVID-19 patients, thereby increasing the demand for pulse oximeters. The increased number of COVID-19 cases is the major factor that has accelerated the market growth during the pandemic period. As per the WHO , in the UK, from 3rd January 2020 to 6th May 2021, there have been 4,425,944 confirmed cases of COVID-19 with 127,570 fatalities. UK has been one of the worst-hit COVID-19 countries across Europe as well as the globe.The number of COVID-19 cases in the country has risen significantly, which has massively increased the requirement for COVID-19 diagnostic testing products such as pulse oximeters. Hence market registered inclination in the growth. 

Segmental Outlook  

The global pulse oximeter market is segmented based on product typeand end-user. Based on product type, the market is further segmented into portable pulse oximeters (fingertip and wearable), handheld oximeter, and others. Among these, the portable pulse oximeter segment has dominated the market in 2020, and it is expected to further maintain its dominance during the forecast period. The increased COVID-19 infected cases along with continues monitoring of oxygen level in infected patients are the major factor that has accelerated the segment growth. Whereas, based on end-user, the global pulse oximeter is categorized into hospitals, homecare, and others (ASCs, and clinics). Among these, the hospital segment is predicted to show the fastest growth rate during the forecast period owing to the higher adoption and utilization of pulse oximeters in hospitals.

Global Pulse oximeter Market Share by End-User, 2020 (%)

The Hospital Segment is Projected to Emerge as a Fastest-Growing in Global Pulse Oximeter Market

Among end-user of the global pulse oximeter market, the hospital segment is projected to grow at the fastest CAGR during the forecast period. The segment has dominated the market in 2020 by accounting largest share due to an increase in the number of surgeries and patient visits. The growth in the healthcare sector coupled with advanced technologies, and the high investment for healthcare infrastructure development are the major factors driving the market growth. Apart from these, segmental growth is also attributed to the increased patient pool that has significantly surged the process of hospitalization and the adoption of pulse oximeters for continuous monitoring of oxygen levels in patients globally. For instance, according to National Health Services trusts in the UK, more than 66.0% of the beds were occupied by COVID-19 patients till January 2021.This led to the growth in the market during the forecast period. 

Regional Outlook 

Geographically, the global pulse oximeter market is classified into four major regions including North America (the US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, ASEAN, and Rest of Asia-Pacific), and Rest of the World (Latin America and the Middle East and Africa (MEA)). Asia-Pacific is anticipated to be the fastest-growing market during the forecast period. The increasing geriatric population, presence of the large number of patients affected with targeted diseases, high impact of COVID-19, and technological development along with growth in the healthcare sector are the prominent factors driving the market growth. China is the major economy contributing high to the market growth owing to the high R&D investment in healthcare sector. 

Global Pulse Oximeter Market Growth, By Region 2021-2027

North America Held Major Share in the Global Pulse Oximeter Market 

Geographically, North America accounted for the largest share in the market in 2020, and it will further be expected to dominate the market during the forecast period. The large share of the North American market is attributed to the growing number of COVID-19 cases and the adoption of pulse oximeters for  inpatient monitoring in hospitals and self-monitoring inhomecare settings. The high prevalence of respiratory diseases and the increasing geriatric population are also boosting the market value and creating the scope for pulse oximeters. According to the Asthma and Allergy Foundation of America, approximately 25 million Americans have asthma. This equals to about 1 in 13 Americans, including 8.0% of adults and 7.0% of children. Furthermore, in 2019, as per the same source, 44.3% of children aged 18 and younger who had asthma reported having one or more asthma attacks in the past year, and in 2018, asthma accounted for 178,530 discharges from hospital inpatient care and 1.6 million emergency department visits. The demand for pulse oximeters in asthmatic patients is high in the US, which drives the market growth in the region. On the other hand, the geriatric population with numerous targeted diseases requires long-term care and continuous monitoring, portable pulse oximeters are a convenient and hassle-free option for them in the homecare setting. 

Market Players Outlook

The key players in the pulse oximeter market contributing significantly by providing different types of products and increasing their geographical presence across the globe. The key players of the market include Dr. Trust, GE Healthcare, Honeywell International Inc., Koninklijke Philips N.V., Medtronic Plc, Smiths Group plc, and others. For instance, in 2020, GE Healthcare expanded its AI offerings and Edison ecosystem, building on continuing investments in innovation and digital health momentum. The company is also engaged in introducing breakthrough imaging innovations.

The Report Covers

    • Market value data analysis of 2020 and forecast to 2027.

    • Annualized market revenues ($ million) for each market segment.

    • Country-wise analysis of major geographical regions.

    • Key companies operating in the global pulse oximeter market. Based on the availability of data, information related to pipeline products, and relevant news is also available in the report.

    • Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

    • Analysis of market-entry and market expansion strategies.

    • Competitive strategies by identifying ‘who-stands-where’ in the market.