The pulse oximeter market has been growing steadily owing to the growing burden of various chronic diseases and rising geriatric population globally. Pulse oximeters help in monitoring oxygen saturation levels in blood noninvasively and have been widely used in hospitals and clinics. The increasing number of facilities with enhanced patient monitoring capabilities and growing awareness about the benefits of early diagnosis of hypoxemia are some key factors driving the demand for pulse oximeters. Pulse oximeters are portable handheld medical devices used to measure oxygen saturation levels in the blood through a probe attached to the patient's finger, toe, earlobe or nose. They provide quick and accurate readings and have advantages such as easy operability, low cost of ownership and reliability in results. The increasing adoption of remote patient monitoring and growing focus on home healthcare are fueling the demand for pulse oximeters for personal use at home as well.
The Global pulse oximeter market is estimated to be valued at US$ 3,918.7 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Pulse Oximeter Companies are Turner Construction Company, Jacobs Engineering Group Inc., HOK Group, Inc., Skanska AB, AECOM, Balfour Beatty plc, Gensler, Lendlease Group, ISG plc, DPR Construction, PCL Construction Enterprises, Inc., Structure Tone, Clark Construction Group, LLC, HBA, JLL (Jones Lang LaSalle). These companies are investing in new product development and enhancing their digital capabilities to strengthen their market position. For instance, market leader Masimo has launched new generation devices with upgraded sensors, longer battery life and wireless connectivity.
The growing adoption of remote patient monitoring and the increasing focus on home healthcare present huge opportunities for players in the pulse oximeter market. With rising healthcare costs and shortage of hospital beds, home monitoring allows continuous patient supervision and early disease management, helping reduce burden on medical facilities.
Major players are expanding their operations globally, especially in emerging markets to tap the potential of rapidly growing healthcare infrastructure and demand. Turner Construction has recently started operations in Middle East and North Africa region. With low penetration currently, regions like Asia Pacific and Latin America offer high growth potential for pulse oximeter market players.
Market Drivers
Growing geriatric population: The risk of developing chronic lung diseases increases with age. With a rapidly aging global population, the demand for respiratory monitoring devices like pulse oximeters is growing steadily.
Rising prevalence of respiratory diseases: Conditions like asthma, COPD, cystic fibrosis that often require constant monitoring of oxygen saturation levels are on the rise worldwide which is a key growth driver for pulse oximeter market.
Preference for home healthcare: The growing focus on reducing healthcare costs along with patient desire for convalescing at home is creating demand for remote patient monitoring tools like pulse oximeters.
Market Restrains
Accuracy issues: Some low-cost devices may lack accuracy which can mislead diagnosis. This can hamper market growth.
Reimbursement policies: Unfavorable reimbursement policies in some regions restricts adoption of advanced digital healthcare devices.
Segment Analysis
The Pulse Oximeters Market Size is dominated by the finger pulse oximeter segment which accounts for over 50% market share owing to its portability, ease of use and affordability. Finger pulse oximeters are ideal for spot-checking oxygen saturation levels at home as well as in general medical settings and clinics. Their small form factor and robustness make them suitable for point-of-care testing and on-the-go monitoring of patients with conditions like COPD, cystic fibrosis etc. The widespread adoption of fingertip pulse oximetry is a key factor for its market dominance.
Global Analysis
North America is the largest and fastest growing regional market for pulse oximeters. Increased incidence of chronic respiratory diseases coupled with growing geriatric population susceptible to such conditions has fuelled pulse oximeter sales in the region. Additionally, the strong presence of leading pulse oximeter manufacturers and robust healthcare infrastructure support market growth. Asia Pacific pulse oximeter market will expand rapidly at a CAGR above 8% during the forecast period driven by rising healthcare spending, growing awareness about pulse oximetry and increasing preference for home healthcare in countries like China and India. Rising incidence of pulmonary disorders associated with environmental pollution and rising obesity also boost the demand for pulse oximeters in Asia Pacific.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)