Global Pulse Oximeter Market by Type (Handheld, Fingertip), by End-use (Hospitals & Other Healthcare Facilities, Homecare) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028
Summary of the Report
Global pulse oximeter market was worth USD 2.3 billion in 2020. It is projected to grow at a 6.4% compound annual growth rate (CAGR), between 2021 and 2028. The market is expected to grow due to increased awareness about pulse oximeters' applications in COVID-19 management, and increasing prevalence of target illnesses.
Market growth is expected to be boosted by the availability of new products, and high unmet need in less-developed and developing economies. Nearly 43 states have made pulseoximetry mandatory in newborn screen. This technology is rapidly gaining popularity in other countries because it can be used to detect congenital heart defects (CHD) as well as other respiratory and heart conditions.
Over the forecast period, the market will be driven by the increasing prevalence of target diseases like asthma, hyperlipidemia and hypertension, diabetes (ischemic conditions), cardiac arrhythmia, sleep disordered breathing, and COPD. The WHO estimates that around 64 million people suffer from COPD in the world. Nearly 90% of COPD-related deaths occur in low- or middle-income countries.
For the diagnosis and treatment COVID-19 patients, high-quality pulseoximeters are essential. As most companies work at half of their production capacity, this will pose challenges to the supply and manufacturing chains of pulse oximeters. Trade restrictions in highly affected countries will likely limit timely distribution. Manufacturers are working to supply adequate quantities of handheld and fingertip pulse oximeters to countries that have the greatest need. COVID-19 cases continue to rise at an alarming rate.
Type Insights
The market leader in pulse oximeters was the handheld segment, which accounted for 38.9% of the total revenue share for 2020. These oximeters can be used in emergency situations and are therefore a major driver of the market. The course of treatment can be affected by the patient's oxygen saturation. Market growth is expected to increase with an increase in stroke cases and surgeries over the forecast period.
The segment will be driven by technological advancements in oximeters. Products are more efficient because they have additional features like Bluetooth, large memory, alarm system and easy data transfer. To stay competitive in the market, industry players create new products that include additional features. For instance, in August 2015, Nonin Medical, Inc. launched a wireless fingertip oximeter operated via Bluetooth-NoninConnect Model 3230.
Due to the COVID-19 pandemic, fewer people have access to hospitals and medical services. Manufacturers are developing telehealth products that can be used to replace these medical services. Tyto Care, a Telehealth company, launched a fingertip pulseoximeter in January 2021. It connects to the TytoCare device through a cable. This allows for remote monitoring by clinicians and logging of test results to patients EHR.
End-use Insights
Hospitals and other healthcare facilities dominated the pulse-oximeter market. They accounted for the largest share of revenue at 82.0% in 2020, due to an increase of emergency room visits and surgeries. Residents in long-term care facilities are more at risk for COVID-19 infection. They are continuously monitored by their doctors and checked for vital respiratory parameters. The COVID-19 pandemic is likely to lead to an increase in the demand for pulse oximeters at long-term care facilities and home healthcare centers.
Homecare is expected to grow in the future due to increasing awareness about the importance of monitoring oxygen levels. Because they can track and store oxygen levels, fingertip pulse oximeters can be affordable and efficient in homecare. This can reduce the chance of a patient being readmitted to hospital. Spot-checking can be a great way to check for COPD or CHD. Self-monitoring allows patients to actively take control of their own health. As the population ages, the prevalence of cardiac and chronic pulmonary conditions will increase. This will increase the demand for monitoring devices such as pulse oximeters in homes.
Regional Insights
North America was the dominant market for pulse oximeters and had the largest revenue share at 49.1% in 2020. This is due to increased awareness about the importance of monitoring the respiratory vitals of the general population. Current Procedural Terminology, (CPT), recognizes three codes that can be used to reimburse pulse oximeters for reimbursement: 94761 and 94760. The Medicare considers the use of a pulse oximeter supplementary and it is usually reimbursed alongside a primary service.
A pulse oximeter can be used for outpatients or patients who prefer to stay at home. It is reimbursed only after documentation has been provided. Market growth will be supported by a strong reimbursement infrastructure. To help in the management of the pandemic, health organizations have been updating medical practitioners with COVID-19 research. In interim clinical guidance, published February 2021 by CDC, the CDC stated that pulse oximeters may have sub-optimal accuracy for patients with dark skin.
All medical device manufacturers will be affected by recent European regulatory changes. Modifications in labeling requirements or changes in regulations pertaining to distribution of medical device may slow down approval. However, these factors may have benefits for approved products such as improved quality and fewer product recalls.
Market players in Asia Pacific are beginning to recognize the potential of this region and are creating new products that can be used by developing countries. Masimo India launched Rad-97 Pulse-CO oximeter in January 2017. This product was designed to increase CHD screening in neonates. Even though Asia Pacific has a somewhat declining birth rate, there are still a lot of infants being born each day. This creates a large target population to support CHD.
Market Share Insights & Key Companies
With the presence of several global and regional players, the market is fragmented. To increase their market share, the market will adopt various strategies including product launches and acquisitions by major players. Vyaire Medical's MX40, a reusable telemetry connector, was made commercially available in the U.S. in January 2020. This product has a SpO2 port that is compatible with the Philips 9-pin pulse oximeter sensor, and Masimo LNCSpulse oximeter.
To strengthen their market presence, key industry players are also pursuing other significant initiatives such as strategic partnerships and licensing agreements. The company formed a partnership agreement with Masimo in November 2016 and voluntarily resigned from all pending lawsuits. Masimo also relieved the company from having to pay USD 467 millions in jury verdicts. The prominent players in the pulse-oximeter market are:
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Medtronic (Covidien).
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Carefusion Corp.
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GE Healthcare
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Philips Healthcare
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Masimo
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CAS Medical Systems, Inc.
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Opto Circuits India Ltd.
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Nonin Medical, Inc.
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Smiths Medical
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Welch Allyn
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Spacelabs Healthcare
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Meditech Equipment Co.
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Nihon Kohden Corporation
Up Market Research published a new report titled “Pulse Oximeter Market research report which is segmented by Type (Handheld, Fingertip), by End-use (Hospitals & Other Healthcare Facilities, Homecare), By Players/Companies Philips Healthcare, Masimo, Nihon Kohden Corporation, Opto Circuits India Ltd, Nonin Medical Inc, Medtronic (Covidien), GE Healthcare, Welch Allyn, Smiths Medical, CAS Medical Systems Inc, Carefusion Corp, Meditech Equipment Co, Spacelabs Healthcare”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Scope
Report Attributes | Report Details |
Report Title | Pulse Oximeter Market Research Report |
By Type | Handheld, Fingertip |
By End-use | Hospitals & Other Healthcare Facilities, Homecare |
By Companies | Philips Healthcare, Masimo, Nihon Kohden Corporation, Opto Circuits India Ltd, Nonin Medical Inc, Medtronic (Covidien), GE Healthcare, Welch Allyn, Smiths Medical, CAS Medical Systems Inc, Carefusion Corp, Meditech Equipment Co, Spacelabs Healthcare |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 229 |
Number of Tables & Figures | 161 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
Global Pulse Oximeter Market Report Segments:
The market is segmented by Type (Handheld, Fingertip), by End-use (Hospitals & Other Healthcare Facilities, Homecare).
Pulse Oximeter Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Pulse Oximeter Market
Overview of the regional outlook of the Pulse Oximeter Market:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
Highlights of The Pulse Oximeter Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of Pulse Oximeter Market.
- Historical data and forecast.
- Estimations for the forecast period 2028.
- Developments and trends in the market.
1. Handheld
2. Fingertip
7. By End-use:1. Hospitals & Other Healthcare Facilities
2. Homecare
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Pulse Oximeter Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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Reasons to Purchase the Pulse Oximeter Market Report:
- The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
- Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
- Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
- The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
- Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Pulse Oximeter Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Pulse Oximeter Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Pulse Oximeter Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Pulse Oximeter Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Pulse Oximeter Market Size & Forecast, 2018-2028
4.5.1 Pulse Oximeter Market Size and Y-o-Y Growth
4.5.2 Pulse Oximeter Market Absolute $ Opportunity
Chapter 5 Global Pulse Oximeter Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Pulse Oximeter Market Size Forecast by Type
5.2.1 Handheld
5.2.2 Fingertip
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Pulse Oximeter Market Analysis and Forecast by End-use
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by End-use
6.1.2 Basis Point Share (BPS) Analysis by End-use
6.1.3 Absolute $ Opportunity Assessment by End-use
6.2 Pulse Oximeter Market Size Forecast by End-use
6.2.1 Hospitals & Other Healthcare Facilities
6.2.2 Homecare
6.3 Market Attractiveness Analysis by End-use
Chapter 7 Global Pulse Oximeter Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Pulse Oximeter Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Pulse Oximeter Analysis and Forecast
9.1 Introduction
9.2 North America Pulse Oximeter Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Pulse Oximeter Market Size Forecast by Type
9.6.1 Handheld
9.6.2 Fingertip
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Pulse Oximeter Market Size Forecast by End-use
9.10.1 Hospitals & Other Healthcare Facilities
9.10.2 Homecare
9.11 Basis Point Share (BPS) Analysis by End-use
9.12 Absolute $ Opportunity Assessment by End-use
9.13 Market Attractiveness Analysis by End-use
Chapter 10 Europe Pulse Oximeter Analysis and Forecast
10.1 Introduction
10.2 Europe Pulse Oximeter Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Pulse Oximeter Market Size Forecast by Type
10.6.1 Handheld
10.6.2 Fingertip
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Pulse Oximeter Market Size Forecast by End-use
10.10.1 Hospitals & Other Healthcare Facilities
10.10.2 Homecare
10.11 Basis Point Share (BPS) Analysis by End-use
10.12 Absolute $ Opportunity Assessment by End-use
10.13 Market Attractiveness Analysis by End-use
Chapter 11 Asia Pacific Pulse Oximeter Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Pulse Oximeter Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Pulse Oximeter Market Size Forecast by Type
11.6.1 Handheld
11.6.2 Fingertip
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Pulse Oximeter Market Size Forecast by End-use
11.10.1 Hospitals & Other Healthcare Facilities
11.10.2 Homecare
11.11 Basis Point Share (BPS) Analysis by End-use
11.12 Absolute $ Opportunity Assessment by End-use
11.13 Market Attractiveness Analysis by End-use
Chapter 12 Latin America Pulse Oximeter Analysis and Forecast
12.1 Introduction
12.2 Latin America Pulse Oximeter Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Pulse Oximeter Market Size Forecast by Type
12.6.1 Handheld
12.6.2 Fingertip
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Pulse Oximeter Market Size Forecast by End-use
12.10.1 Hospitals & Other Healthcare Facilities
12.10.2 Homecare
12.11 Basis Point Share (BPS) Analysis by End-use
12.12 Absolute $ Opportunity Assessment by End-use
12.13 Market Attractiveness Analysis by End-use
Chapter 13 Middle East & Africa (MEA) Pulse Oximeter Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Pulse Oximeter Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Pulse Oximeter Market Size Forecast by Type
13.6.1 Handheld
13.6.2 Fingertip
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Pulse Oximeter Market Size Forecast by End-use
13.10.1 Hospitals & Other Healthcare Facilities
13.10.2 Homecare
13.11 Basis Point Share (BPS) Analysis by End-use
13.12 Absolute $ Opportunity Assessment by End-use
13.13 Market Attractiveness Analysis by End-use
Chapter 14 Competition Landscape
14.1 Pulse Oximeter Market: Competitive Dashboard
14.2 Global Pulse Oximeter Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Philips Healthcare
14.3.2 Masimo
14.3.3 Nihon Kohden Corporation
14.3.4 Opto Circuits India Ltd
14.3.5 Nonin Medical Inc
14.3.6 Medtronic (Covidien)
14.3.7 GE Healthcare
14.3.8 Welch Allyn
14.3.9 Smiths Medical
14.3.10 CAS Medical Systems Inc
14.3.11 Carefusion Corp
14.3.12 Meditech Equipment Co
14.3.13 Spacelabs Healthcare