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.
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.
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.
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.
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:
Medtronic (Covidien).
Carefusion Corp.
GE Healthcare
Philips Healthcare
Masimo
CAS Medical Systems, Inc.
Opto Circuits India Ltd.
Nonin Medical, Inc.
Smiths Medical
Welch Allyn
Spacelabs Healthcare
Meditech Equipment Co.
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 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.
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:
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.
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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