Pulse oximeters are non-invasive medical devices that measure the oxygen saturation level in the blood and pulse rate. It works by passing two wavelengths of light through the skin to detect changes in light absorption by oxygenated hemoglobin (HbO2) and deoxygenated hemoglobin (Hb). The growing prevalence of COPD, asthma, cardiovascular diseases, and respiratory illnesses is driving the demand for pulse oximeter globally. Pulse oximeters are being widely used to monitor oxygen saturation levels, especially for patients with respiratory and cardiac conditions. They help in detecting respiratory distress at an earlier stage and allows timely intervention. Increasing demand for remote patient monitoring solutions for managing chronic diseases is also fueling the growth of the pulse oximeter market.
The global pulse oximeter market is estimated to be valued at US$ 3,683.27 Mn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Surging cases of respiratory illnesses and cardiac conditions are pushing the demand for pulse oximeters globally. As per WHO estimates, around 3 million deaths occur worldwide each year due to chronic respiratory diseases such as COPD and asthma. The growing prevalence of cardiovascular diseases is another key factor driving the pulse oximeter market growth. Remote patient monitoring is gaining increased prominence for managing chronic conditions and reducing hospital readmissions. This presents an immense opportunity for the integration of pulse oximeters with remote monitoring devices and apps for real-time tracking of patient vitals outside the clinical settings. Technological advances such as the introduction of wireless fingertip pulse oximeters and integration with mobile healthcare apps are further expected to boost market expansion over the forecast period.
Segment Analysis
The global pulse oximeter market is segmented based on product type, sensor type, end-use and geography. Based on product type, the market is categorized into fingertip pulse oximeters, handheld pulse oximeters, wearable pulse oximeters and other pulse oximeters. The fingertip pulse oximeter segment holds the largest market share and is the dominating segment due to its ability to provide accurate readings for spot-checking oxygen saturation levels.
PEST Analysis
Political: The global pulse oximeter market is expected to witness favourable policies and regulations related to medical device monitoring, especially in developing regions. This will positively impact market growth.
Economic: Rising disposable incomes in developing countries will drive higher healthcare spending and thus demand for pulse oximeters. Availability of low-cost devices will further increase adoption rates.
Social: Growing geriatric population worldwide suffering from chronic diseases like COPD necessitates constant oxygen saturation monitoring using pulse oximeters. This fuels market growth.
Technological: Advancements in sensor technology have led to development of compact, wireless and wearable pulse oximeters. This attracts more consumers and increases compliance for continuous monitoring.
Key Takeaways
The Global Pulse Oximeter Market Size is expected to witness high growth over the forecast period.
Regionally, the Asia Pacific region is projected to dominate the market and witness the highest growth. Factors such as increasing healthcare investments, rising disease prevalence and growing medical tourism industry contribute to its large share.
Key players operating in the pulse oximeter market are Turner Construction Company, Jacobs Engineering Group Inc., HOK Group, Inc., Skanska AB and AECOM. Turner Construction Company is a dominating player known for its expertise in healthcare infrastructure projects.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
