Pulse Oximeter Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : Mar 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Pulse Oximeter market size is expected to be worth around US$ 4.4 billion by 2030, according to a new report by Vision Research Reports.

The global Pulse Oximeter market size was valued at US$ 2.3 billion in 2020 and is anticipated to grow at a CAGR of 6.10% during forecast period 2021 to 2030.

Growth Factors

Technological advancements in products, growing healthcare costs, and readmission, and increasing adoption of pulse oximetry devices are expected to boost market growth during the forecast period. Market players are introducing devices that are more efficient and support telehealth approaches. For instance, in February 2017, the company received a CE mark for Rad-97 Pulse CO-Oximeter used to monitor blood pressure at set intervals. It is also capable of transferring the data to a remotely connected device.

There are various other types of oximeters such as wrist-worn oximeters, bedside, or desktop oximeters, and mobile phone pulse oximeters, the latest addition. These oximetry devices are equipped with a that is compatible with the software installed in a user’s mobile phone, which analyzes data to display information. For instance, iHealth Labs, a subsidiary of a China-based company, Andon Health, offers such products. In October 2013, the company received FDA approval for its wireless pulse oximetry device.

Report Highlights

The handheld segment dominated the market for the pulse oximeter and accounted for the largest revenue share of 38.9% in 2020. The market is primarily driven by the fact that these oximeters are easy to use in case of emergencies. The oxygen saturation level of a patient can strongly influence the course of treatment. A rise in the number of stroke cases and surgeries is anticipated to boost market growth over the forecast period.

Technological advancements in oximeters are expected to drive the segment. Added features such as easy transfer of data, extensive memory, alarm system, and Bluetooth increase the efficiency of products. Industry players introduce new products with additional features to sustain in the competitive market. For instance, in August 2015, Nonin Medical, Inc. launched a wireless fingertip oximeter operated via Bluetooth-NoninConnect Model 3230.

The COVID-19 pandemic has restricted the visits to medical facilities hindering medical care services, and manufacturers are innovating products to provide alternative telehealth solutions. In January 2021, Tyto Care, a telehealth company launched a fingertip pulse oximeter that connects to the TytoCare device via a cable to logging test results to patients EHR enabling its remote monitoring by clinicians.

The hospitals and other healthcare facilities segment dominated the pulse oximeter market and accounted for the largest revenue share of 82.0% in 2020 due to an increase in the number of surgeries and emergency room visits. Long-term care facilities are at high risk of COVID-19 infections, and residents are being continuously monitored for symptoms by checking vital respiratory parameters. Thus, demand for pulse oximeters from home healthcare centers and long-term care facilities is expected to increase during the COVID-19 pandemic.

The homecare segment is expected to witness lucrative growth during the forecast period due to factors such as increasing awareness regarding the importance of monitoring oxygen levels. Fingertip pulse oximeters are considered affordable and effective in homecare, as they can help track and store a patient’s oxygen level readings, which can help reduce the risk of readmission to a hospital. In addition, spot-checking is an effective way for patients suffering from COPD and CHD. Moreover, self-monitoring helps patients actively participate in the management of their health. With an increase in the aging population, the incidence of chronic pulmonary and cardiac conditions is expected to rise. This is anticipated to augment the need for monitoring devices, such as pulse oximeters, in home settings.

North America dominated the market for the pulse oximeter and held the largest revenue share of 49.1% in 2020, owing to increasing awareness regarding the importance of monitoring respiratory vitals among the common population. Current Procedural Terminology (CPT) recognizes three codes for reimbursement of pulse oximeters: 94760, 94761, and 94762. As the use of pulse oximeter is considered supplementary by Medicare, it is typically reimbursed along with a primary service.

Moreover, for outpatients and patients opting for home settings, a pulse oximeter is considered a reasonable necessity and reimbursed after proper documentation. Thus, a favorable reimbursement infrastructure is expected to contribute to market growth. Moreover, the health organizations are updating medical practitioners with research related to COVID-19 to assist in better management of the pandemic situation. In interim clinical guidance published in February 2021, CDC reported the probability of pulse oximeters having sub-optimal accuracy in dark skin patients.

Recent changes in regulatory norms in Europe are expected to affect all medical device manufacturers. Although factors such as modifications in labeling requirements and changes in rules and regulations pertaining to the distribution of medical devices may slow down the approval process, in the long run, they may result in benefits to approved products, such as improvement in quality and reduction in the number of product recalls.

In Asia Pacific, market players are recognizing the potential and introducing new products suited for developing economies of the region. In January 2017, Masimo launched Rad-97 Pulse-CO Oximeter in India. The product was intended to improve CHD screening in neonates. Although Asia Pacific has a slightly declining birth rate, the number of infants born every day is considerably large. This results in a large target population for CHD.

Key Players

  • 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

Market Segmentation

  • Type Outlook 

    • Fingertip

    • Handheld

    • Others

  • End-use Outlook 

    • Hospitals & Other Healthcare Facilities

    • Homecare

  • Regional Outlook 

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • Japan

      • India

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa (MEA)

      • South Africa

The Pulse Oximeter market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Pulse Oximeter market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Pulse Oximeter market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Pulse Oximeter market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Pulse Oximeter market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Pulse Oximeter capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Pulse Oximeter by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Pulse Oximeter market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Pulse Oximeter market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Pulse Oximeter market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Pulse Oximeter industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Pulse Oximeter market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Pulse Oximeter market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Pulse Oximeter market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Pulse Oximeter market. These factors have benefited the growth of the global market for Pulse Oximeter. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Pulse Oximeter. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Pulse Oximeter are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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