Global Pulse Oximeters Market Size, Share, Forecast Report, 2020-2027

The global pulse oximeters market size was valued at USD 1.9 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 6.4% from 2020 to 2027. Increasing emphasis on patient safety during anesthesia and demand for consistent vital stats monitoring is expected to drive the growth of the market. Growing awareness about patient monitoring and increase in target disease prevalence are expected to boost market growth over the forecast period. Government initiatives and availability of new products are expected to further propel market growth in the coming years. Pulse oximetry is mandatory for newborn screening in around 43 states in U.S. It is also gaining popularity in other parts of the world as it can help detect Congenital Heart Defects (CHD) and other heart and respiratory conditions.

Growing prevalence of COPD, sleep apnea, cardiac arrhythmia, ischemic conditions, diabetes, hypertension, hyperlipidemia, and asthma is expected to be a major market driver over the forecast period. Almost 2.7 million neonatal deaths are recorded annually, out of which, 75.0% are from South Asia and Sub?Saharan Africa. Early detection of hypoxemic neonatal conditions using pulse oximetry can lower the number of neonatal deaths to a large extent. Increased penetration of pulse oximeters is anticipated to aid the situation, especially in developing economies.

Continuous monitoring of respiratory parameters is vital in patients infected with the novel coronavirus. Thus, healthcare professionals are highly dependent on medical devices, such as pulse oximeters and multi-parameter monitors, for diagnosis, treatment, and management of COVID-19 symptoms. Furthermore, WHO guidelines for clinical management of the disease have mentioned oxygen therapy as a major intervention for patients with severe symptoms. Thus, government bodies and healthcare organizations across the world have recommended healthcare facilities to be equipped with medical oxygen systems and pulse oximeters.

Type Insights
Handheld dominated the type segment with a market share of more than 38.0% in 2019. These devices are preferred for long-term monitoring when a patient is stable and rested. The major advantage of handheld pulse oximeters over fingertip pulse oximeters is that the probe, which is very delicate and prone to damage, can be replaced, unlike in fingertip pulse oximeters. The device is, thus, preferred in hospitals in developing countries, wherein the number of patients is high.

Fingertip pulse oximeters are easy to use and compact in size. These devices are noninvasive, which makes them a preferred option for infants and neonates. Technological advancements in fingertip pulse oximeters are expected to drive the segment. Added features such as Bluetooth, alarm system, extensive memory, and easy transfer of data increase efficiency of products. Industry players are introducing new products with additional features to remain competitive in the pulse oximeter market.

End-use Insights
Hospitals and other healthcare facilities segment dominated the market and held revenue share of 81.6% in 2019 due to increase in the number of surgeries and emergency room visits. Moreover, oximetry is an integral part of newborn screening in many countries, adding to the number of devices procured by hospitals. One of the most widely used products in hospitals is Masimo’s SET pulse oximeter.

The homecare segment is expected to witness a lucrative growth during the forecast period. Growing awareness about the importance of oxygen level monitoring is one of the key drivers for the pulse oximeters market. However, with increasing healthcare costs, patients suffering from chronic diseases prefer to seek care in home settings, which has created a market for homecare pulse oximeters. Fingertip pulse oximeters are considered affordable and effective in homecare, as they can help track and store patient’s oxygen level readings, which can help reduce the risk of readmission to a hospital.

Pulse oximeters in hospice and palliative care are mainly used to maintain patient comfort and to improve the quality of life, to aid conventional treatment, especially in case of pulmonary fibrosis. Patients in hospice care are monitored for oxygen levels in case of emergency, mostly by fingertip or wrist pulse oximeters.

Regional Insights
North America dominated the market and held revenue share of 48.7% in 2019, owing to increasing awareness regarding importance of monitoring respiratory vitals among common population. Pulse oximeters are being used for peripheral arterial disease, peripheral vascular diseases, and congenital heart diseases in this region. Furthermore, there is a high prevalence of Congenital Heart Disease (CHD) in U.S. and it is one of the most common birth defects observed. Hence, use of these devices has been mandated for screening newborns before they are discharged from a healthcare setting.

According to WHO, more than 66.0 million people in Europe are suffering from Chronic Obstructive Pulmonary Disease (COPD). This account for almost USD 3.0 billion of healthcare expenditure and is expected to hold significant potential for pulse oximeters in the region.

In Asia Pacific, pulse oximetry has been reported to reduce postoperative admission rates and decrease the risk of cardiac arrest during procedures. Institutes such as the Indian Society of Anesthesiologists advocate the use of pulse oximeters during any procedure wherein the patient is anesthetized. Manufacturers 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.

Key Companies & Market Share Insights
The market is fragmented with the presence of various global and regional manufacturers. The market potential is driving numerous players to expand their market share through acquisitions. Larger players tend to acquire sections suitable for their product portfolio. For instance, in April 2019, Edwards Lifesciences Corporation acquired COSMED in a USD.0 100 million deal. The acquisition was made to combine COSMED’s FORE-SIGHT technology with Edward Lifesciences HemoSphere, an advanced hemodynamic monitoring platform.

Key industry players are undertaking other major initiatives, such as licensing agreements and strategic partnerships, to strengthen their market presence. In May 2019, Masimo extended its purchasing and licensing agreement with Shenzhen Mindray Bio-Medical Electronics Co., Ltd. to expand the sale of Masimo SET Pulse Oximetry in Europe, Asia Pacific (excluding China), Middle East, and CIS. Companies based in China and Japan provide products that are similar to established devices, but at a much cheaper rate. They also supply across the world through shipments, giving them an advantage over established players. These devices are not stringently regulated, thus, are also available in supermarkets, e-commerce platforms, and drug stores, such as Walmart, Amazon, and Walgreens. Some of the prominent players in the pulse oximeters market include:

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

Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, has segmented the global pulse oximeters market report based on type, end use, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Fingertip

  • Handheld

  • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2027)

  • Hospitals and Other Healthcare Facilities

  • Homecare

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • Japan

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • South Africa