Pulse Oximeter Market Analysis and Forecast to 2031: By Product (Fingertip Pulse Oximeters, Hand-held Pulse Oximeters, Wrist-worn Pulse Oximeters, Table top/Bedside Pulse Oximeters), By Technology (Conventional, Connected), By Age Group (Adult, Pediatric)

Pulse Oximeter Market Analysis and Forecast to 2031: By Product (Fingertip Pulse Oximeters, Hand-held Pulse Oximeters, Wrist-worn Pulse Oximeters, Table top/Bedside Pulse Oximeters), By Technology (Conventional, Connected), By Age Group (Adult, Pediatric), By End-use (Hospitals and Clinics, Homecare), and Region

The global pulse oximeter market was valued at USD 2.2 billion in 2021 and it is anticipated to grow up to USD 2.6 billion by 2031, at a CAGR of 1.8% during the forecast period.


Pulse oximeter is an electronic device, and a noninvasive method to measure the saturation level of oxygen carried in the human blood. It is a device that measure the amount of oxygen in the red blood cells (RBCs) delivered to different parts of the body. The normal oxygen level in the human body must be between 95%-100%. Elevated or depleted oxygen level can be fatal in serious conditions and to avoid these situation pulse oximeters are used to take necessary preventive measures.

Market Trends and Drivers

High prevalence of respiratory diseases is anticipated to drive the market growth. Chronic obstructive pulmonary disease (COPD), asthma, and pneumonia are among the most prevalent respiratory diseases worldwide. In COPD, asthma, and pneumonia, the airways of the lungs are obstructed, making it difficult to move air in and out of the lungs that eventually leads to the low oxygen concentration in the blood. In the coming years, the prevalence of COPD is expected to increase due to rising tobacco consumption and the growing geriatric population (Source: WHO). According to the AIHW, the prevalence of COPD increases with age, mostly occurring in people aged 45 and over. Regular monitoring of blood oxygen levels may reduce the mortality rate of patients with COPD. Also, COVID-19 is also directly linked to acute respiratory distress syndrome (ARDS) and pneumonia. According to Worldometer, the virus has affected over 160 million people globally as of May 2021 and resulted in 3,346,760 deaths. The outbreak has led to concerns over timely medical attention, leading to an increased demand for pulse oximeters in healthcare facilities, home care, and for remote management of COVID-19 positive patients as an early detection tool to reduce further complications. As a result, the growth in the number of patients suffering from respiratory diseases such as COPD, asthma, pneumonia, and infectious disease such as COVID -19 will drive the demand for pulse oximeters in the coming years.

Market Restraints and Challenges

Regulations and accuracy concerns over OTC pulse oximeters may expected to hinder the market growth over the forecast period. Medical products that are approved to be sold directly to the consumers without prescription from relevant medical authorities are referred to as OTC medical products. OTC pulse oximeters do not need FDA clearance and can be bought directly from any pharmacy without a prescription. However, there are concerns regarding the safety and accuracy of pulse oximeters bought over the counter. The PAHO guidelines also recommend that while pulse oximetry can be a useful resource in clinical decision-making, it is not a substitute for clinical evaluation and is not in itself sufficient for diagnosis. With the increasing need for efficient detection, monitoring, and treatment of COVID-19 patients, along with the need to curb the further spread of the pandemic, the US Food and Drug Administration (FDA) has released an advisory for patients and healthcare providers that although pulse oximetry is useful for estimating blood oxygen levels, pulse oximeters have limitations and risk of inaccuracy under certain circumstances. This may hamper the growth of the market to a certain extent.

Global Pulse Oximeter Market Segmental Overview

The report analyses the global pulse oximeter market based on product, technology, age group, end use, and region.

Global Pulse Oximeter Market by Product

Based on product, it is segmented into fingertip pulse oximeters, hand-held pulse oximeters, wrist-worn pulse oximeters, and table-top/bedside pulse oximeters. he 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.

Global Pulse Oximeter Market by Technology

Based on technology, it is segmented into conventional and connected. The conventional segment dominated the global market and accounted for the largest share in 2021. This can be attributed to the growing adoption rate of wired monitoring devices due to continuous patient monitoring in hospitals and homecare centers. Conventional pulse oximeter is a monitoring and diagnostic tool for patient care, which is influenced by motion artifacts. These devices are majorly installed in the operating rooms of hospitals and clinics to monitor the oxygen saturation level in the blood during surgeries. Several advantages offered by these conventional pulse oximeters such as less output time, accurate results, continuous monitoring, etc., have increased the market demand of the product. Conventional pulse oximeters are most effective for patients suffering from COPD and COVID-19 as the doctors require accurate oxygen levels to determine the further treatment and diagnosis strategy. For instance, according to the National Center for Biotechnology Information article published in 2019, COPD is one of the major diseases causing morbidity and mortality in Latin America. Approximately around 19% of the total population in Latin America was suffering from COPD that are expected to boost the segmental revenue significantly.

Global Pulse Oximeter Market by Age-Group

Based on age group, it is segmented into adult, and pediatric. The adult segment held a majority market share in 2021 and is estimated to grow at significant CAGR between 2022-2031. This high market growth is due to increasing prevalence of respiratory diseases among adult population. Surging respiratory diseases such as asthma, COPD, cystic fibrosis, lung cancer, tuberculosis etc. are expected to drive the market growth in the near future. Lung cancer is one of the most common respiratory diseases among adults causing morbidity and mortality in severe conditions. For instance, according to the reports published by the American Cancer Society, in 2021, the U.S. witnessed a high rate of lung cancer patients accounting for approximately 1 in every 15 male adults and 1 in every 17 female adults. Additionally, they have estimated around 236,740 new lung cancer patients in 2022 with approximately 54% mortality rate. Furthermore, increasing infection of corona virus among adult population associated with growing hospitalization requiring continuous patient monitoring is set to fuel the demand for pulse oximeters.

Global Pulse Oximeter Market by End-use

Based on end-use, it is segmented into hospitals and clinics, homecare and others. The hospitals and clinics segment is estimated to witness steady growth by 2031. This high market share is majorly attributed to the rising prevalence of chronic diseases including cardiovascular, asthma, pneumonia, and COVID-19 in the recent years. For instance, according to the reports published by the World Health Organization (WHO), in 2019, over 262 million people were affected with asthma and around 4,61,000 people faced mortality due to improper medication and treatment. Various countries are emphasizing on developing advanced pulse oximeters and spO2 monitoring devices for hospitals to continuously monitor health of patients suffering from asthma. Increasing patient preference to hospitals and clinics for quality care and affordability is one of the major factors driving the adoption of pulse oximeters in hospitals. The availability of a broad range of treatments incorporating advanced table-top or bedside pulse oximeters caters to the rising in-patient admission is also contributing to the market growth. Hospitals are also focusing on delivering different comprehensive training to the family of patients in order to handle different types of pulse oximeters for regular check-ups. Moreover, the growing adoption and launch of user-friendly and cost-effective pulse oximeters for use in hospitals are considerably propelling the business landscape.

Geographical Analysis of Global Pulse Oximeter Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest regional market in pulse oximeter market North America is a well-established market for medical devices. This majority market share is mainly attributed to numerous factors such as rising prevalence of respiratory diseases including COVID-19 and technological advancements in pulse oximeter monitoring devices is set to accelerate the industry growth in U.S. The high incidence of respiratory diseases among people in the U.S. is one of the major factors influencing adoption of pulse oximeters in hospitals and healthcare centers set to propel the market growth. Chronic obstructive pulmonary disorder (COPD), COVID-19 and asthma are the most prevalent disease in U.S. which in return has increased the demand for pulse oximeter to monitor the oxygen level or oxygen saturation in the blood. For instance, according to the data published by the World Health Organization (WHO), in January 2022, the U.S. held the highest number of COVID-19 positive cases accounting for over 909,479 corona positive patients. This resulted in lower oxygen and pulse rate in infected patients thereby rise in patient admission in hospitals and clinics for treatment and diagnosis.


The patients health was monitored using pulse oximeter which indicated the oxygen level in the blood. Good oxygen level indicated the better recovery of patients and were discharged early. High acceptance of advanced pulse oximeters and the presence of key manufacturers in the country focusing to introduce novel products to deliver optimal oxygen measurement for practitioners are expected to propel the pulse oximeter market expansion in the country.

Major Players in the Global Pulse Oximeter Market COVID-19 Impact

The COVID-19 pandemic has rendered a positive impact on the pulse oximeter industry. Corona virus infection is majorly associated with respiratory disease that affects the lungs. Therefore, it is important to monitor oxygen level and pulse rate of COVID positive patients. COVID-19 has led to a significant increase in demand for patient monitoring systems in both hospitals and homecare centers. The market players are focusing on expanding the production to meet the increasing need for respiratory monitoring devices such as pulse oximeters. During the first quarter of 2020, the market observed an increase in demand of these devices due to altered regulatory restrictions, standard operating protocols and incorporating social distance norms, etc. stimulating the market size. High adoption rate of fingertip pulse oximeters in almost every healthcare facility is one of the prime examples to determine the product acceptance rate. Increase COVID-19 patients has resulted in sudden spike for pulse oximeter due to low oxygen level in the blood that concluded to severe condition in critical situations. For instance, according to a survey conducted by the All-India Institute of Medical Sciences (AIIMS), over 40% of the COVID-19 positive patients hospitalized were having oxygen level below 94% that is below the normal range. Therefore, the dropping oxygen levels in patients makes it mandatory to continuously monitor the oxygen saturation level in the blood thereby increasing the demand and expanding the pulse oximeter market throughout the outbreak..

Recent Developments

• In March 2022, Smart Meter, a manufacturer, and provider of patient monitoring devices announced the launch of iPulseOx. It is the first cellular-connected pulse oximeter that provides remote patient monitoring services for chronic conditions such as chronic obstructive pulmonary disease (COPD) and heart disease. This product launch strengthened the company’s position giving them a technological advantage over its peers and increased their customer base.
• In June 2021, DetelPro announced the launch of pulse oximeter Oxy10. This product has an LED display that helps the users to determine the results. This product launch helped the company to expand their pulse oximeter portfolio across multiple hospitals and homecare facilities, thereby increasing the business revenue.
• 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.
• In November 2020, GE Healthcare expanded its AI offerings and Edison ecosystem, building on continuing investments in innovation and digital health momentum. The company is also engaged in introducing breakthrough imaging innovations.
• In May 2020, Masimo and Royal Philips reinforced their partnership, whereby Philips will integrate additional Masimo measurement technologies into select IntelliVue MX-series multiparameter monitors to help clinicians assess cerebral oximetry and ventilation status.

Frequently Asked Questions

Q1. How big is the pulse oximeter market?Ans. The global pulse oximeter market size was USD 2.2 billion in 2021 and is anticipated to reach USD 2.6 billion in 2031, growing at a rate of 1.8% from 2022 to 2031.
Q2. What is the pulse oximeter market growth rate?Ans. The growth rate of the pulse oximeter market is 1.8%.
Q3. Which region holds a major market share for the sepsis diagnostics market?Ans. North America holds a major market share of the pulse oximeter market in 2021.
Q4. Which segment accounted for the largest pulse oximeter market share?Ans. By end user, the healthcare segment accounted for the largest pulse oximeter market share.
Q5. Who are the key players in the sepsis diagnostics market?Ans. The global pulse oximeter market report includes players such as
Q6. What are the factors driving the pulse oximeter market growth?Ans. The major factors driving the growth of the market are the increasing adoption of pulse oximeters for remote and self-monitoring.
Q7. What are the key growth strategies of pulse oximeter market players?Ans. The key growth strategies of pulse oximeter market players are product launch and product approval.
Q8. Which region will provide more business opportunities for the pulse oximeter market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the pulse oximeter market during the forecast period.

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