The global pulse oximeter market was valued at $1,979.0 million in 2018, and it is projected to reach at $3,177.7 Million by 2024, progressing at a CAGR of 8.3% during the forecast period. Based on type, the fingertip category held the largest share, of 14.8%, in the market in 2018. The wrist-worn category is expected to witness the fastest growth, flourishing at a CAGR of 10.6%, during the 2019–2024, owing to the fact that such devices are more technological advanced and are widely adopted in home-based pulse monitoring, which is a major reason for their popularity.
Increasing adoption of homecare pulse oximeters is a key trend in pulse oximeter market
The use of sensor-based pulse oximeters is increasing at homecare settings across the world, and it is a key trend being witnessed in the pulse oximeter market. These devices can be used by the geriatric population for regular monitoring of their health at home. These devices are safe, convenient, noninvasive, and a valuable method for measuring oxygen saturation. This factor is expected to boost the market growth in the coming years.
Market for pulse oximeter is likely to witness significant growth due to increasing number of patent approvals
The increasing number of patent approvals is encouraging many new players to enter the pulse oximeter market with innovative product offerings, which further augments the growth of the market. For instance, in January 2017, Masimo Corporation received the U.S. Food and Drug Administration clearance to introduce the TFA-1 disposable forehead sensor, which helps physicians get pulse oximetry readings from the forehead of the patient, instead of the fingertip.
Segmentation Analysis of Pulse Oximeter Market
Geographical Analysis of Pulse Oximeter Market
Globally, the North American pulse oximeter market is expected to hold a 40.3% share by 2024. This can be mainly attributed to the high healthcare spending, presence of established players, increasing prevalence of chronic diseases, such as certain respiratory infections, chronic obstructive pulmonary disease (COPD), and cardiac arrest in the region. In addition to this, the presence of regional distributors of key global players in the region is also driving the market growth.
The U.S. is a major market for pulse oximeters in North America due to the increasing number of patients opting for metabolic screening, WHO-initiated surgical care programs, and rising number of hospital and medical centers. Additionally, companies such as General Electric Company, Koninklijke Philips N.V., Masimo Corporation, and Smiths Medical Inc. also support the market growth in the country by engaging in the expansion of their businesses through their distribution channels including sales forces.
Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA) are the other regions which hold considerable shares in the pulse oximeter market, on account of the rising awareness on pulse rate monitoring and saturated oxygen level monitoring in these regions.
Competitive Landscape of Pulse Oximeter Market
Edwards Lifesciences Corporation, Masimo Corporation, and Nonin Medical Inc. are some of the major manufacturers operating in the global pulse oximeter market.
The manufacturers in the pulse oximeter market are involved in product launches and acquisition to increase their market shares. For instance, in March 2019, Masimo Corporation received FDA clearance for RAD-67 pulse co-oximeter. The device is also equipped with spot-check next generation SpHb monitoring technology and the rainbow DCI-mini reusable Sensor. The device provides portable spot-check monitoring measurements of oxygen saturation which makes it a single-device solution in multiple clinical and non-clinical settings.
Browse report overview with detailed TOC on "Pulse Oximeter Market Research Report: By Type (Fingertip, Table-Top, Wrist-Worn, Hand-Held, Earlobe, Forehead, Palm/Foot, Nose), Sensor Type (Reusable, Disposable), Patient Type (Neonatal, Pediatric, Adult), End User (Hospitals, Clinics & Healthcare Facilities, Home Care, Diagnostic Centers), Geographical Outlook (U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India, Brazil, Mexico, Saudi Arabia, South Africa) – Industry Trends and Forecast to 2024" at:https://www.psmarketresearch.com/market-analysis/smart-pulse-oximeters-market
Moreover, in February 2019, Edwards Lifesciences Corporation usefully acquired CAS Medical Systems Inc., which is a medical technology company dedicated to the non-invasive monitoring of tissue oxygenation in the brain, for an equity value of approximately $100 million.
Some of the other players in the pulse oximeter market are General Electric Company, Medtronic PLC, Koniklijke Philips N.V., Drägerwerk AG & Co. KGaA, Nihon Kohden Corporation, Smiths Medical Inc. Opto Circuits Limited, Halma PLC, and Spacelabs Healthcare Inc.
Pulse Oximeter Market Segmentation
Market Segmentation by Type
Market Segmentation by Sensor Type
Market Segmentation by Patient Type
Market Segmentation by End User
Market Segmentation by Region