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Pulse Oximeter Market to Generate Revenue Worth $3,177.7 Million by 2024

Published Date:   September 2019

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

Pulse Oximeter Market

  • The wrist-worn category is expected to witness the fastest growth in the pulse oximeter market. This can be ascribed to the increasing usage of compact, lightweight, sensor-based pulse oximeters for monitoring the saturated oxygen level. These systems are designed to perform well in patients of all ages. Moreover, in March 2019, Nonin Medical Inc. introduced a high-resolution wrist pulse oximeter, which offers comfortable monitoring and provides accurate readings of patients’ oxygen levels and pulse rate.
  • The reusable sensor category is expected to grow at the higher CAGR. The cost-effectiveness of reusable-sensor pulse oximeter devices, as compared to the disposable-sensor type, is leading to their rising demand in the market.
  • The adult patient type held the larger share in 2018 in the pulse oximeter market, owing to the increasing number of geriatric patients across the globe.
  • Pulse oximeters are majorly being used in hospitals, which accounted for a share of 36.5% in 2018, as most of the patients with chronic diseases prefer hospitals to other healthcare centres.

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.

  • Germany is expected to lead the European pulse oximeter market, with revenue of over $241.0 million in 2024. This can be attributed to the fact that Germany is a global medical device manufacturing hub, where many advanced products are developed. Moreover, the companies here put a strong focus on the medical device technology, which results in its high share.
  • Japan is the third-largest market for pulse oximeters in the APAC region. The market in Japan is growing due to growing geriatric population, increasing prevalence of chronic diseases, and technological advanced in the country.

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

  • Fingertip
  • Table-top
  • Wrist-worn
  • Hand-held
  • Earlobe
  • Forehead
  • Palm/Foot
  • Nose

Market Segmentation by Sensor Type

  • Reusable
  • Disposable

Market Segmentation by Patient Type

  • Neonatal
  • Pediatric
  • Adult

Market Segmentation by End User

  • Hospitals
  • Clinics & Healthcare Facilities
  • Home Care
  • Diagnostic Centers

Market Segmentation by Region

  • Global Pulse Oximeter Market
    • By type
    • By sensor type
    • By patient type
    • By end user
    • By region – North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), and Middle East and Africa (MEA)
  • North America Pulse Oximeter Market
    • By type
    • By sensor type
    • By patient type
    • By end user
    • By country – U.S. and Canada
      • U.S. pulse oximeter market
        • By type
        • By sensor type
        • By end user
        • By patient type
      • Canada pulse oximeter market
        • By type
        • By sensor type
        • By end user
        • By patient type
  • Europe Pulse Oximeter Market
    • By type
    • By sensor type
    • By patient type
    • By end user
    • By country – Germany, France, U.K., Italy, Spain, and Rest of Europe
      • Germany pulse oximeter market
        • By type
        • By sensor type
        • By patient type
        • By end user
      • France pulse oximeter market
        • By type
        • By sensor type
        • By patient type
        • By end user
      • U.K. pulse oximeter market
        • By type
        • By sensor type
        • By patient type
        • By end user
      • Italy pulse oximeter market
        • By type
        • By sensor type
        • By patient type
        • By end user
      • Spain pulse oximeter market
        • By type
        • By sensor type
        • By patient type
        • By end user
  • APAC Pulse Oximeter Market
    • By type
    • By sensor type
    • By patient type
    • By end user
    • By country – Japan, China, India, and Rest of APAC
      • Japan pulse oximeter market
        • By type
        • By sensor type
        • By patient type
        • By end user
      • China pulse oximeter market
        • By type
        • By sensor type
        • By patient type
        • By end user
      • India pulse oximeter market
        • By type
        • By sensor type
        • By patient type
        • By end user
  • LATAM Pulse Oximeter Market
    • By type
    • By sensor type
    • By patient type
    • By end user
    • By country – Brazil, Mexico, and Rest of LATAM
      • Brazil pulse oximeter market
        • By type
        • By sensor type
        • By patient type
        • By end user
      • Mexico pulse oximeter market
        • By type
        • By sensor type
        • By patient type
        • By end user
  • MEA Pulse Oximeter Market
    • By type
    • By sensor type
    • By patient type
    • By end user
    • By country – Saudi Arabia, South Africa, and Rest of MEA
      • Saudi Arabia pulse oximeter market
        • By type
        • By sensor type
        • By patient type
        • By end user
      • South Africa pulse oximeter market
        • By type
        • By sensor type
        • By patient type
        • By end user