PULSE OXIMETER MARKET ANALYSIS

Pulse Oximeter Market Size and Trends

The pulse oximeter market is estimated to be valued at USD 3,918.7 Mn in 2024 and is expected to reach USD 6,659.8 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.9% from 2024 to 2031.

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The pulse oximeter market is expected to witness a positive growth trend over the forecast period. The growth in this market is expected to be driven by factors such as the rising incidence of respiratory diseases, increasing awareness related to timely diagnosis of chronic illnesses, and the growing demand for home healthcare devices. Technologies advancements have allowed manufacturers to develop versatile pulse oximeters with features like exceptional accuracy, connectivity options, and compact sizes making them popular for use at home as well. Furthermore, with the onset of COVID-19 pandemic, there is additional demand for pulse oximeters for self-monitoring of blood oxygen levels at home amid the hospital capacity challenges posed by the virus.

Market Driver – Rising Prevalence of Respiratory Diseases

As the number of people suffering from respiratory conditions like COPD, asthma, and pneumonia continues to rise globally, there is an increasing need for pulse oximeters to monitor patients' oxygen saturation levels. Pulse oximetry allows for remote, continuous monitoring of oxygen levels in blood which is extremely useful for the treatment and management of respiratory diseases. For instance, according to the World Health Organization report published in March, 2023, chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide, causing 3.23 million deaths in 2020. Moreover, according to the same source, low- and middle-income countries (LMIC) account for about 90% of deaths from COPD in those under the age of 70.

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There is a marked shift towards remote patient monitoring and home healthcare globally as it enables cost savings, improved accessibility, and better management of chronic conditions. Pulse oximetry plays a critical role in facilitating remote monitoring of vitals and oxygen saturation levels especially for high-risk patients or those recovering from surgeries or illnesses. The ability of pulse oximeters to transmit readings electronically to doctors or caregivers has further increased their value in home care applications. Various players are also introducing more advanced, integrated devices that can measure and track multiple parameters besides oxygen saturation. Governments and insurance agencies are promoting home-based monitoring to avoid unnecessary hospitalizations. Even patients prefer remaining in familiar home settings under remote supervision. This rising prominence of home healthcare and focus on remote patient monitoring is catalyzing the uptake of pulse oximeters among households rather than just clinical settings. Various options available in different form factors, wearing formats and price points ensure wider accessibility and adoption.