The Pulse Oximeter Market is estimated to be valued at USD 3,918.7 Mn in 2024 and is expected to exhibit a CAGR of 7.9% over the forecast period (2024-2031). The increasing prevalence of chronic respiratory diseases and cardiovascular disorders globally is a key driver contributing to the growth of the pulse oximeter market. Furthermore, the rising geriatric population prone to various chronic illnesses also fuels the demand for pulse oximeters for regular monitoring of vital health parameters.
Market Dynamics:
The global pulse oximeter market growth is primarily driven by the increasing prevalence of chronic diseases across the world. Chronic respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), and cardiovascular disorders like congestive heart failure are on the rise. As per the World Health Organization (WHO), chronic diseases accounted for over 70% of global deaths in 2020. Pulse oximeters help in monitoring respiratory function and peripheral oxygen saturation in patients suffering from chronic conditions.
Growing Prevalence of Chronic Respiratory Diseases is Driving the Demand for Pulse Oximeters
Chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma are highly prevalent across the globe. According to the WHO fact sheet released on March 16, 2023, over 200 million individuals are affected by chronic obstructive pulmonary disease (COPD), causing 3.23 million deaths in 2019 and 65 million experiencing moderate-to-severe COPD. The growing patient pool of such diseases is driving the demand for pulse oximeters for home care monitoring and hospital settings. Manufacturers are also developing multi-parameter patient monitoring devices integrated with pulse oximetry, which is further supporting the market growth.
Increasing Geriatric Population is Increasing the Use of Pulse Oximeters
The global geriatric population, aged 65 years or above, is growing at an unprecedented rate. As aging increases the risks of various chronic illnesses, it is also increasing the demand for pulse oximeters. The elderly are more prone to respiratory diseases, cardiovascular diseases, and other conditions where pulse oximetry proves effective for monitoring. With rapid digitization of healthcare systems, home care for the elderly using remote patient monitoring devices is gaining popularity. This is subsequently boosting the pulse oximeter market growth. Additionally, manufacturers are developing simple to use, compact pulse oximeters specifically targeted towards geriatric home care needs.
Lack of Standard Reimbursement Policies Acts as a Market Restraint
Reimbursement policies for medical devices differ vastly across countries and regions. In many developing nations, public healthcare insurers do not cover the costs of pulse oximeters. Additionally, reimbursement rates are much lower compared to developed nations such as the U.S., Canada, and countries in the EU. This pricing pressure acts as a key restraint for the market’s growth. Moreover, the lack of uniform standards and guidelines for reimbursement creates regulatory complexities for market players across borders.
Growing Investments in Telemedicine Present Significant Opportunities
The COVID-19 pandemic has accelerated the integration of digital technologies into healthcare systems. There is growing focus on leveraging telemedicine platforms for remote patient monitoring and care. Pulse oximeters can play a vital role in telehealth by enabling live monitoring of vital signs from home. Several medtech companies and healthcare IT players are investing heavily in developing IoT-enabled wireless pulse oximeters and respective data platforms. The rising adoption of telehealth is opening vast opportunities for pulse oximeter manufacturers to design solutions catering to digital healthcare models. Integration of pulse oximeters with telemedicine can help expand access to care while supporting early disease detection.
Advancements in Optical Sensor Technology Provide Lucrative Growth Prospects
Constant research and development activities are paving the way for improvements in optical sensor technology. Manufacturers are leveraging latest innovations such as spectrophotometry to enhance the accuracy of pulse oximeter readings. Advancements enabling non-invasive and continuous cuff-less monitoring using photoplethysmography (PPG) signals are gaining traction. The miniaturization of optical components is allowing the development of multi-spot sensors capable of real-time monitoring from multiple body locations. Furthermore, integration with advanced algorithms helps pulse oximeters detect even subtle changes in oxygen saturation. Such technological developments are expanding the clinical applications of pulse oximeters, hence presenting lucrative growth prospects.
*Link: https://www.coherentmarketinsights.com/market-insight/pulse-oximeter-market-467
Key Development
- In November, 2023, GE Healthcare, a medical technology company, and Masimo, a health technology company, announced a collaboration, to integrate Masimo Signal Extraction Technology (SET) pulse oximetry into GE HealthCare’s Portrait Mobile wireless and wearable patient monitoring solution.
- In November 2021, Masimo, a global medical technology company, launched Dual Set Pulse Oximeter. The Dual Set Pulse Oximeters were launched by undertaking specific technology changes, to guide Critical Congenital Heart Disease (CCHD) screening, and the addition of the Eve CCHD Newborn Screening Application. The newborn screening provided two simultaneous measurements of oxygen saturation (SpO2) at pre and post ductal sites by the inbuilt Eve application, customized to align with a hospital’s Critical Congenital Heart Disease (CCHD) screening protocol.
- In February 2021 Contec Medical Systems Co., Ltd., a medical technology company, announced an expansion of its manufacturing base in China to boost the regional employment rate and promote industrial optimization, which in turn facilitated the market growth.
Key Players: Stryker, Medtronic, Nihon-Kohden Corporation, GE Healthcare, Koninklijke Philips N.V., Hill-Rom Services, Inc., Smiths Group plc, Honeywell International, Promed Technology Co., Ltd., Contec Medical Systems Co., Ltd., CONMED Corporation, Curbell Medical Products, Inc., Ecomed, Masimo, and TytoCare Ltd.
