Meticulous Research® has published its latest report, predicting that the Pulse Oximeter Market will reach $3.40 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031. The expansion of this market is primarily driven by the rising number of hospitalizations, increased adoption of pulse oximeters in newborn screening programs, the growing prevalence of chronic respiratory conditions like COPD and asthma, and the widespread availability of over-the-counter (OTC) pulse oximeters. However, concerns regarding the accuracy and reliability of these devices, particularly OTC models, as well as regulatory challenges, are hindering market growth.
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Segmentation Analysis
The pulse oximeter market can be segmented into components, portability, technology, age groups, end users, and geography.
Component Segment: Devices Dominate the Market
In 2024, the devices segment is expected to dominate the pulse oximeter market, driven by the increasing elderly population, the rising prevalence of chronic diseases, and the growing use of pulse oximeters by fitness enthusiasts and athletes. These devices are essential for monitoring oxygen saturation levels during physical activity, and their integration into wearable technology has further boosted their adoption. Wearable devices equipped with pulse oximeters allow users to continuously monitor oxygen levels, providing valuable data to assess respiratory function and detect potential health issues like sleep apnea.
Portability Segment: Fingertip Pulse Oximeters Set for Strong Growth
The portability of pulse oximeters is another critical factor shaping the market. Among the various types, fingertip pulse oximeters are expected to see the highest growth during the forecast period. These compact, easy-to-use devices offer reliable readings with minimal power consumption, making them highly appealing for home use. Their ability to detect early signs of low oxygen saturation makes them indispensable for individuals with respiratory conditions or those who want to monitor their health regularly.
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Technology Segment: Conventional Devices Retain Market Leadership
Conventional pulse oximeters are projected to maintain the largest share of the market in 2024, due to their affordability and widespread use in both emergency and primary healthcare settings. These devices are more cost-effective than connected pulse oximeters, making them accessible to a wide range of healthcare providers. Additionally, conventional pulse oximeters are easy to operate, which has contributed to their ongoing popularity in clinical settings, particularly in regions with limited healthcare resources.
Age Group Segment: Pediatrics Drive Growth
The pediatric segment is expected to see the highest growth rate over the forecast period, largely due to increased awareness of the importance of newborn screening. Pulse oximeters play a crucial role in detecting congenital and metabolic disorders in newborns, and the rising number of such cases is boosting demand for pediatric pulse oximeters. Moreover, advancements in pediatric-specific pulse oximetry technology, such as the FDA approval of Owlet Baby Care’s BabySat device, are contributing to the growth of this segment.
End User Segment: Home Care on the Rise
The home care segment is projected to experience the highest CAGR during the forecast period. Factors driving this growth include the increasing trend of home-based healthcare, the rising elderly population requiring long-term care, and the availability of pulse oximeters designed for home use. Remote patient monitoring is becoming increasingly popular, with connected pulse oximeters enabling healthcare providers to monitor patients’ oxygen levels in real time, providing timely interventions without the need for in-person visits.
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Major players in the pulse oximeter market include Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), GE HealthCare Technologies, Inc. (U.S.), Masimo Corporation (U.S.), Beurer GmbH (Germany), Nonin Medical, Inc. (U.S.), Nihon Kohden Corporation (Japan), Drägerwerk AG & Co. KGaA (Germany), ICU Medical, Inc. (U.S.), and Spacelabs Healthcare (a subsidiary of OSI Systems, Inc.) (U.S.).
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