According to Meticulous Research®, the global Pulse Oximeter Market is projected to reach $3.40 billion by 2031, growing at a CAGR of 5.4% from 2024 to 2031. The market’s growth is propelled by factors such as increasing hospital admissions, the incorporation of pulse oximetry in neonatal screening programs, rising cases of respiratory conditions like COPD and asthma, and the growing availability of over-the-counter (OTC) pulse oximeters.
While these devices have revolutionized health monitoring, concerns about their data accuracy and regulatory scrutiny have somewhat hindered market growth. However, advancements in wearable devices and sensor technologies are paving the way for innovation and creating lucrative opportunities. The advent of mobile-based alternatives for tracking blood oxygen levels presents a notable challenge, emphasizing the need for traditional pulse oximeter manufacturers to differentiate themselves through reliability and innovation.
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Market Breakdown
The pulse oximeter market is segmented into components, portability, technology, age group, end user, and regions.
Component Insights
In 2024, the devices segment is expected to lead the market. The segment’s dominance is attributed to the growing burden of chronic illnesses and the adoption of wearable pulse oximeters for fitness monitoring. These devices integrate pulse oximetry with advanced analytics, aiding in the detection of conditions like respiratory infections and sleep-related disorders.
Portability Insights
The fingertip pulse oximeters segment is forecasted to grow at the fastest rate. Their popularity stems from their compact design, ease of use, and precision. Additionally, their ability to deliver early warnings about low oxygen levels has positioned them as a critical tool in both healthcare and personal use.
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Technology Insights
Conventional pulse oximeters are expected to dominate the market in 2024. Their affordability and reliability have ensured widespread adoption across healthcare facilities, particularly in resource-constrained settings. While connected devices are on the rise, conventional models remain a staple due to their cost-efficiency.
Age Group Insights
The pediatrics segment is set to record the highest growth during the forecast period. Increased newborn screening awareness and product approvals tailored for pediatric use have been major drivers. For instance, Owlet Baby Care, Inc. recently introduced its FDA-approved BabySat device, designed for continuous oxygen and heart rate monitoring in infants.
End User Insights
The home care settings segment is expected to expand rapidly, driven by a shift toward remote healthcare. Connected pulse oximeters allow for real-time monitoring, enhancing patient care while reducing the burden on healthcare facilities.
Regional Insights
North America is projected to hold the largest share of the pulse oximeter market in 2024. Factors such as a well-established healthcare system, the adoption of telemedicine, and the presence of key players contribute to the region’s dominance.
Key Players :
shaping the market landscape in North America include Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), Masimo Corporation (U.S.), Nonin Medical, Inc. (U.S.), Owlet Baby Care, Inc. (U.S.), ICU Medical, Inc. (U.S.), and GE HealthCare Technologies, Inc. (U.S.).
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