Pulse Oximeter Market: Current Progress, Growth Drivers, challenges, and Future Development, Forecast 2027


Posted January 25, 2023 by Prachi001

Pulse Oximeter Market is projected to reach USD 4.3 billion by 2027 from USD 2.8 billion in 2022 growing at a CAGR of 8.8%.
 
Pulse Oximeter Market is projected to reach USD 4.3 billion by 2027 from USD 2.8 billion in 2022 growing at a CAGR of 8.8%. Pulse oximeter market growth is majorly driven by the increasing number of surgical procedures and hospitalizations worldwide, the outbreak of infectious respiratory diseases, rising prevalence of respiratory diseases are some of the key factors driving the market for pulse oximeters.

The expansion of medical device companies in emerging economies, and growing preference for noninvasive devices and point-of-care testing are expected to offer significant growth opportunities for market players during the forecast period. However, concerns regarding the regulations and the accuracy concerns for OTC pulse oximeters are expected to limit market growth to some extent in the coming years.

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Market Growth Drivers

Rising incidence of respiratory diseases
Increasing prevalence of congenital heart disease (CHD) in children
Growing number of surgical procedures and hospitalizations
Increasing geriatric population and subsequent rise in chronic diseases
Technological advancements in pulse oximeter devices
Growing investments in healthcare infrastructure
Growth Opportunities

Expansion of medical device companies in emerging economies
Rising demand for patient monitoring in home care settings
Growing preference for noninvasive devices and point-of-care testing
The global pulse oximeters market is highly competitive, with various players governing major shares in the conventional and connected pulse oximeter markets. Some of the major players governing the overall pulse oximeters market include Medtronic plc (Ireland), Masimo Corporation (US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Nihon Kohden Corporation (Japan), GE Healthcare (US), CONTEC MEDICAL SYSTEMS CO., LTD. (China), ICU Medical, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), OSI Systems, Inc. (Spacelabs Healthcare) (US), Honeywell International Inc. (US), MEDITECH Equipment Co., Ltd. (China), Medline Industries, LP (US)

Medtronic plc held the largest share of 23-25% of the pulse oximeter market. It offers a comprehensive portfolio of patient monitoring equipment, including pulse oximeters, acute care ventilators, and capnographs. Medtronic has manufacturing facilities and sales offices in North America, Europe, and the Asia Pacific, with major sales in the US.

The company invested about USD 2,746 million in FY 2022 in R&D, up from USD 2,493 million in FY 2021, to introduce innovative technologies and medical devices in the market. The company’s R&D activities include improving existing products & therapies and expanding applications for use. For instance, the company’s patented advanced technologies, such as OxiMax Technology, are integrated into its pulse oximeters to enhance the accuracy of the SpO2 monitors.

Masimo Corporation accounted for the second largest share of the pulse oximeters market. Masimo has wide product portfolio of patient monitoring devices, especially pulse oximeters. Its core business is Measure-through Motion and Low Perfusion pulse oximetry, known as Masimo Signal Extraction Technology (SET) pulse oximetry. The US accounted for highest percentage of Masimo’s sales in 2021. Masimo aims to expand the use of its pulse oximeter technology in hospital settings in the coming years.

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Recent Developments

In 2022, Medtronic Plc (Ireland) is expected to receive 510 (k) clearance from the US FDA for its Nellcor OxySoft neonatal-adult SpO2 Sensor. This sensor is a unique pulse oximeter sensor with silicone adhesive, designed to protect fragile newborn skin through longer adherence.
In 2022, Masimo Corporation (US) announced its limited market release of the Masimo W1 health watch, a noninvasive blood parameter monitoring solution that offers accurate, continuous measurement and actionable health insights.
In 2022, Masimo Corporation (US) is expected to complete the acquisition of Sound United (US). The acquisition has added Sound United’s superior technology, established consumer channel, and well-known brands to Masimo’s hospital and home medical solutions portfolio.
In 2021, CONTEC MEDICAL SYSTEMS CO., LTD. (China) expanded its production base in China to promote industrial optimization and increase the regional employment rate, which is expected to drive market growth for pulse oximeters.
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Categories Health , Industry , Internet
Tags pulse oximeter market development , pulse oximeter market share , pulse oximeter market growth
Last Updated January 25, 2023