The global pulse oximeters market size is expected to reach USD 3.2 billion by 2027, expanding at a CAGR of 6.4%
Technological advancement in design and development of pulse oximeter is expected to boost market growth during the forecast period. Market players are introducing devices that are more compact, portable, ease to use, accurate, and efficient. For instance, in May 2019, Masimo received FDA clearance for its first tetherless SET pulse oximeter, Radius PPG.
Oxygen saturation monitors are conventionally used in pre and postsurgical settings. They are used during surgeries when patients are anesthetized. Increase in number of surgeries being performed and focus on patient safety are among the key factors responsible for increased use of the medical device during most procedures.
These devices are purchased once and require servicing, without the need for frequent replacement. The use of oxygen saturation monitors in newborn screening can boost the demand and procurement of these devices by hospitals for maternity and pediatric care divisions.
Pulse Oximeters Market Report Highlights
- The sale of fingertip pulse oximeters has witnessed a significant spike since the first week of March 2020 due to COVID-19 pandemic
- Handheld pulse oximeters are expected to be in high demand during the COVID-19 pandemic, as these devices are more accurate and come with probes that can be used for individual patients to limit spread of the virus
- There is an upward trend in the use of oxygen saturation monitors in homecare settings due to expansion of the homecare market. Hospices and nursing care centers are procuring the medical device to provide better care to their patients
- North America held the largest share in the market in 2019. Demand for oxygen saturation monitors is increasing in U.S. and Canada due to high prevalence of Congenital Heart Diseases (CHD) in infants
- in the Asia Pacific, the market is anticipated to witness significant growth during the forecast period. In countries such as Australia and New Zealand, oxygen saturation monitors are part of the standard patient observation procedures in hospitals and clinics. The device plays a vital role in monitoring and treatment of respiratory diseases in newborns and adults, as it provides independent information for a more comprehensive respiratory assessment
- The industry is also witnessing mergers, acquisitions, and licensing agreements. For instance in April 2019, Philips Respironics moved the rights for direct sales of pulse oximeter in homecare market to Nonin Medical, an OEM manufacturer.