PUBLISHED DATE : Aug 2020 | Pages : 266
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Pulse Oximeters Market Size, Share, Trends, Analysis Report by Product (Fingertip, Handheld, Table-top/Bedside, and Wrist-worn), End-users (Hospitals, Clinics, Home Healthcare Settings, and Others), and Geography (APAC, Europe, North America, Latin America, and Middle East & Africa), Industry Analysis Report, Regional Outlook, Price Trends, Growth Potential, Competitive Landscape, Share & Forecast, 2020-2025
266 Pages
90 Tables
109 Charts
5 Regions
18 Countries
41 Companies
3 Market Segment
| Report Attribute | Details |
|---|---|
| Market Size | USD 2.8 BILLION (2025) |
| CAGR | 9% (2020-2025) |
| Base Year | 2019 |
| Forecast Year | 2020-2025 |
| Market Segments | Product (Fingertip, Handheld, Table-top/Bedside, and Wrist-worn), End-users (Hospitals, Clinics, Home Healthcare Settings, and Others) |
| Geographic Analysis | APAC, Europe, North America, Latin America, and Middle East & Africa) |
| Countries Covered | US, Canada, UK, Germany, France, Italy, Spain, China, Japan, South Korea, Australia, India, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, and Turkey |
The global pulse oximeter market size to reach USD 2.8 billion by 2025, growing at a CAGR of 9% during the forecast period. The global pulse oximeters industry is expected to grow at an absolute growth of over 70% during the forecast period. The market is growing due to the growing elderly population, which is prone to the risk of respiratory diseases, hypertension, CVD, diabetes, and other diseases that could affect oxygen levels (SpO2). The increasing emphasis on patient safety during treatment in healthcare settings and the demand for consistent vital signs monitoring is expected to drive the pulse oximeters market growth. The growing awareness of patient monitoring and an increase in target disease prevalence is further likely to boost industry growth during the forecast period. Strong demand for pulse oximetry and increased end-users’ spending sentiments on home multiparameter patient monitoring devices worldwide is contributing to market growth.
The purchase of at-home pulse oximeters has spiked over 500% since the detection of COVID-19 cases in the US. The device can easily be purchased at drugstores and via online retailers. Several physicians observe pulse oximetry as an important device to identify declining lung function early and address the cause, including COVID-19. Hence, the rising adoption of these devices has boosted the pulse oximetry demand on the global level, which is further expected to contribute to the market growth in upcoming years.
The fingertip pulse oximeters market dominated the industry with a market share of over 35% in 2019. Fingertip oximeters are easy to operate and compact. The segment is experiencing high demand as these devices are non-invasive, which makes them a preferred option for infants and neonates. Technological advancements in fingertip models will drive the segment. The inclusion of features such as Bluetooth, alarm systems, extensive memory, and easy transfer of data is increasing the efficiency. The recent outbreak of the COVID-19 pandemic has increased the demand for fingertip devices in the global population.
Handheld devices were the second major segment with a market share of over 31% in 2019. They are preferred for long-term monitoring of the patient. The device is preferred in hospitals in developing countries, wherein the number of patients is high. They are used by adults and children suffering from chronic illnesses such as congestive heart failure, anemia, lung cancer, heart attacks, respiratory conditions such as COPD, asthma, and sleep apnea.
The tabletop pulse oximeters market is growing due to the growth in hospital admissions, which are increasing the adoption of bedside pulse oximeters. The growth in the geriatric population in North America and Europe is likely to drive the segment. Also, the number of people aged 60 and above is expected to reach 2 billion by 2050 from 900 million in 2015. In 2018, the number of geriatrics (aged 65 and above) surpassed the number of children aged five and below. This demographical shift is expected to influence the growth of the tabletop segment.
In 2019, the hospital end-user segment accounted for over 56% of the global pulse oximeter market share. With the outbreak of the COVID-19 pandemic, the number of hospital admissions with pneumonia and shortening of breath, and reduced oxygen levels in blood has increased. Hence, this has increased the demand for pulse oximetry in hospitals. Moreover, there is a growing demand for emergency care units and critical care units during operations to monitor SpO2. There is an increasing demand for standalone pulse oximeters in these settings to provide high-quality care to the patient population. In hospitals, there is a growing demand for standalone and handheld, and fingertip pulse oximeters.
The clinic end-user segment accounted for over 17% of the global pulse oximeters market share. The industry is growing at a significant rate, with a CAGR during the forecast period. Due to the growth in the neonatal, pediatric, and adult patient population, there is an increasing number of visits to clinics. As the footfall in clinics is growing, there is a rising demand for several medical devices that can monitor patients’ vital signs such as pulse oximeters. There is an increasing pediatric population, which is opting for clinics rather than hospitals due to low consultant fees and easy accessibility.
The home healthcare settings segment is growing at a CAGR of over 10% during the forecast period. The use of pulse oximetry at home has increased over the last 20 years with the growing aging population and the increasing incidence of respiratory and cardiac diseases.
North America dominated the global pulse oximeters market in 2019. The increasing healthcare expenditure in the US and Canada and the growing prevalence of congenital heart defects (CHD) and other heart ailments and respiratory conditions are increasing the usage of pulse oximeters to check SpO2 and avoid heart stroke, thereby increasing the adoption of these devices. The market in Europe is expected to grow at a significant growth rate, during the forecast period. The region witnessed lucrative growth in demand for advanced products in clinics, home healthcare, and hospitals. Also, the presence of major market players in Europe is one of the key factors driving the industry in the region.
The global pulse oximeters market share is fairly fragmented with the presence of several global, regional, and local manufacturers. Masimo, Medtronic, Koninklijke Philips, Smiths Medical, Nonin Medical, and NIHON KOHDEN are the largest manufacturers of pulse oximeters. All these companies have a significant presence in major geographical regions such as North America, APAC, and Europe. However, there are many local vendors providing products with similar specifications at lower prices, which have resulted in a price war among vendors. Major vendors are continuously competing among themselves for the leading position in the market, with occasional spurts of competition coming from other local vendors. The market potential of pulse oximeters due to the ongoing COVID-19 pandemic is driving several vendors to expand their market share through acquisitions.
Segmentation by Products
By End-users
By Geography
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