The Pulse Oximeter Market revenues were estimated at US$ 2.3 Billion in 2021 and are anticipated to grow at a CAGR of 7.6% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 5.1 Billion.
The key product for Pulse Oximeter includes handheld pulse oximeters where the Demand growth of Pulse Oximeter through handheld pulse oximeter was recorded at 7.4% during 2017 – 2021, while it is expected to grow at a CAGR of 7.6% during 2022 –2023.
The Covid-19 pandemic is the key growth driver for the pulse oximeters market. Sales information from Bloomreach, an e-commerce software business, which shows a 527% increase in US sales of fingerprint pulse oximeters during the week of January 2020, in the US. Midway through February, it began to rise once more, and since then, despite a slower rate of decline, weekly sales have risen.
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According to Google Trends, there had been an increase in searches for “pulse oximeter coronavirus” on Google since the middle of February. Customers purchased several personal diagnostic and health monitoring devices throughout the course of four months in April 2020, according to Snapdeal India. The most demanding ones include glucometers, blood pressure monitors, digital thermometers, and pulse oximeters. At-home diagnostic kits have shown an increase in demand after March 2020, not just on Snapdeal but also on Flipkart. Due to the COVID-19 outbreak, which necessitates their use to ensure safety, Flipkart has observed an increase in demand for these products. According to flipkart, the demand for pulse oximeters has grown by a factor of about 23. The product’s premium market segment has also experienced significant growth.
Competitive Landscape
The key companies in Pulse Oximeter Market are focused on alliances, technology collaborations, and product launch strategies. The Tier 2 Players in the market are targeting to increase their market share.
Some of the recent developments of key Neural Implants providers are as follows:
- In March 2022, the introduction of iPulseOx has been announced by Smart Meter, a manufacturer of patient monitoring equipment. The first cell phone-connected pulse oximeter offers remote patient monitoring services for long-term diseases like heart disease and chronic obstructive pulmonary disease (COPD). This product launch has improved the company’s standing, giving them a competitive technological edge over their rivals and growing their customer base.
- In June 2021, the release of Oxy10 pulse oximeter was announced by DetelPro. The users of this product can determine the results with the aid of an LED display. The company’s pulse oximeter portfolio was expanded throughout numerous hospitals and homecare facilities owing to this product launch, which increased income for the company.
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- In February 2021, Masimo added enhanced measuring and patient monitoring capabilities by acquiring LiDCO, a provider of noninvasive and minimally invasive hemodynamic technology.
- In January 2021, a fingertip pulse oximeter that links to the TytoCare device via a cable to log test results to patients’ EHRs and enable remote monitoring by clinicians was introduced by the telehealth business Tyto Care.
- In November 2020, in order to capitalize on the trend in digital health and ongoing investments in innovation, GE Healthcare increased its AI products and Edison ecosystem. The business is also introducing ground-breaking imaging technologies.
- In May 2020, Masimo and Royal Philips reaffirmed their partnership, whereby Philips would incorporate extra Masimo measurement technologies into specific IntelliVue MX-series multiparameter monitors in order to aid doctors in determining cerebral oximetry and ventilation status.
Key Companies Covered:
- Medtronic plc
- Carefusion Corp
- GE Healthcare
- Philips Healthcare
- Masimo
- CAS Medical Systems, Inc
- Opto Circuits India Ltd.
- Nonin Medical, Inc.
- Meditech Equipment Co.
- Welch Allyn
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Pulse Oximeter Market Segmentation
By Type:
- Fingertip
- Handheld
By End-use:
- Hospitals & Other Healthcare Facilities
- Homecare
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