Growing Significance of SpO2 Measurement in Multiple Settings Drives the Global Pulse Oximeters Market

The global market for Pulse Oximeters is projected to reach US$2.4 billion by 2024, driven by the increasing incidence of respiratory diseases, rising adoption in home care market and technological advances.

Measuring and monitoring blood oxygen saturation is a vital aspect in managing various respiratory diseases and trauma, and its importance is growing. While the invasive arterial blood flow measurement is the gold standard technique to achieve this, focus continues to shift towards non-invasive pulse oximeters. The technique, pulse oximetry, is the measurement of oxygen saturation levels, expressed as a percentage or decimal of arterial hemoglobin, which is used by doctors to detect patient distress. Portability, lower price and non-invasiveness nature of these devices are driving their popularity in clinical settings. Additionally, factors such as rising incidence of various chronic and life threatening diseases, growing use of patient monitoring in hospitals, growing adoption of oximeters in home-care markets, expanding target applications and technological advances are also fueling market growth. A major trend emerging in the hospital market is the increasing emphasis on expanding monitoring in to different areas of hospitals, such as general care areas, which is expected to drive growth.

Technological advances such as development of multiparameter devices and more convenient finger-tip and wrist-worn oximeters for use in various areas are expected to surge demand going forwards. The technology involved in pulse oximetry has transformed in the past few years, revealing enhanced features in terms of safety, accuracy and reliability. Further, the industry made rapid strides in alarm management, where devices are designed to produce lower false alarms. The resultant improved efficiency and reliability are expected to fuel adoption in the following years. The growth in the market is also expected to emerge from increasing development of devices featuring technologies for wireless integration with smartphones and other smart devices. Another related trend is the budding market for remote patient monitoring using wireless technologies, which help reduce hospitalizations and delayed detection of adverse health conditions.

The United States represents the largest market worldwide, supported by strong product replacement demand. Asia-Pacific ranks as the fastest growing market with a CAGR of 9.6% through the analysis period, led by factors such as developing healthcare infrastructure; growing awareness among the medical community over the importance of SpO2 measurements; rising environmental pollution aggravated by lack of stringent regulations, resulting rise in the number of COPD patients and adoption of pulse oximeters as a standard for monitoring oxygen saturation; and growing adoption of pulse oximeters in alternate care settings including home care. Handheld Pulse Oximeters represent the largest product market, while miniaturized, and portable Finger Pulse Oximeters and Wrist-worn Pulse Oximeters rank as the fastest growing markets.

Major players in the market include CAS Medical Systems, Inc., Masimo Corporation, Medtronic plc, Nihon-Kohden Corp., Nonin Medical, Inc., Opto Circuits (India) Ltd., Criticare Systems, Inc., Mediaid Inc., Spacelabs Healthcare, Inc. and Philips Healthcare among others.

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