The global pulse oximeter market is on track for remarkable growth over the next decade, according to a recent report by Future Market Insights (FMI). Valued at USD 2.5 billion in 2022, the market is projected to more than double, reaching USD 5.1 billion by 2032, with a robust compound annual growth rate (CAGR) of 7.6%.
Pulse oximeters, essential non-invasive medical devices, are crucial for measuring oxygen saturation levels in the bloodstream. Their widespread use in hospitals, clinics, and increasingly for home care, highlights their significance in monitoring health. The surge in the pulse oximeter market is primarily driven by heightened public awareness about health and an escalating demand for personal health monitoring tools.
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As the world navigates through unprecedented health challenges, the reliance on pulse oximeters has intensified, further propelling market growth. Their ease of use, portability, and accuracy make them indispensable tools for monitoring respiratory health, especially amidst the ongoing global health crisis.
“The projected growth of the pulse oximeter market underscores the increasing significance of accessible and reliable healthcare devices,” stated FMI. “We anticipate a continued surge in demand for pulse oximeters, driven by factors such as technological advancements, growing healthcare infrastructure, and heightened health consciousness among individuals.”
In addition to their widespread adoption in healthcare settings, pulse oximeters are witnessing a surge in demand for personal use, driven by consumers’ proactive approach towards health management. This trend is expected to further fuel market growth, creating lucrative opportunities for stakeholders across the globe.
Key Takeaways: Pulse Oximeter Market Analysis
- The USA market is poised to lead globally, reaching a valuation of USD 2.2 billion by 2032. This growth is driven by increasing chronic diseases, rising Covid-19 cases, a growing geriatric population, and advanced healthcare infrastructure. An absolute dollar growth of USD 1.1 billion is expected, with pulse oximeters now mandatory in 43 states. Key market players include Welch Allyn, Nonin Medical, CAS Medical Systems, Masimo, GE Healthcare, and Medtronic Plc.
- The market in the UK is projected to reach USD 234 million by 2032, driven by a CAGR of 9.2% from 2022 to 2032. An absolute dollar opportunity of USD 135 million highlights its growth potential.
- Japan’s market is expected to reach USD 167 million by 2032, growing at a CAGR of 9.4% from 2022 to 2032. The market will experience an absolute dollar opportunity of USD 98.5 million.
- South Korea’s market is forecasted to reach USD 90 million by 2032, with a CAGR of 8.6% from 2022 to 2032. The absolute dollar opportunity for this market stands at USD 50.5 million.
These markets indicate substantial growth opportunities driven by healthcare developments, rising health concerns, and the increasing adoption of pulse oximeters across various regions.
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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.
- In February 2021, Masimo added enhanced measuring and patient monitoring capabilities by acquiring LiDCO, a provider of noninvasive and minimally invasive hemodynamic technology.
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
Pulse Oximeter Market Segmentation:
By Type:
- Fingertip
- Handheld
By End-use:
- Hospitals & Other Healthcare Facilities
- Homecare
By Region:
- North America
- Latin America
- Europe
- APAC
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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