Pulse Oximeter Market Report

Multiple factors are driving the opportunities within the pulse oximeter market. The increasing prevalence of chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma has stimulated the need for devices that are capable of sustaining continuous monitoring among patients primarily in-home care. Among the other vital developments in technology such as continuous wearable pulse oxygen monitoring devices and wireless systems for personal health-related services are opening new dimensions of remote patient health monitoring services, enabling healthcare providers to track their patients more closely. The growth of telemedicine and remote health services is also fuelling opportunities in the market. Furthermore, with the growing number of old age people in the world, the awareness of the importance of using oxygen monitoring in clinical care and at-home care continues to grow, providing another potential area for market growth. Emerging markets are also demonstrating great potential for opportunities owing to improving access to healthcare.

In this, the hospitals and clinics have dominance in the market of pulse oximeters; hospitals make use of facilities of handheld and tabletop devices to get continuous oxygen saturation and pulse rate. This also includes critically ill patients, for instance, in intensive care units, emergency care, or post-surgical monitoring of patients. Another primary factor driving the adoption of pulse oximeters in clinics due to their intensive utilization. Growth in the industry of home healthcare could be characterized to be the result of an increase in diagnoses of COPD, asthma, and sleep disorders. This is further supported by the consumers' increasing demand for portable and simple usage devices for home monitoring. Additionally, the emergence and increasing popularity of wearable pulse oximeters for continuous monitoring of subjects is driving the growth of the home healthcare segment in this market.

An emerging alternative to pulse oximeters is smartwatches and fitness trackers. For instance, in 2023 Masimo launched Freedom Smartwatch which comes with a pulse oximeter technology. However, those types of wearables typically have a built-in pulse oximetry sensor for easily convenient health monitoring solutions. Advanced yet affordable devices will attract convenience-seekers and versatile consumers, yet they will probably also prevent users from buying their independent pulse oximeters. Such devices are integrated with smartphones and other health applications, which strengthen their branding compared to traditional pulse oximeter devices. The awareness gap has been a key contributor to the poor adoption of pulse oximeters in healthcare. Patients have a limited understanding of the utility and application of the devices. Education on consumers and practitioners could improve how pulse oximeters are made use of in such facilities. 

The limited accuracy of pulse oximeters throughout various market segments has posed a significant barrier to market growth among various populations. Research has shown that such pulse oximeters show significantly lesser readings in people with darker skin tones than in other skin colors, which greatly influences the aspect of good patient care. The pulse oximeter market faces significant hurdles in terms of compliance and regulatory constraints these devices are thus classified as medical devices and have to undergo a long and rigorous approval process from health authorities like the Food and Drug Administration and European Commission. It is the responsibility of the manufacturers to observe and fulfill stringent criteria on safety, performance, and quality which involves heavy expenditure and is also time-consuming. Further, the various regulatory requirements differ from region to region, posing complexities in accessing the international market. Compliance delays and costs related to certification, along with changing regulations, inhibit product development and go-to-market activities about the product thereby impeding overall growth.

Major market players utilize marketing strategies involving product innovation, the acquiring of new companies, and merging with others to expand their customer base and improve their offerings. In February 2024, Masimo announced Masimo MightySat the first United States Food and Drug Administration approved over-the-counter pulse oximeter. The patented Masimo SET technology powers this accuracy for both SpO2 and pulse rate (PR) measuring clinically proven, hospital-grade value for both people with low perfusion and of all skin tones, addressing limits of other consumer models.

Furthermore, in August 2024, Prevounce Health introduced the Pylo OX1-LTE pulse oximeter which is best for home patients to monitor their health. It is FDA-approved and designed for the needs of long-term or chronic respiratory conditions such as COPD, asthma, COVID-19, and even heart monitoring cases. A well-structured multicarrier network within which the Pylo OX1-LTE operates comes in handy when you require reliable and secure data transmission even in minimal signal zones. However, in November 2023, GE HealthCare partnered with Masimo to integrate Masimo SET pulse oximetry into Portrait Mobile a wireless, wearable patient monitoring platform from GE HealthCare. The collaboration allows it to measure vital signs, such as oxygen saturation, pulse rate, and respiration rate, continuously, through Motion and Low Perfusion. 

In Addition, in December 2024, Movano received FDA clearance for the pulse oximeter feature in its Evie Ring, a wearable device for clinical trials and chronic disease management. The clearance followed two trials comparing its accuracy to traditional pulse oximeters. Movano aims to differentiate its product in the market by offering clinical-grade technology.  This unique innovation drives the market.

North America is the major market for pulse oximeters which is further driven by the United States and Canada. With the modern integrated healthcare infrastructures, along with the higher awareness of chronic respiratory diseases and wider adoption of home healthcare devices, hospitals, and clinics have many applications of pulse oximeters for critical care, surgical recovery, and monitoring conditions like COPD and sleep apnea. The rapidly increasing use of portable, wireless pulse oximeters through remote patient monitoring (RPM) is adding to the growth of this market. Other contributors include favorable reimbursement policies and the participation of major players such as Masimo and Medtronic. 

Europe is a significant market for pulse oximeters with countries such as Germany, the United Kingdom, and France contributing to the overall demand. The European healthcare system has also enthusiastically embraced the concepts of remote monitoring technologies enabling the use of wearable pulse oximeters. Therefore, an already established and very well-groomed regulatory framework and high standards in healthcare have popularized clinically accurate devices. The need for an emphasis on home healthcare and telemedicine makes Europe a very promising region for market opportunity. Furthermore, increased government investments in health, in addition to widening healthcare access to Eastern European countries, create opportunities for continuous market growth.

The rapid growth of the pulse oximeter market in the Asia-Pacific region is mainly driven by the emerging economies of countries like China, India, and Southeast Asia. For instance, according to the National Institute of Health in 2023, the prevalence of COPD in 20-year-old adults is 8.6%, and 40 years and older is 13.7%. Also, as per one of the researches, in 2024 global asthma deaths in India is 46% focuses the growing respiratory diseases, along with awareness of healthcare among people, the demand for these devices continues to grow. Another major aspect is the growing negligence of using inexpensive homecare devices and wearables for remote patient monitoring, ultimately increasing market expenditure. In addition, the healthcare infrastructure improvements and increases in disposable income across the region with government initiatives and healthcare reforms to advance access to healthcare all of these would add to market growth.