Pulse oximeters are medical devices that measure the amount of oxygen present in the hemoglobin of a patient’s red blood cells and alert medical practitioners about hypoxemia or oxygen deficiency in the blood. They are widely used while monitoring patients during surgeries, treating respiratory conditions, and caring for newborn infants and the elderly. The growing geriatric population suffering from various chronic respiratory diseases has increased the demand for pulse oximeters.
The global pulse oximeter market is estimated to be valued at US$ 4243.13 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the pulse oximeter market is the growing demand for wireless devices. Wireless pulse oximeters allow flexible remote monitoring of patients without the hassles of wires. This has significantly increased their adoption across home care settings and ambulances. Manufacturers are increasingly focusing on developing fingertip, wearable, and clip sensors for wireless oximeters to improve portability and convenience. Another key trend is the integration of oximeters with smartphones and tablets through Bluetooth for telemonitoring. This allows caregivers to remotely track patients’ oxygen saturation levels and vitals on mobile devices. Technological advancements have led to the emergence of reflective pulse oximeters without probes that provide contact-free measurements. Such innovative products are expected to witness high demand going forward.
Threat of new entrants: The Pulse Oximeter Market requires considerable capital investments for R&D and technological advancements which acts as a deterrent for new players.
Bargaining power of buyers: The buyers in the market have moderate bargaining power as there are few international players offering pulse oximeters along with the availability of low cost generic brands.
Bargaining power of suppliers: The suppliers have low to moderate bargaining power due to the availability of substitute raw materials and technology support from various industry players.
Threat of new substitutes: Substitutes technologies such as imaging and analytical testing instruments pose threat to some extent.
Competitive rivalry: The market is highly competitive with the presence of many global as well as regional players.
The Global Pulse Oximeter Market Size is expected to witness high growth during the forecast period of 2024 to 2031. The global pulse oximeter market is estimated to be valued at US$ 4243.13 Mn in 2024 and is expected to exhibit a CAGR of 5.1% over the forecast period 2024 to 2031.
Regional analysis: North America dominates the global market and is expected to grow at a CAGR of 4.8% during the forecast period. Availability of advanced healthcare facilities and presence of major players in the region are fueling market growth.
Key players: Key players operating in the Pulse Oximeter Market are Turner Construction Company, Jacobs Engineering Group Inc., HOK Group, Inc., Skanska AB, AECOM, Balfour Beatty plc. Turner Construction Company is one of the largest construction companies in the US and offers pulse oximeter products along with construction of healthcare infrastructure.