Pulse Oximeters Market Size, Share, Growth Analysis, By Product Type(Fingerprint pulse oximeters, hand-held pulse oximeters, table top/ bedside pulse oximeters), By Technology(Conventional and connected), By Age group(Adult and pediatric), By End user(Hospitals, homecare, and ambulatory care centres), By Region - Industry Forecast 2024-2031

Pulse Oximeters Market size was valued at USD 1.6 billion in 2019 and is poised to grow from USD 1.72 billion in 2023 to USD 3.12 billion by 2031, growing at a CAGR of 7.7% in the forecast period (2024-2031).

The growth of the market is attributed to increasing prevalence of respiratory diseases, growing geriatric population, technological advancement in pulse oximeters, rising investments in healthcare infrastructure, and increasing governments initiatives. The increasing prevalence of target diseases such as asthma, hyperlipidemia, hypertension, diabetes, ischemic conditions, cardiac arrhythmia, sleep apnea, and COPD is expected to drive market growth during the forecast period. According to WHO, around 64 million patients currently suffer from COPD worldwide with approximately 90% of deaths due to COPD occurring in low-and middle-income countries.

Pandemic had positive impact on the market as this disease is associated with respiratory diseases that affect the lungs. Hence, there is a need of monitoring the oxygen level and pulse rate of the covid affected patients which increases the demand for patient monitoring devices in the hospital and homecare centres which ultimately drives global market growth.

Governments are taking initiatives to increase the use of pulse oximeters in every hospital and healthcare centre that have a positive impact on market growth. Further, technological advancements such as alarm systems, extensive memory, easily transferable data, and the rising use of Bluetooth devices significantly contribute to the market growth. In addition, the increasing technological advancements in spO2 and oxygen monitoring devices also have a positive impact on market growth.

Key players are focusing on expanding the production of pulse oximeters in order to meet the demand for respiratory devices. For instance, in Feb 2021, Masimo acquired LiDCO , a provider of non-invasive and minimally invasive hemodynamic technology that added enhanced measuring and patient monitoring capabilities.

US Pulse Oximeters Market is poised to grow at a sustainable CAGR for the next forecast year.