The Pulse oximeter market is witnessing growing demand owing to rising incidences of respiratory disorders and COVID-19 infections. Pulse oximeters are non-invasive medical devices that measure the oxygen saturation level in blood and pulse rates. They work on the principle of spectrophotometry and have enabled point-of-care monitoring during emergencies and medical procedures. The global rise in respiratory illnesses and the necessity of remote patient monitoring during the pandemic have fueled sales of these devices in hospitals as well as for personal or at-home use.

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 2030.

Key Takeaways

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, Gensler, Lendlease Group, ISG plc, DPR Construction, PCL Construction Enterprises, Inc., Structure Tone, Clark Construction Group, LLC, HBA, JLL (Jones Lang LaSalle). The increasing prevalence of chronic respiratory diseases worldwide due to rising pollution levels and the growing geriatric population are fueling demand for pulse oximeters. With remote patient monitoring gaining prominence, major players are expanding their product portfolios and global presence to tap growth opportunities in emerging markets.

The global incidence of respiratory illnesses has been increasing rapidly. According to the World Health Organization, respiratory diseases account for over 8% of total global deaths annually. The growing burden of chronic obstructive pulmonary disease (COPD) and asthma worldwide is driving the need for frequent oxygen saturation level monitoring using pulse oximeters. With rising health awareness, sales of personal use oximeters are also witnessing growth.

Major players in the market have been expanding their international operations into developing regions to gain larger shares. Turner Construction Company, Jacobs Engineering Group Inc. and AECOM have established production and distribution networks across Asia Pacific and Latin America in the last few years. This is allowing them to provide devices as well as after-sales support and cater to the growing demand from price-sensitive markets.

Market Drivers

The rapid surge in COVID-19 cases globally has led to a significant increase in the demand for pulse oximeters from both healthcare facilities and personal use. Monitoring oxygen saturation is vital for the early detection and treatment of hypoxemia, a common complication of the novel coronavirus. With their portability and ease of use, pulse oximeters have found immense utility in screening and remote monitoring of COVID-19 patients with mild to moderate symptoms. This widespread applicability of the devices during the pandemic is a key factor driving market growth over the forecast period.

Impact of geopolitical situation on market growth

The global pulse oximeter market is witnessing challenges arising due to the geopolitical unrest across various regions. The Russia-Ukraine war has severely impacted the medical device supply chains. Both Russia and Ukraine are key suppliers of raw materials like neon, palladium and others used in semiconductor manufacturing. Restrictions on trade with Russia have led to price hikes and shortage of these raw materials, negatively impacting pulse oximeter production. Meanwhile, the ongoing tensions between US and China are also affecting industries reliant on trade between the two countries. The political instability and conflicts in the Middle East region have made it difficult for players to expand and establish operations. Going forward, suppliers will need to diversify their sourcing strategies and develop alternative supply networks to reduce reliance on politically volatile regions for critical components. Companies must focus on improving local manufacturing and forging new supply partnerships outside conflict-impacted areas to minimize disruptions.

Geographical regions of concentrated market value

Presently, North America holds the largest share of the global pulse oximeter market in terms of value. The region accounted for over 35% value share in 2024, benefitting from established healthcare infrastructure and growing incidence of chronic diseases. Availability of advanced technologies, favorable reimbursement policies, rising healthcare spending are fueling the North American market. Meanwhile, Asia Pacific is emerging as the second largest and fastest growing regional market. Countries like China, India and Japan with their large population bases and improving access to healthcare present major opportunities. Rising purchasing power, increasing cases of lifestyle diseases, growing medical tourism are propelling the APAC pulse oximeter demand. Other developing regions of Latin America and Middle East & Africa are also witnessing higher adoption driven by expanding healthcare budgets and infrastructure investments.

Fastest growing region for the market

The Asia Pacific region is poised to showcase the fastest growth in the Global Pulse Oximeter Market during the forecast period. Expanding patient pool affected by respiratory disorders, increasing healthcare expenditure, rising disposable incomes, growing medical tourism are some key macro drivers bolstering the APAC market growth. Another vital factor is the improving access to healthcare facilities across rural and emerging urban centers of Asia Pacific. This has led to increasing installation of pulse oximeters in primary healthcare setups for continuous monitoring applications. Moreover, developing Asia countries like India, China, Indonesia are witnessing significant investments by leading industry players in manufacturing facilities which is creating local employment opportunities and improving product availability. This is expected to have a positive impact on the sales volumes over the coming years in the APAC region.

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