Pulse oximeters are FDA-cleared devices that measure blood oxygen saturation levels through painless and non-invasive means by attaching sensors to a patient's fingers or earlobes. Pulse oximeters are becoming increasingly popular for remote patient monitoring applications.

The global Pulse Oximeter Market size is estimated to be valued at US$ 4243.13 Mn in 2023 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

The increased adoption of remote patient monitoring has been a key trend driving the growth of the pulse oximeter market. The ongoing Covid-19 pandemic has further accelerated this trend as pulse oximeters allow monitoring of patients remotely without the need for frequent hospital or clinic visits. This has not only improved health outcomes but also helped overcome issues like lack of access and affordability of healthcare. Furthermore, technological advancements have made pulse oximeter devices compact, accurate and Wi-Fi/Bluetooth enabled for seamless transmission of vital health data to healthcare providers and caregivers remotely. Going forward, the increased focus on telehealth and home healthcare is expected to further propel the demand for remote patient monitoring pulse oximeters over the forecast period.

Segment Analysis

The global pulse oximeter market is dominated by the fingertip segment. Fingertip pulse oximeters are the most common and widely used pulse oximeters across all healthcare settings. Advantages such as simple design, easy to use, portable, and cost-effective nature make fingertip pulse oximeters the preferred choice among healthcare professionals and patients. The fingertip segment accounted for a market share of over 60% in 2024 owing to its widespread adoption for spot-checking of blood oxygen saturation levels.

Key Takeaways

The Global Pulse Oximeter Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market is projected to grow at a CAGR of 5.1% during this period. By 2031, the pulse oximeter market size is estimated to reach US$ 7282.28 Mn.

Regional analysis: North America dominated the global pulse oximeter market in 2024 with a share of over 35%. High awareness regarding patient monitoring and availability of advanced healthcare facilities are major factors driving market growth in the region. Asia Pacific is expected to be the fastest growing regional market between 2024-2031. Countries such as China, India, and South Korea are witnessing rising healthcare expenditures as well as increased focus on quality of care which will support pulse oximeter sales in the coming years.

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 a major EPC services providing company globally. The company specializes in vertical construction such as healthcare, education and commercial sectors. Jacobs Engineering Group Inc. is an American technical professional services firm offering a wide range of design, consultancy, and construction services.

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