April 17, 2024
Pulse Oximeter Market

The Pulse Oximeter Market Is Growing In Trends By Continuous R&D In Remote Patient Monitoring

Pulse oximeters are medical devices that indirectly monitor the oxygen saturation of a patient’s blood and changes in pulse rate. They are used to screen for or diagnose various conditions related to heart rate and arterial hemoglobin oxygen saturation and also beneficial for monitoring oxygen therapy and to detect hypoxemia. The need for constant monitoring of health conditions and increasing cases of chronic diseases is boosting the adoption of pulse oximeters for remote patient monitoring. Advancements in wireless communication modules integration with pulse oximeters allow continuous monitoring of patients’ condition from anywhere without any geographical barriers.

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 from 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). Growing prevalence of chronic respiratory diseases, cardiovascular diseases and coronavirus diseases worldwide is majorly driving the demand for pulse oximeters. This surging demand is anticipated to fuel the market growth over the forecast period. Advancements in technology for remote patient monitoring are enabling pulse oximeter manufacturers to expand their business globally.

Market key trends

The integration of artificial intelligence in pulse oximeters allows continuous monitoring of patients and notifies caregivers in case of emergencies through smartphones. AI algorithms further help in analyzing data patterns and providing predictive alerts. This trend is expected to grow significantly over the forecast period as it improves patient care and safety.

Porter’s Analysis

Threat of new entrants: Low capital requirements and available technology lowers the threat of new entrants. However, established brands have an advantage.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and undifferentiated products.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and commoditization of components.

Threat of new substitutes: Threat of new substitutes is moderate as new non-invasive technologies can disrupt the market.

Competitive rivalry: High due to many global and regional players competing on brand, quality and pricing.

Geographical Regions

North America accounted for the largest share of the Global Pulse Oximeter Market in 2024 owing to a large patient pool affected by respiratory diseases. The presence of established manufacturers alongside high adoption of pulse oximeters for home healthcare applications further augment market growth.

Asia Pacific is poised to grow at the fastest CAGR during the forecast period due to increasing healthcare expenditure, large patient population base, and growing awareness. In addition, rising medical tourism across India and China will support regional market expansion.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it