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3. Medtronic plc (Ireland), Masimo (US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Nihon Kohden Corporation (Japan) are the leading players in the Pulse Oximeter Market

The pulse oximeters market is projected to reach USD 4.3 billion by 2027 from USD 2.8 billion in 2022, at a CAGR of 8.8% during the forecast period. Growth in this market is majorly driven by the rising prevalence of respiratory diseases, increasing geriatric population and subsequent rise in chronic diseases, and the increasing prevalence of congenital heart disease (CHD) in children. The expansion of medical device companies in emerging economies, and growing preference for noninvasive devices and point-of-care testing are expected to offer significant growth opportunities for market players during the forecast period. However, concerns regarding the regulations and the accuracy concerns for OTC pulse oximeters are expected to limit market growth to some extent in the coming years.

The global pulse oximeters market is highly competitive, with various players governing major shares in the conventional and connected pulse oximeter markets. Some of the major players governing the overall pulse oximeters market include Medtronic plc (Ireland), Masimo Corporation (US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Nihon Kohden Corporation (Japan), GE Healthcare (US), CONTEC MEDICAL SYSTEMS CO., LTD. (China), ICU Medical, Inc. (US), Drägerwerk AG & Co. KGaA (Germany), OSI Systems, Inc. (Spacelabs Healthcare) (US), Honeywell International Inc. (US), MEDITECH Equipment Co., Ltd. (China), Medline Industries, LP (US), ChoiceMMed (China), Dr Trust (US), Shanghai Berry Electronic Technology Co., Ltd. (China), Promed Group. Co., Ltd. (China), Tenko Medical System Corp. (US), HUM GmbH (Germany), Beurer GmbH (Germany). However, in the last few years, a number of smaller players have emerged that are competing with global players based on price and technological innovation. Due to the intense competition in the market, major market players are increasingly focusing on strengthening their competitiveness in the market by launching more technologically advanced products and receiving approvals for them and expanding their geographic presence into high-growth emerging markets.

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Medtronic plc held the largest share of 23-25% of the pulse oximeter market. It offers a comprehensive portfolio of patient monitoring equipment, including pulse oximeters, acute care ventilators, and capnographs. Medtronic has manufacturing facilities and sales offices in North America, Europe, and the Asia Pacific, with major sales in the US.

The company invested about USD 2,746 million in FY 2022 in R&D, up from USD 2,493 million in FY 2021, to introduce innovative technologies and medical devices in the market. The company’s R&D activities include improving existing products & therapies and expanding applications for use. For instance, the company’s patented advanced technologies, such as OxiMax Technology, are integrated into its pulse oximeters to enhance the accuracy of the SpO2 monitors.

Masimo Corporation accounted for the second largest share of the pulse oximeters market. Masimo has wide product portfolio of patient monitoring devices, especially pulse oximeters. Its core business is Measure-through Motion and Low Perfusion pulse oximetry, known as Masimo Signal Extraction Technology (SET) pulse oximetry. The US accounted for highest percentage of Masimo’s sales in 2021. Masimo aims to expand the use of its pulse oximeter technology in hospital settings in the coming years.

Koninklijke Philips is a leading company in the pulse oximeter market. The company’s broad product portfolio is its key strength. The company offers pulse oximeter devices such as fingertip pulse oximeters, wrist-worn pulse oximeters, wearable pulse oximeters, handheld pulse oximeters, and reusable & disposable sensors for adult & pediatric patients. The company offers pulse oximeters for home respiratory care, hospital respiratory care, and patient monitoring solutions. It also has a strong geographic presence across North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. In the past three years, investments in R&D and product innovation were the major strategies adopted by the company for long-term growth. The company has significant brand recognition and has reported an increase in R&D expenses of about 18.4% in 2021 compared to 2019.

Related Reports:

Pulse Oximeter Market by Product (Equipment, Sensor), Type (Portable/Table-Top Pulse Oximeters), Technology (Conventional, Connected), Age Group (Adult, Infant, Neonatal), End Users (Hospitals, Home Care, Ambulatory Care Centers) - Global Forecast to 2027

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Mr. Aashish Mehra
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