Pulse Oximeter Companies

The pulse oximeters market is projected to reach USD 7.03 billion by 2032 from USD 3.92 billion in 2025, at a CAGR of 8.7% during the forecast period.

The growth of this market is primarily driven by several factors: the rising prevalence of respiratory diseases, an increasing geriatric population accompanied by a rise in chronic illnesses, and a growing incidence of congenital heart disease (CHD) in children. Additionally, the expansion of medical device companies in emerging economies and an increasing preference for non-invasive devices and point-of-care testing are expected to provide significant growth opportunities for market players in the forecast period. However, concerns regarding regulations and accuracy associated with over-the-counter (OTC) pulse oximeters may limit market growth in the coming years.

The global pulse oximeter market is highly competitive, with various players holding significant shares in the conventional and connected pulse oximeter markets. Some of the leading players in the 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), and Drägerwerk AG & Co. KGaA (Germany), among others.

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MEDTRONIC (IRELAND)

Medtronic accounted for the largest share of 25−29% of the pulse oximeters market. It offers a comprehensive portfolio of patient monitoring equipment, including pulse oximeters, acute care ventilators, and capnography. Medtronic has manufacturing facilities and sales offices in North America, Europe, and the Asia Pacific, with primary sales in the US. The company increased its R&D spending to USD 2.735 billion, a 1.45% rise compared to 2023, to introduce innovative technologies and medical devices to the market. The company’s R&D activities include improving existing products and therapies and expanding their applications. 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 (US)

Masimo Corporation remains dominant in the global pulse oximeter market, known for its proprietary Signal Extraction Technology (SET®) that offers high-accuracy oxygen saturation monitoring even under challenging clinical conditions. In 2024, Masimo expanded its reach significantly through strategic partnerships, including collaborating with Medable Inc. to integrate its MightySat Rx device into remote clinical trials across 25 countries. The company’s US sales accounted for 66.7% of revenue, and it is increasingly targeting global markets through diversified offerings in hospitals and home care. Masimo’s healthcare revenue from pulse oximetry sold to Group Purchasing Organizations rose from USD 678.1 million in 2023 to USD 794.0 million in 2024, underscoring robust global demand growth in clinical environments.

KONINKLIJKE PHILIPS (NETHERLANDS)

Philips (Koninklijke Philips N.V.) maintains a strong footprint in the pulse oximetry segment by leveraging its wide-ranging portfolio of patient monitoring solutions, including fingertip, wearable, and wrist-worn pulse oximeters. The company focuses on integrated care, combining pulse oximetry with broader respiratory and remote monitoring platforms. Philips has a significant global presence across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, clearly emphasizing expanding in emerging healthcare markets.

Market Ranking

The global pulse oximeters market is competitive, with the top players— 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), and OSI Systems, Inc. (Spacelabs Healthcare) (US). The competition among the leading players is high, and most focus on establishing partnerships. The market is dominated by key players with a strong global footprint and well-established supply and distribution chains in developed regions such as North America and Europe. Smaller players strive for sustainable growth by focusing on low-price products and technological innovation. This results in a highly competitive market with numerous small and medium-sized players in developed and emerging markets. Meanwhile, the dominant market players leverage their expertise, higher R&D budgets, and strong brand recognition to minimize competition from smaller players in regional markets.

Related Reports:

Pulse Oximeter Market by Product (Equipment, Sensor), Type [Portable (Handheld, Wearable, Fingertip), Bedside], Technology (Conventional, Connected), Age Group (Adult, Infant, Neonatal), End User (Hospitals, Home Care), Region - Global Forecast to 2032

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