Pulse Oximeter Market

Medtronic plc (US), Masimo (US), Koninklijke Philips N.V. (Netherlands) are the Leading Players in the Pulse Oximeter Market

The pulse oximeter market is projected to reach USD 3.7 billion by 2026 from USD 2.3 billion in 2021, at a CAGR of 10.1% during the forecast period. Growth in this market is majorly driven by the high prevalence of respiratory diseases worldwide; the increasing number of surgical procedures; the growing geriatric population and increasing incidence of chronic diseases; the growing investments to improve healthcare infrastructure and technological advancements in pulse oximeter device. The growing medical device companies in emerging economies, increasing demand for patient monitoring in non-hospital settings, and upcoming opportunities in point-of-care testing are expected to offer significant growth opportunities for market players during the forecast period. On the other hand, concerns regarding the regulations on pulse oximeters and the accuracy of non-medical pulse oximeters are expected to limit market growth to some extent in the coming years.

The global pulse oximeter market is fragmented and 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 oximeter market include Medtronic plc (Ireland), Masimo Corporation (US), Koninklijke Philips N.V. (Netherlands), Nonin Medical Inc. (US), Meditech Equipment Co., Ltd. (China), Contec Medical Systems Co., Ltd. (China), GE Healthcare (US), ChoiceMMed (China), OSI Systems, Inc. (US), Nihon Kohden Corporation (Japan), Smiths Group plc (UK), Honeywell International Inc. (US), Dr Trust (US). However, in the last few years, a number of smaller players have emerged from niche markets and 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 expanding their geographic presence into high-growth emerging markets and strengthening their competitiveness in the market by acquiring smaller players with desired technological capabilities or geographic presence.

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Medtronic plc held the largest share of the pulse oximeters market. It offers a comprehensive portfolio of patient monitoring equipment, including pulse oximeters, acute care ventilators, and capnography. The company offers various portable and bedside oximeters to a wide range of end-use industries. The Nellcor brand of oximeters holds a significant market position due to its brand name and witnesses high adoption in hospitals as they are prescription-based devices. Medtronic has its manufacturing facilities and sales offices in North America, Europe, and Asia, with its major sales in the US. The company is focused on strengthening its presence across markets, such as APAC, Japan, Western Europe, as well as the Middle East and Africa. The company’s R&D expenditure increased by 27.2% from USD 93.3 million in 2019 to USD 118.7 million in 2021, with the aim of discovering and developing technologically advanced pulse oximeters and patient monitoring devices. The company aims to bring about technological innovation in its oximeter devices for better connectivity and enable remote patient monitoring.

Masimo held the second position in the pulse oximeters market. Masimo has built an extensive 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 company offers noninvasive blood constituent, brain and breath monitoring, including rainbow Pulse CO-Oximetry, brain function electroencephalogram (EEG) monitoring, respiration rate, capnography, and anesthetic agent monitoring. It derives a majority of its revenue from the developed regions of North America and Europe. The US accounted for 66.7% of Masimo’s sales and was the only country that accounted for more than 15% of the total sales in 2021. The company has a diversified consumer base that includes hospitals, medical device & pharmaceutical companies, and universities. It focuses on organic and inorganic growth strategies, such as product launches, agreements, and acquisitions, which enable it to further strengthen its market position. The company is continuously enhancing its market position by launching innovative oximeters with better functionalities, such as the Masimo rainbow SET platform that provides real-time monitoring of additional noninvasive measurements apart from SpO2 levels. Masimo aims to expand the pulse oximeters market to other patient care settings apart from its current base and expand the use of its rainbow technology in hospital settings in the next three to five years.

Related Reports:

Pulse Oximeter Market by Product (Equipment, Sensor), Type (Portable, Handheld, Table Top, Wearable), Technology (Conventional, Connected), Age Group (Adult, Infant, Neonatal), End User (Hospitals, Home Care), COVID-19 Impact – Global Forecast to 2026

Mr. Aashish Mehra
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Report Code
MD 7909
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