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Global pulse oximeters market poised for exponential growth


Global pulse oximeters market poised for exponential growth

The pulse oximeters market is gearing up for remarkable expansion, driven by technological advancements and increasing demand for precise healthcare monitoring devices. With the global market size projected to skyrocket from US$2.28 billion in 2023 to an impressive US$5.56 billion by 2033, stakeholders are keenly eyeing the lucrative opportunities that lie ahead.


Key insights from Precedence Research indicate North America as the primary revenue generator, capturing a substantial 48.91% share in 2023. This dominance underscores the region's commitment to healthcare innovation and its readiness to embrace cutting-edge technologies to address evolving medical needs.


Product segment


Pulse oximeters products market is segmented into fingertip pulse oximeters, handheld pulse oximeters, and tabletop pulse oximeters. Among these, handheld oximeters lead the product segment, commanding the largest revenue share in 2023. Their portability and versatility make them indispensable across various domains, including aviation, sports, and medical emergencies. Notably, the COVID-19 pandemic has fueled demand for handheld pulse oximeters due to their accuracy and suitability for individual patient use.


Fingertip pulse oximeters, known for their non-invasive nature and user-friendly design, are gaining traction, particularly in neonatal and home healthcare settings. These devices, equipped with features like Bluetooth connectivity and extensive memory, are witnessing technological enhancements that further bolster their effectiveness and appeal.


Latest innovation


Masimo, a renowned medical technology company, has unveiled a groundbreaking advancement in home healthcare with the introduction of the first FDA-cleared "Over-the-Counter" fingertip pulse oximeter, MightySat Medical. This innovative device marks a significant shift in consumer health monitoring, bringing clinically proven Masimo SET pulse oximetry technology directly into the hands of consumers without the need for a prescription.


Accuracy and reliability are paramount in healthcare, and MightySat Medical addresses these concerns by providing trustworthy oxygen saturation and pulse rate measurements. Previously exclusive to hospitals and clinics, Masimo's SET pulse oximetry technology has been relied upon by healthcare professionals worldwide to monitor over 200 million patients annually. The FDA clearance of MightySat Medical for over-the-counter use signifies a major milestone, as it eliminates the confusion surrounding the reliability of pulse oximeters available in the market.


End-user market


In terms of end-users, the global pulse oximeters market is categorized into hospitals, ambulatory surgical centers, and home healthcare. The hospitals emerge as the major market segment in 2023, driven by the essential role of oximetry in newborn screening and the growing adoption of pulse oximeters in hospital settings.


Additionally, the rising prevalence of chronic diseases and the preference for home-based care contribute to the increased demand for pulse oximeters in the home healthcare segment.


The pulse oximeters market in the United States presents promising growth prospects. The market size was valued at US$781.81 million in 2023 and is expected to reach US$1,978.17 million by 2033, growing at a CAGR of 9.74% from 2024 to 2033.


Overall, the pulse oximeters market is on the cusp of transformation, fueled by technological innovation and evolving healthcare trends. As awareness of the importance of oxygen level monitoring continues to grow, pulse oximeters are poised to play a vital role in ensuring patient well-being across various healthcare settings. With hospitals, home healthcare providers, and other end-users expected to drive demand, the pulse oximeters market presents lucrative opportunities for industry players and stakeholders worldwide.


Source: Precedence Research, Masimo

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