U.S. Pulse Oximeters Market Size, Share & COVID-19 Impact Analysis, By Product Type (Fingertip Oximeters, Handheld Oximeters, Tabletop Oximeters, and Others), By Technology (Conventional and Smart), By Age Group (Adults and Pediatrics), By End-user (Hospitals and Ambulatory Surgical Centers, Clinics, Home Healthcare, and Others), and Country Forecast, 2023-2030

The U.S. pulse oximeters market size was worth USD 877.4 million in 2022 and is projected to grow at a CAGR of 5.2% during the forecast period.

A pulse oximeter helps to assess the patient’s oxygen saturation, especially during Chronic Obstructive Pulmonary Disease (COPD), asthma, anemia, lung cancer, and other diseases. Therefore, the increasing prevalence of these diseases and the rising geriatric population in the country has led to an increased demand for these devices.

• For instance, as per American Lung Association, in 2020, around 12.5 million people, or 5.0% of adults, suffered from Chronic Obstructive Pulmonary Disease (COPD) in the U.S.

After the sudden outbreak of COVID-19, the U.S. pulse oximeters market experienced significant growth in 2020. These devices proved to be quite effective in recognizing early signs of hypoxia. This fueled the demand for these devices during the pandemic.

LATEST TRENDS

Increasing Usage of Pulse Oximeters Among Athletes to Boost Market Growth

The adoption of pulse oximetry devices has increased among the general population while performing activities such as trekking, cycling, or other sports activities. With the emergence of smart pulse oximetry devices, the demand for these devices has further increased in sports activities. These sensor-based smart devices monitor blood oxygen saturation and pulse measurement, the most important signs while exercising.

The users can access this data and share it with their doctors or coaches, enabling remote access. Various sports organizations recommend these pulse oximetry devices for continuously monitoring athletes.

• In July 2020, Masimo announced a partnership with National Basketball Association (NBA) to be its official supplier of pulse oximetry. Masimo supplies the NBA with MightySat fingertip pulse oximeters on its campus in Orlando, U.S.

DRIVING FACTORS

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Increasing adoption of Advanced Technology in Pulse Oximeters has been Fueling the Market Growth

The increasing prevalence of diseases such as chronic bronchitis, atrial fibrillation, and others has increased the market players’ focus on investment in developing novel and technologically advanced pulse oximetry devices.

• In September 2020, Masimo announced an FDA clearance of the Rad-G Pulse Oximeter, a rugged handheld device that provides clinically proven SET pulse oximetry. The oximeter includes features such as a long-lasting rechargeable battery, robust rubber casing, lightweight, and a convenient new direct-connect sensor capable of monitoring adults and children.

The launch of these oximeters with advanced technology increased the efficiency of these devices, thereby fueling their adoption among the population.

In 2022, around 26.0 million people were affected by asthma, registering an increase of 4.4% from the prior year.

RESTRAINING FACTORS

Certain Limitations Associated with the use of these devices to Limit the U.S. Pulse Oximeters Market Growth

Certain factors, such as poor circulation, temperature fluctuation, tobacco use, use of nail paint, inconsistent reading due to darker skin pigmentation, and other such factors, have been demonstrated to impact the accuracy of readings from pulse oximeters.  

• A study published by Geeky Medics in February 2022 stated that pulse oximetry devices cannot be considered a completely accurate tool. The primary reason is that the readings can get affected by various clinical, physiological, technical, and environmental factors.

Moreover, as per the information released by the U.S. Food and Drug Administration (FDA), in 2021, the accuracy of the pulse oximeters will depend on oxygen saturation. For instance, when an FDA-approved pulse oximetry device gives a reading of 90% oxygen saturation, the body's actual arterial blood saturation is in the range of 86%-94%.

Such limitations associated with these devices' accuracy tend to limit the U.S. market growth.

SEGMENTATION

By Product Type Analysis

The U.S. market is fragmented into fingertip oximeters, handheld oximeters, tabletop oximeters, and others.

The tabletop oximeters segment dominated the market in 2022 and is expected to grow substantially during the forecast period. COPD causes breathing problems such as emphysema and chronic bronchitis. If not diagnosed and monitored properly can lead to death. Early diagnosis and effective treatment can help control the disease's severity. Therefore, the rising burden of COPD in the U.S. has fueled the segment’s growth.

• For instance, as per the Centers for Disease Control and Prevention, in 2020, the prevalence of COPD in the U.S. was around 5.6% in the population aged 18 years and above.

By Technology Analysis

On the basis of technology, the market is bifurcated into conventional, and smart.

The smart segment is expected to grow at a significant CAGR during the forecast period. The segment's growth is attributed to the rising demand for virtual consultation and the introduction of technologically advanced smart products.

• For instance, in January 2021, Tyto Care launched its U.S. FDA-cleared fingertip Pulse Oximeter (SpO2) medical device for checking blood oxygen saturation levels. The oximeter results are displayed in the TytoCare platform for clinician review and sent to patients’ Electronic Health Record (EHR).

By Age Group Analysis

The market is bifurcated into adults, and pediatrics in terms of age group.

The pediatrics segment is expected to grow at the fastest CAGR during the forecast period. The segment's growth is due to the increasing emphasis of regulatory bodies on implementing policies to mandate the point of service (POS) in healthcare settings for pediatrics and neonates.

• The American Academy of Pediatrics (AAP) suggested a pulse oximeter to be a part of newborn screening for critical congenital heart disease (CCHD). In 2018, policies for screening newborns have been implemented in all states in the U.S.

The adult segment dominated the market in 2022. The segment’s dominance is attributed to the increasing prevalence of asthma and the growing demand for pulse oximetery devices to monitor patients’ condition in this disease.

By End-user Analysis

On the basis of end-user, the market is segmented into hospitals and ambulatory surgical centers, clinics, home healthcare, and others.

The hospitals and ambulatory surgical centers segment is expected to grow at a significant CAGR during the forecast period. The segment's growth is attributed to the increasing hospital admissions of patients suffering from COPD and improvement in the healthcare infrastructure.

• For instance, as per the article published by Respiratory Care in January 2020, around 700,000 hospitalization occurs annually due to COPD in the U.S.

KEY INDUSTRY PLAYERS

Masimo and Medtronic are significant players in the market. The growth of these players is attributed to their emphasis on introducing technologically advanced products to strengthen their position in the market.

• For instance, in November 2021, Masimo announced the launch of Dual SET Pulse Oximetry for Root, a highly versatile patient monitoring device. This product launch is expected to expand its products for critical congenital heart disease (CCHD) and strengthen its presence in the market.

Other market players, such as Koninklijke Philips N.V., Nonin, and NIHON KOHDEN CORPORATION held substantial U.S. pulse oximeters market share in 2022. These players focus on strategic developments to capture more market share during the forecast timeframe.

LIST OF KEY COMPANIES PROFILED:

• GE Healthcare (General Electric Company) (U.S.)


• Masimo (U.S.)


• VYAIRE (U.S.)


• Nonin (U.S.)


• Medtronic (Ireland)


• Koninklijke Philips N.V. (Netherland)


• Smiths Medical (ICU Medical Inc.) (U.S.)


• Beurer GmbH (Germany)


• NIHON KOHDEN CORPORATION (Japan)

KEY INDUSTRY DEVELOPMENTS:

• December 2021 – Koninklijke Philips N.V. announced to acquire Cardiologs.  Through this acquisition, the company aimed to expand its offering and enhance its artificial intelligence (AI) and cloud technology capabilities in monitoring and cardiology.


• December 2021 – Zynex, Inc acquired Kestrel Labs, Inc., a patient monitoring technology company. The acquisition helped Zynex Inc. add several laser-based pulse oximetry monitoring products to its noninvasive blood, fluid, and sepsis monitor portfolio.


• February 2021 – Koninklijke Philips N.V. acquired BioTelemetry, Inc. to enhance its product portfolio.

REPORT COVERAGE

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The market report provides a detailed analysis of the market. The report includes market segmentation, key points such as an overview of technological advancements in pulse oximeter devices, and the product portfolio of the key players operating in this market. Additionally, it includes the adoption of pulse oximetry devices in the U.S., new product launches, key industry developments like mergers, collaborations, & acquisitions, and the impact of the COVID-19 pandemic on the market. Besides this, the report also offers insights into the market trends and highlights key industry dynamics. In addition to the aforementioned factors, it encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation