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Pulse Oximetry Market Size, Share & Trend Analysis - Global - 2025-2031 - Includes: Pulse Oximetry Monitors and Pulse Oximetry Sensors

Published Dec 23, 2024
Length 72 Pages
SKU # IDR20812863

Description

Global Pulse Oximetry Monitoring Market Report, 2025 Edition

Executive Summary

The global pulse oximetry monitoring market was valued at 2.5 billion dollars in 2024. The market is expected to grow at a 2.0 percent CAGR and reach nearly 2.9 billion dollars by 2031. Pulse oximetry monitoring has become a core component of patient monitoring across a wide range of care settings, from intensive care units to primary care clinics and home environments.

This report covers the complete global market for pulse oximetry monitors and pulse oximetry sensors. It quantifies unit sales, average selling prices, market values and growth rates, and provides competitive share analysis for leading manufacturers. It also reviews key drivers and limiters, including the expansion of low-acuity monitoring, the impact of demographic change and the influence of low-cost competition and long-term contracts on pricing.

The global pulse oximetry monitoring market is shaped by a steady increase in indications, strong demand for non-invasive vital sign monitoring, and the continued integration of pulse oximetry into multi-parameter monitoring systems. At the same time, the market faces price pressure in mature regions where high-acuity environments are already saturated and purchasing is primarily replacement based.

The report provides historical data from 2021 to 2024 and forecasts to 2031. It is designed to give manufacturers, distributors, investors and healthcare providers a clear view of where growth will occur and how technology and purchasing trends will influence the future of pulse oximetry monitoring worldwide.

Market Overview

Pulse oximetry monitoring measures blood oxygen saturation (SpO2) and pulse rate using non-invasive sensors. It has become a standard of care for critically ill patients, surgical patients and individuals at risk of respiratory compromise. Over time, its use has expanded from intensive care units and operating rooms into emergency departments, general wards, ambulatory surgery centers, long term care facilities and home care environments.

The number of indications for pulse oximetry in healthcare is increasing. Hospitals are expanding low-acuity monitoring, and there is growing use of finger pulse oximeters and compact devices that can be deployed in waiting rooms, triage areas, procedure rooms and outpatient clinics. These devices are relatively low cost, which allows more sites to deploy monitoring at scale and enables individual patients to acquire personal devices for home use.

Pulse oximetry monitoring is firmly established as a standard of care in critical care settings. In high-acuity environments such as ICUs, operating rooms and post-anesthesia care units, pulse oximetry is tightly integrated into multi-parameter bedside monitors and telemetry systems. In recent years, adoption has increased in primary care, emergency and ambulatory settings, where clinicians use pulse oximetry to support triage, chronic disease management and post-procedural follow up.

In low and middle income regions, the market is supported by efforts to improve access to basic monitoring equipment. Low-cost handheld and fingertip devices, often enabled by local manufacturers or value-oriented imports, make it easier to equip facilities that previously lacked reliable SpO2 monitoring. This broadens the installed base and supports steady growth in unit sales, even when average selling prices are under pressure.

While demand continues to rise, the global pulse oximetry monitoring market is maturing in several high income regions. Many hospitals in North America and Western Europe already have established fleets of pulse oximetry monitors, and purchase decisions are often driven by replacement cycles and sensor contracts rather than large-scale expansion. In these markets, growth is influenced by the mix of premium technology, long term supply agreements and lower cost alternatives.

Market Drivers

Demand in Care Sites

The most important driver of the global pulse oximetry monitoring market is the expanding number of clinical indications and care sites where SpO2 measurement is required. Low-acuity monitoring within hospitals is increasing as facilities implement early warning scores and continuous or intermittent monitoring for broader patient populations.

Finger pulse oximeters and small portable devices are widely used in triage, primary care and ambulatory settings. Because these devices are affordable and easy to use, hospitals, clinics and individual practitioners can deploy them in large numbers. Patients and caregivers are also more familiar with pulse oximetry, which encourages home use in chronic respiratory diseases and post-surgical recovery.

Pulse oximetry remains standard of care for critically ill patients. Every expansion in procedural volume and every protocol that calls for continuous or intermittent oxygen saturation monitoring reinforces the importance of pulse oximetry monitors and sensors. As new clinical pathways adopt SpO2 as a routine parameter, the number of devices and sensors required across the health system increases.

Demographic Factors

Demographic change is another strong driver. Almost ten percent of the global population is now over 65 years of age, and this proportion is expected to grow rapidly. The share of older adults has almost doubled since the 1960s, and the rate of increase is higher than at any previous time.

An aging population is associated with higher rates of chronic diseases, including chronic obstructive pulmonary disease, heart failure, sleep disorders and other conditions that affect respiratory function. As chronic illness burden grows, healthcare systems perform more diagnostic and interventional procedures, manage more complex episodes of care and monitor more patients over longer periods.

This increase in medical procedural volume and chronic disease management drives demand for pulse oximetry monitoring across both critical and non critical care settings. SpO2 measurement is a basic but essential parameter for assessing patient stability, which makes pulse oximetry a natural component of multi-parameter monitoring strategies for older patient populations.

Growth of Multi Parameter Monitoring Devices

The expansion of bedside monitors, telemetry systems and wearable multi-parameter monitoring devices directly supports the pulse oximetry market. Almost all modern multi-parameter monitors include pulse oximetry as a core function. In these cases, the demand for pulse oximetry sensors is closely tied to the installed base and utilization patterns of multi-parameter devices.

Monitoring intensity is increasing in hospitals, particularly in step down units, telemetry wards and intermediate care environments. Hospitals are increasingly monitoring at risk patients who were previously under spot check observation only. As monitoring spreads into general wards and low acuity areas, the number of SpO2 channels in use at any given time rises, which increases demand for sensors and replacement monitors.

The market for pulse oximetry consumables is also supported by the shift toward continuous or higher frequency monitoring. Every monitored patient requires sensors that must be cleaned, replaced or rotated. As multi-parameter monitoring expands to long term care centers, ambulatory surgery centers and home care programs, the ongoing need for compatible pulse oximetry sensors grows.

Market Limiters

Low Cost Competition

Low cost products from regional competitors and imported devices introduce strong price pressure. Smaller manufacturers and value brands frequently enter the market with basic finger pulse oximeters and handheld devices at significantly lower prices than premium vendors. These products are attractive to resource constrained facilities and to buyers in emerging markets.

While low priced devices support broader access, they also challenge premium companies to adjust pricing and defend value. As purchasers become accustomed to lower device prices, average selling prices decline across the market. This trend affects both capital monitors and, in some cases, associated consumables.

Long Term Contracts

In many hospitals, pulse oximetry monitors are provided as part of multi year, sensor based contracts. Manufacturers often heavily discount monitors or provide them at no upfront cost in order to secure recurring revenue from sensor consumption. In these models, the economic value shifts from monitors to consumables over the life of the contract.

Although this arrangement can be profitable over time for suppliers and predictable for hospitals, it depresses the reported ASP of monitors. Contract structures can also make it difficult for new competitors to enter large accounts, since installed fleets are tied to compatible sensors and contractual supply commitments.

Market Saturation in Mature Regions

In mature healthcare markets such as North America and Western Europe, the pulse oximetry monitoring market is well established. Intensive care units, operating rooms, post surgery units and telemetry wards already rely on continuous pulse oximetry monitoring and purchase monitors on a replacement basis.

Hospitals in these regions are not planning major expansions of high acuity bed counts in the near term. Instead, they are focusing on optimizing existing infrastructure, integrating systems and managing operating costs. As a result, unit growth for capital monitors in high acuity areas is modest. This saturation limits the pace of market expansion, especially for premium devices in segments where competitive differentiation is less visible to cost focused buyers.

Market Coverage and Data Scope

Quantitative Coverage

Market size

Market shares

Market forecasts

Market growth rates

Units sold

Average selling prices

Qualitative Coverage

Market growth trends

Market limiters

Competitive analysis and SWOT for top competitors

Mergers and acquisitions

Company profiles and product portfolios

FDA recalls and regulatory updates

Disruptive technologies

Disease overviews and demographic influences

Time Frame

Historical data from 2021 to 2024

Base year 2024

Forecasts to 2031

Data Sources

Primary interviews with industry leaders

Government physician and hospital data

Regulatory and reimbursement data

Hospital private data and purchasing insights

Import and export statistics

iData Research internal database and modeling framework

Markets Covered and Segmentation

The global pulse oximetry monitoring market in this report is segmented as follows:

Global Pulse Oximetry Monitoring Market Segmentation

Surface Pad Market – Further Segmented Into:

Device Type: Machine

Device Type: Accessories

Intravascular Market – Further Segmented Into:

Device Type: Machine

Device Type: Accessories

Across these segments, the report analyzes both capital monitors and related accessories, including sensors, cables and other supporting components, where applicable.

Competitive Analysis

Medtronic led the total global pulse oximetry monitoring market in 2024. The company also held the leading position in North America and Western Europe, while maintaining the second leading position in the rest of the world. Medtronic is a large multinational manufacturer with a globally recognized brand. Its scale, distribution reach and broad portfolio allow the company to compete effectively in most countries.

Masimo was the second leading competitor in the global pulse oximetry monitoring market in 2024. Masimo competes closely with Medtronic on a global basis and in major regional markets. The company is known for sophisticated technology platforms, including Rainbow Pulse CO Oximetry and Rainbow Acoustic Monitoring.

Beyond conventional SpO2 measurement, the Masimo Rainbow SET signal extraction technology platform supports monitoring of additional parameters such as respiration rate, non invasive hemoglobin (SpHb) and Pleth Variability Index (PVI) for fluid responsiveness. These advanced capabilities are integrated into Masimo stand alone patient monitors and device boards used by other original equipment manufacturers.

Nonin Medical was the third leading competitor in the global pulse oximetry monitoring market in 2024. The company holds a significant share in North America, which is the largest regional market, and maintains a notable presence in Western Europe. Outside these regions, Nonin plays a smaller role but remains part of the competitive landscape.

Together, these companies shape global pricing, technology expectations and contracting structures. Additional regional players and low cost manufacturers also influence local markets by offering basic devices and sensors, particularly where value and affordability are top priorities.

Technology and Practice Trends

Technology and practice trends in pulse oximetry monitoring focus on improved accuracy, ease of use and broader integration into clinical workflows.

Signal processing algorithms continue to improve, supporting more stable readings during motion and low perfusion conditions. Vendors invest in technologies that reduce false alarms and improve reliability in challenging patient populations such as neonates, patients with poor circulation and individuals under active movement.

Integration with multi parameter monitors and connectivity platforms remains central. Pulse oximetry data is routinely combined with ECG, blood pressure, temperature and respiratory parameters in central monitoring systems and electronic health records. This allows clinicians to see SpO2 in context and supports early warning scores, rapid response teams and remote surveillance models.

In parallel, compact and wireless devices support monitoring outside traditional bedsides. Handheld and wearable devices, including sensors that connect to mobile platforms, enable monitoring in transport, pre hospital care, low acuity hospital units and home environments. This supports models of care that extend beyond the hospital walls while preserving access to vital sign information.

As use expands in low acuity and ambulatory environments, there is continued interest in user friendly interfaces, simple setup and intuitive displays that can be used by a broad range of staff and, in some cases, by patients or caregivers themselves.

Geography

This report provides global coverage across North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa.

Why This Report

Where is the largest and fastest growing opportunity within the global pulse oximetry monitoring market, and which segments are expected to gain share by 2031.

How are demographic changes and chronic disease trends influencing demand for pulse oximetry monitors and sensors across critical and non critical care settings.

What impact do low cost competitors and imported products have on average selling prices and premium vendor strategies.

How do long term sensor based contracts shape the economics of monitors and consumables, and what are the implications for new entrants.

Which technology platforms and advanced parameters are most likely to influence purchasing decisions in high acuity and low acuity environments.

How saturated are mature regions, and where are the main opportunities in emerging markets and alternate care sites.

How should commercial teams plan product portfolios, pricing strategies and contracting approaches to capture growth in both capital equipment and consumables.

The global pulse oximetry monitoring market report from iData Research answers these questions with procedure aware models, device level segmentation and detailed company share analysis. Use it to quantify demand, plan product roadmaps, set pricing targets and align commercial resources with the most attractive opportunities.

About iData Research

iData Research is a premium market intelligence firm headquartered in Canada with offices across North America and Europe.

Over the last 20 years, the company has specialized in device-level sizing, procedure models, pricing trends, and competitive share across MedTech.

Since 2005, iData has supported global OEMs, mid-market innovators, and investors with triangulated data based on units and ASPs, with country-level forecasts and analyst access across Europe, North America, Latin America, the Middle East, Africa, and APAC.

Reports are available with flexible licensing to fit commercial, strategy, and investment workflows

Table of Contents

72 Pages
Chart 10-1: Pulse Oximetry Monitoring Market, Global, 2024 & 2031
Chart 10-2: Pulse Oximetry Monitoring Units Sold, Global, 2024
Chart 10-3: Pulse Oximetry Monitoring Market by Segment, Global, 2021 – 2031
Chart 10-4: Pulse Oximetry Monitoring Market by Region, Global, 2021 – 2031
Chart 10-5: Leading Competitors, Pulse Oximetry Monitoring Market, Global, 2024
Figure 10-1: Pulse Oximetry Monitoring Market Segmentation
Figure 10-2: Pulse Oximetry Monitoring Regions Covered, Global (1 of 2)
Figure 10-3: Pulse Oximetry Monitoring Regions Covered, Global (2 of 2)
Figure 10-4: Pulse Oximetry Monitoring Market by Segment, Global, 2021 – 2031 (US$M)
Figure 10-5: Pulse Oximetry Monitoring Market by Region, Global, 2021 – 2031 (US$M)
Figure 10-6: Pulse Oximetry Monitor Market by Segment, Global, 2021 – 2031 (US$M)
Figure 10-7: Total Pulse Oximetry Monitor Market, Global, 2021 – 2031
Figure 10-8: Units Sold by Region, Pulse Oximetry Monitor Market, Global, 2021 – 2031
Figure 10-9: Average Selling Price by Region, Pulse Oximetry Monitor Market, Global, 2021 – 2031 (US$)
Figure 10-10: Market Value by Region, Pulse Oximetry Monitor Market, Global, 2021 – 2031 (US$M)
Figure 10-11: Bedside Monitor Market, Global, 2021 – 2031
Figure 10-12: Units Sold by Region, Bedside Monitor Market, Global, 2021 – 2031
Figure 10-13: Average Selling Price by Region, Bedside Monitor Market, Global, 2021 – 2031 (US$)
Figure 10-14: Market Value by Region, Bedside Monitor Market, Global, 2021 – 2031 (US$M)
Figure 10-15: Handheld Monitor Market, Global, 2021 – 2031
Figure 10-16: Units Sold by Region, Handheld Monitor Market, Global, 2021 – 2031
Figure 10-17: Average Selling Price by Region, Handheld Monitor Market, Global, 2021 – 2031 (US$)
Figure 10-18: Market Value by Region, Handheld Monitor Market, Global, 2021 – 2031 (US$M)
Figure 10-19: Fingertip Monitor Market, Global, 2021 – 2031
Figure 10-20: Units Sold by Region, Fingertip Monitor Market, Global, 2021 – 2031
Figure 10-21: Average Selling Price by Region, Fingertip Monitor Market, Global, 2021 – 2031 (US$)
Figure 10-22: Market Value by Region, Fingertip Monitor Market, Global, 2021 – 2031 (US$M)
Figure 10-23: Pulse Oximetry Sensor Market by Segment, Global, 2021 – 2031 (US$M)
Figure 10-24: Total Pulse Oximetry Sensor Market, Global, 2021 – 2031
Figure 10-25: Units Sold by Region, Pulse Oximetry Sensor Market, Global, 2021 – 2031
Figure 10-26: Average Selling Price by Region, Pulse Oximetry Sensor Market, Global, 2021 – 2031 (US$)
Figure 10-27: Market Value by Region, Pulse Oximetry Sensor Market, Global, 2021 – 2031 (US$M)
Figure 10-28: Disposable Pulse Oximetry Sensor Market, Global, 2021 – 2031
Figure 10-29: Units Sold by Region, Disposable Pulse Oximetry Sensor Market, Global, 2021 – 2031
Figure 10-30: Average Selling Price by Region, Disposable Pulse Oximetry Sensor Market, Global, 2021 – 2031 (US$)
Figure 10-31: Market Value by Region, Disposable Pulse Oximetry Sensor Market, Global, 2021 – 2031 (US$M)
Figure 10-32: Reusable Pulse Oximetry Sensor Market, Global, 2021 – 2031
Figure 10-33: Units Sold by Region, Reusable Pulse Oximetry Sensor Market, Global, 2021 – 2031
Figure 10-34: Average Selling Price by Region, Reusable Pulse Oximetry Sensor Market, Global, 2021 – 2031 (US$)
Figure 10-35: Market Value by Region, Reusable Pulse Oximetry Sensor Market, Global, 2021 – 2031 (US$M)
Figure 10-36: OEM Circuit Board Market, Global, 2021 – 2031
Figure 10-37: Units Sold by Region, OEM Circuit Board Market, Global, 2021 – 2031
Figure 10-38: Average Selling Price by Region, OEM Circuit Board Market, Global, 2021 – 2031 (US$)
Figure 10-39: Market Value by Region, OEM Circuit Board Market, Global, 2021 – 2031 (US$M)
Figure 10-40: Leading Competitors, Pulse Oximetry Monitoring Market, Global, 2024
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