Pulse Oximeters and Spirometers Global Market Opportunities and Strategies to 2030: COVID-19 Implications and Growth

Executive Summary

This report describes and evaluates the global pulse oximeters and spirometers market. It covers 2015 to 2019, termed the historic period, and 2019 to 2023 termed the forecast period, along with further forecasts for the periods 2023-2025 and 2025-2030.

The global pulse oximeters and spirometers market reached a value of nearly $2,603.8 million in 2019, having grown at a compound annual growth rate (CAGR) of 7.5% since 2015, and is expected to grow at a CAGR of 10.9% to nearly $3,939.0 million by 2023. The market is expected to reach $4,563 million by 2025, and $6,607.4 million by 2030.

Growth in the historic period resulted from rapid growth in the elderly population, increased prevalence of respiratory diseases, increased number of surgical procedures, strong economic growth in emerging markets, and increased healthcare expenditure. Factors that negatively affected growth in the historic period were lack of awareness, low healthcare access, low penetration of pulse oximeters and spirometers, stringent regulatory approval processes for medical devices, unfavorable reimbursement scenario, and lack of awareness and training.

Going forward coronavirus pandemic rise in healthcare expenditure, increasing geriatric population, technological advances, demand for consistent vital stats monitoring, rising adoption of pulse oximeters in critical care and child care, and easy to use pulse oximeters are expected to drive the market. Low per capita healthcare expenditure, lack of awareness and training, queries regarding the accuracy of readings, and insufficient information about spirology are major factors that could hinder the growth of the pulse oximeters and spirometers market in the future.

The pulse oximeters and spirometers market is segmented by product type into pulse oximeters and spirometers. The pulse oximeters market was the largest segment of the pulse oximeters and spirometers market by product type, accounting for $1,848.3 million or 71.0% of the total market in 2019 and is expected to be the fastest-growing segment going forward at a CAGR of 11.1% during 2019-2023.

The pulse oximeters and spirometers market is also segmented by application into diagnostic and treatment monitoring. The diagnostic market was the largest segment of the pulse oximeters and spirometers market by application, accounting for $2,230.1 million or 85.6% of the total market in 2019 and is expected to be the fastest-growing segment going forward at a CAGR of 10.9% during 2019-2023.

The pulse oximeters and spirometers market is also segmented by end-use into hospitals, clinical laboratories and home care. The hospitals market was the largest segment of the pulse oximeters and spirometers market by end-use, accounting for $1,766.0 million or 67.8% of the total market in 2019. The home care market is expected to be the fastest-growing segment going forward at a CAGR of 10.93% during 2019-2023.

The pulse oximeters and spirometers market is also segmented by patient type into asthma, COPD, other respiratory diseases and other general & surgical practice. The other general & surgical practice market was the largest segment of the pulse oximeters and spirometers market by patient type, accounting for $1,739.5 million or 66.8% of the total market in 2019 and is expected to be the fastest-growing segment going forward at a CAGR of 11.0% during 2019-2023.

The pulse oximeters market is further segmented by type of device into handheld, fingertip and others. The handheld market was the largest segment of the pulse oximeters market by type of device, accounting for $785.9 million or 42.5% of the total market in 2019.

The spirometers market is further segmented by type of device into table top, desktop and handheld. The table top market was the largest segment of the spirometers market by type of device, accounting for $396.0 million or 52.4% of the total market in 2019.

Pulse oximeters and spirometers are respiratory care devices and are used in diagnosing and treating COVID infection, which is a respiratory illness and therefore there is an increased demand for respiratory devices including pulse oximeters and spirometers. Oxygen therapy is a major intervention for patients with a severe COVID infection, and healthcare providers need to ensure the availability of pulse oximeters and other medical oxygen systems. The market for these devices is expected to surge as they contribute to the early detection and remote monitoring of patients.

North America was the largest region in the pulse oximeters and spirometers market, accounting for 45.2% of the global market in 2019. It was followed by Asia Pacific, Western Europe and the other regions. Going forward, the fastest growing regions in the pulse oximeters and spirometers market will be Asia Pacific and the Middle East, where growth will be at CAGRs of 14.2% and 11.7% respectively during 2019-2023.

The pulse oximeters and spirometers market is relatively concentrated. The top ten competitors in the market made up to 40.13% of the total market in 2019. Major players in the market include Masimo Corporation, Medtronic plc, Koninklijke Philips N.V., Halma plc and Vyaire Medical.
The top growth potential in the pulse oximeters and spirometers market by product type will arise in the pulse oximeters market, which will gain $964.8 million in global annual sales by 2023. The top growth potential in the pulse oximeters and spirometers market by application will arise in the diagnostics market, which will gain $1,146.1 million in global annual sales by 2023. The top growth potential in the pulse oximeters and spirometers market by end-use will arise in the hospitals market, which will gain $906.9 million in global annual sales by 2023. The top growth potential in the pulse oximeters and spirometers market by patient type will arise in the other general & surgical practice market, which will gain $904.9 million in global annual sales by 2023.The pulse oximeters and spirometers market size will gain the most in the USA at $495.9 million.

Market-trend-based strategies for the pulse oximeters and spirometers market include developing smart and wireless pulse oximeters and spirometers, developing wearable pulse oximeters as they aid in continuous monitoring of the oxygen saturation rate, focusing on the home-based solutions as there is an increasing demand, due to the COVID pandemic, collaborating and entering into partnerships to meet the unmet patient needs and to increase sales, developing pulse oximeters and spirometers platforms aided with artificial intelligence. Player-adopted strategies in the pulse oximeters and spirometers industry include increasing portfolio by developing new pulse oximeters, improving existing products through research and development (R&D) activities, strengthening position through new product development, and focusing on the expansion through sustainable investments and acquisitions.

To take advantage of the opportunities, the publisher recommends the pulse oximeters and spirometers companies to focus on wearable pulse oximeters, invest in developing wireless devices, expand in emerging economies, and leverage e-commerce to maximize revenues, provide competitively priced offerings in low-income countries, and focus on educating healthcare professionals.

• Masimo Corporation
• Medtronic plc
• Koninklijke Philips N.V.
• Halma plc
• Vyaire Medical

Methodology