Global Pulse Oximeter Market Size Study and Forecast by Product, by Type, by Technology, by Patient Type, by End-User, and Regional Forecasts 2026-2035

Description

Market Definition, Recent Developments & Industry Trends

The global pulse oximeter market comprises medical devices used to measure blood oxygen saturation (SpO2) levels and pulse rate in patients. Pulse oximeters are non-invasive diagnostic tools that utilize light absorption technology to determine oxygen levels in the blood, enabling healthcare providers to monitor respiratory and cardiovascular health in real time. These devices are widely used in hospitals, clinics, ambulatory surgical centers, and homecare settings to monitor patients with respiratory conditions, chronic illnesses, and post-operative recovery needs. The market ecosystem includes medical device manufacturers, sensor technology providers, healthcare institutions, and digital health solution developers focused on improving patient monitoring capabilities.

In recent years, the pulse oximeter market has evolved significantly due to increasing demand for remote patient monitoring and home-based healthcare solutions. Technological advancements in connected medical devices, integration with smartphones and wearable technologies, and improvements in sensor accuracy have expanded the functionality and accessibility of pulse oximeters. The COVID-19 pandemic accelerated awareness of oxygen monitoring as a critical healthcare measure, leading to widespread adoption of portable and home-use devices. Additionally, the rising prevalence of respiratory diseases, chronic obstructive pulmonary disease (COPD), sleep apnea, and cardiovascular disorders is driving sustained demand for oxygen monitoring solutions. As healthcare systems continue to emphasize early diagnosis, telehealth integration, and continuous patient monitoring, the pulse oximeter market is expected to witness steady growth during the forecast period.

Key Findings of the Report

Market Size (2024): USD 3.19 billion
Estimated Market Size (2035): USD 6.58 billion
CAGR (2026-2035): 6.80%
Leading Regional Market: North America
Leading Segment: Portable Pulse Oximeters

Market Determinants

Rising Prevalence of Respiratory and Cardiovascular Diseases

The growing global burden of respiratory disorders such as COPD, asthma, and sleep apnea is a major driver of pulse oximeter adoption. These conditions require continuous monitoring of oxygen saturation levels to prevent complications and enable timely medical intervention.

Increasing Adoption of Home Healthcare Solutions

Healthcare systems are increasingly promoting home-based patient monitoring to reduce hospital admissions and improve patient convenience. Portable and wearable pulse oximeters allow patients to track their oxygen levels from home, supporting the shift toward decentralized healthcare delivery.

Technological Advancements in Connected Medical Devices

The integration of pulse oximeters with wireless connectivity, smartphone applications, and cloud-based health platforms is enhancing device functionality. Connected pulse oximeters allow healthcare providers to monitor patients remotely and collect real-time health data for improved clinical decision-making.

Growing Demand for Continuous Patient Monitoring in Hospitals

Hospitals and critical care units rely heavily on pulse oximeters for continuous patient monitoring during surgeries, emergency treatments, and intensive care. The increasing number of surgical procedures and critical care admissions is contributing to steady demand for advanced monitoring devices.

Accuracy Challenges and Regulatory Compliance

Despite technological advancements, ensuring measurement accuracy across different skin tones, movement conditions, and patient types remains a challenge for pulse oximeter manufacturers. Additionally, regulatory approval requirements and quality standards can create barriers for new market entrants.

Opportunity Mapping Based on Market Trends

Expansion of Remote Patient Monitoring Platforms

The growing adoption of telehealth and remote patient monitoring platforms is creating opportunities for connected pulse oximeter devices. Integration with digital health platforms allows healthcare providers to monitor patient oxygen levels in real time and intervene when necessary.

Growth of Wearable Health Monitoring Technologies

Wearable health devices that incorporate pulse oximetry sensors are gaining popularity among consumers and healthcare providers. Smartwatches and fitness trackers with oxygen monitoring capabilities are expanding the use of pulse oximetry beyond traditional clinical environments.

Increasing Healthcare Infrastructure in Emerging Markets

Emerging economies are investing in expanding healthcare infrastructure and improving diagnostic capabilities. This development is expected to create significant demand for affordable and portable patient monitoring devices, including pulse oximeters.

Advancements in Pediatric Monitoring Solutions

The development of specialized sensors and devices designed for pediatric patients represents a growing opportunity in the pulse oximeter market. Improved sensor design is enabling more accurate oxygen monitoring in infants and children.

Key Market Segments

By Product:

Equipment
Sensor

By Type:

Wrist-Worn
Portable Pulse Oximeters
Bedside/Table-Top
Earlobe
Forehead
Palm/Foot
Nose
Others

By Technology:

Conventional
Connected

By Patient Type:

Pediatric
Adult

By End-User:

Hospitals
Diagnostic Centres
Homecare
Ambulatory Surgical Centres
Other

Value-Creating Segments and Growth Pockets

Among product categories, pulse oximeter equipment currently accounts for the largest share of the market due to its widespread use in clinical and home healthcare settings. Sensors also represent a critical component of the market, as they require regular replacement and play a key role in device accuracy and functionality.

In terms of device type, portable pulse oximeters dominate the market due to their convenience, affordability, and suitability for both clinical and home monitoring applications. Bedside or table-top devices remain essential in hospital environments where continuous monitoring of critically ill patients is required.

From a technology perspective, conventional pulse oximeters currently maintain a significant share due to their established presence in healthcare facilities. However, connected pulse oximeters are expected to experience faster growth as healthcare providers adopt remote monitoring and telemedicine solutions.

Adult patients represent the largest user segment due to the high prevalence of chronic diseases among aging populations. Nevertheless, pediatric monitoring solutions are gaining increasing attention as healthcare providers seek improved diagnostic tools for neonatal and child healthcare.

Hospitals remain the primary end-users of pulse oximeters, supported by extensive clinical monitoring requirements. At the same time, the homecare segment is expected to experience the fastest growth due to increasing adoption of personal health monitoring devices.

Regional Market Assessment

North America dominates the global pulse oximeter market due to advanced healthcare infrastructure, high adoption of medical technologies, and growing prevalence of chronic respiratory conditions. The region also benefits from strong telehealth adoption and continuous innovation in medical device technologies.

Europe represents a significant market driven by aging populations, expanding healthcare services, and increasing demand for patient monitoring technologies. Regulatory frameworks supporting medical device safety and quality are also shaping market development in the region.

Asia Pacific is expected to experience the fastest market growth due to rising healthcare expenditures, expanding hospital networks, and increasing awareness of preventive healthcare. Countries such as China, India, and Japan are witnessing growing demand for affordable diagnostic and monitoring devices.

The LAMEA region is gradually expanding its healthcare infrastructure and access to medical technologies. Increasing investments in healthcare facilities and diagnostic equipment are expected to support steady adoption of pulse oximeters across hospitals and clinics.

Recent Developments

March 2024: A medical device manufacturer introduced a next-generation connected pulse oximeter designed for remote patient monitoring and integration with digital health platforms.
October 2023: A healthcare technology company launched a wearable pulse oximeter integrated with a smartphone application to enable continuous oxygen monitoring for homecare patients.
June 2023: A medical equipment provider expanded its production capacity to meet increasing global demand for portable pulse oximeters in healthcare facilities and homecare settings.

Critical Business Questions Addressed

What is the expected growth trajectory of the global pulse oximeter market through 2035?

The report analyzes the factors driving market expansion and evaluates the long-term outlook for oxygen monitoring devices.

Which product types and technologies will drive the future of patient monitoring solutions?

The study identifies the fastest-growing device categories and highlights emerging innovations in connected healthcare technologies.

How will remote patient monitoring influence pulse oximeter adoption?

The report examines the growing role of telehealth platforms and connected devices in expanding the use of pulse oximetry outside traditional clinical settings.

Which regional markets offer the strongest growth opportunities for manufacturers?

The analysis highlights high-growth regions where healthcare infrastructure development and disease prevalence are driving demand.

What strategic priorities should market participants focus on to remain competitive?

The report outlines key strategies including technology integration, product innovation, and expansion into home healthcare markets.

Beyond the Forecast

The pulse oximeter market is increasingly evolving from a clinical monitoring tool into an essential component of digital health ecosystems.

As healthcare systems emphasize preventive care, remote monitoring, and personalized health management, oxygen monitoring technologies will become more deeply integrated into everyday healthcare practices.

Companies that invest in connected device capabilities, sensor innovation, and patient-centric healthcare solutions will be best positioned to capture long-term growth opportunities in the evolving global medical device landscape.

Chapter 1. Global Pulse Oximeter Market Report Scope & Methodology

1.1. Market Definition
1.2. Market Segmentation
1.3. Research Assumption
- 1.3.1. Inclusion & Exclusion
- 1.3.2. Limitations
1.4. Research Objective
1.5. Research Methodology
- 1.5.1. Forecast Model
- 1.5.2. Desk Research
- 1.5.3. Top Down and Bottom-Up Approach
1.6. Research Attributes
1.7. Years Considered for the Study

Chapter 2. Executive Summary

2.1. Market Snapshot
2.2. Strategic Insights
2.3. Top Findings
2.4. CEO/CXO Standpoint
2.5. ESG Analysis

Chapter 3. Global Pulse Oximeter Market Forces Analysis

3.1. Market Forces Shaping The Global Pulse Oximeter Market (2024-2035)
3.2. Drivers
- 3.2.1. Rising Prevalence of Respiratory and Cardiovascular Diseases
- 3.2.2. Increasing Adoption of Home Healthcare Solutions
- 3.2.3. Technological Advancements in Connected Medical Devices
- 3.2.4. Growing Demand for Continuous Patient Monitoring in Hospitals
3.3. Restraints
- 3.3.1. Accuracy Challenges and Regulatory Compliance
3.4. Opportunities
- 3.4.1. Expansion of Remote Patient Monitoring Platforms
- 3.4.2. Growth of Wearable Health Monitoring Technologies

Chapter 4. Global Pulse Oximeter Industry Analysis

4.1. Porter's 5 Forces Model
4.2. Porter's 5 Force Forecast Model (2024-2035)
4.3. PESTEL Analysis
4.4. Macroeconomic Industry Trends
- 4.4.1. Parent Market Trends
- 4.4.2. GDP Trends & Forecasts
4.5. Value Chain Analysis
4.6. Top Investment Trends & Forecasts
4.7. Top Winning Strategies (2025)
4.8. Market Share Analysis (2024-2025)
4.9. Pricing Analysis
4.10. Investment & Funding Scenario
4.11. Impact of Geopolitical & Trade Policy Volatility on the Market

Chapter 5. AI Adoption Trends and Market Influence

5.1. AI Readiness Index
5.2. Key Emerging Technologies
5.3. Patent Analysis
5.4. Top Case Studies

Chapter 6. Global Pulse Oximeter Market Size & Forecasts by Product 2026-2035

6.1. Market Overview
6.2. Global Pulse Oximeter Market Performance - Potential Analysis (2025)
6.3. Equipment
- 6.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.3.2. Market size analysis, by region, 2026-2035
6.4. Sensor
- 6.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 6.4.2. Market size analysis, by region, 2026-2035

Chapter 7. Global Pulse Oximeter Market Size & Forecasts by Type 2026-2035

7.1. Market Overview
7.2. Global Pulse Oximeter Market Performance - Potential Analysis (2025)
7.3. Wrist-Worn
- 7.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.3.2. Market size analysis, by region, 2026-2035
7.4. Portable Pulse Oximeters
- 7.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.4.2. Market size analysis, by region, 2026-2035
7.5. Bedside/Table-Top
- 7.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.5.2. Market size analysis, by region, 2026-2035
7.6. Earlobe
- 7.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.6.2. Market size analysis, by region, 2026-2035
7.7. Forehead
- 7.7.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.7.2. Market size analysis, by region, 2026-2035
7.8. Palm / Foot
- 7.8.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.8.2. Market size analysis, by region, 2026-2035
7.9. Nose
- 7.9.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.9.2. Market size analysis, by region, 2026-2035
7.10. Others
- 7.10.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 7.10.2. Market size analysis, by region, 2026-2035

Chapter 8. Global Pulse Oximeter Market Size & Forecasts by Technology 2026-2035

8.1. Market Overview
8.2. Global Pulse Oximeter Market Performance - Potential Analysis (2025)
8.3. Conventional
- 8.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 8.3.2. Market size analysis, by region, 2026-2035
8.4. Connected
- 8.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 8.4.2. Market size analysis, by region, 2026-2035

Chapter 9. Global Pulse Oximeter Market Size & Forecasts by Patient Type 2026-2035

9.1. Market Overview
9.2. Global Pulse Oximeter Market Performance - Potential Analysis (2025)
9.3. Pediatric
- 9.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 9.3.2. Market size analysis, by region, 2026-2035
9.4. Adult
- 9.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 9.4.2. Market size analysis, by region, 2026-2035

Chapter 10. Global Pulse Oximeter Market Size & Forecasts by End User 2026-2035

10.1. Market Overview
10.2. Global Pulse Oximeter Market Performance - Potential Analysis (2025)
10.3. Hospitals
- 10.3.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 10.3.2. Market size analysis, by region, 2026-2035
10.4. Diagnostic Centres
- 10.4.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 10.4.2. Market size analysis, by region, 2026-2035
10.5. Homecare
- 10.5.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 10.5.2. Market size analysis, by region, 2026-2035
10.6. Ambulatory Surgical Centres
- 10.6.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 10.6.2. Market size analysis, by region, 2026-2035
10.7. Others
- 10.7.1. Top Countries Breakdown Estimates & Forecasts, 2024-2035
- 10.7.2. Market size analysis, by region, 2026-2035

Chapter 11. Global Pulse Oximeter Market Size & Forecasts by Region 2026-2035

11.1. Growth Pulse Oximeter Market, Regional Market Snapshot
11.2. Top Leading & Emerging Countries
11.3. North America Pulse Oximeter Market
- 11.3.1. U.S. Pulse Oximeter Market
  - 11.3.1.1. Product breakdown size & forecasts, 2026-2035
  - 11.3.1.2. Type breakdown size & forecasts, 2026-2035
  - 11.3.1.3. Technology breakdown size & forecasts, 2026-2035
  - 11.3.1.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.3.1.5. End User breakdown size & forecasts, 2026-2035
- 11.3.2. Canada Pulse Oximeter Market
  - 11.3.2.1. Product breakdown size & forecasts, 2026-2035
  - 11.3.2.2. Type breakdown size & forecasts, 2026-2035
  - 11.3.2.3. Technology breakdown size & forecasts, 2026-2035
  - 11.3.2.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.3.2.5. End User breakdown size & forecasts, 2026-2035
11.4. Europe Pulse Oximeter Market
- 11.4.1. UK Pulse Oximeter Market
  - 11.4.1.1. Product breakdown size & forecasts, 2026-2035
  - 11.4.1.2. Type breakdown size & forecasts, 2026-2035
  - 11.4.1.3. Technology breakdown size & forecasts, 2026-2035
  - 11.4.1.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.4.1.5. End User breakdown size & forecasts, 2026-2035
- 11.4.2. Germany Pulse Oximeter Market
  - 11.4.2.1. Product breakdown size & forecasts, 2026-2035
  - 11.4.2.2. Type breakdown size & forecasts, 2026-2035
  - 11.4.2.3. Technology breakdown size & forecasts, 2026-2035
  - 11.4.2.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.4.2.5. End User breakdown size & forecasts, 2026-2035
- 11.4.3. France Pulse Oximeter Market
  - 11.4.3.1. Product breakdown size & forecasts, 2026-2035
  - 11.4.3.2. Type breakdown size & forecasts, 2026-2035
  - 11.4.3.3. Technology breakdown size & forecasts, 2026-2035
  - 11.4.3.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.4.3.5. End User breakdown size & forecasts, 2026-2035
- 11.4.4. Spain Pulse Oximeter Market
  - 11.4.4.1. Product breakdown size & forecasts, 2026-2035
  - 11.4.4.2. Type breakdown size & forecasts, 2026-2035
  - 11.4.4.3. Technology breakdown size & forecasts, 2026-2035
  - 11.4.4.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.4.4.5. End User breakdown size & forecasts, 2026-2035
- 11.4.5. Italy Pulse Oximeter Market
  - 11.4.5.1. Product breakdown size & forecasts, 2026-2035
  - 11.4.5.2. Type breakdown size & forecasts, 2026-2035
  - 11.4.5.3. Technology breakdown size & forecasts, 2026-2035
  - 11.4.5.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.4.5.5. End User breakdown size & forecasts, 2026-2035
- 11.4.6. Rest of Europe Pulse Oximeter Market
  - 11.4.6.1. Product breakdown size & forecasts, 2026-2035
  - 11.4.6.2. Type breakdown size & forecasts, 2026-2035
  - 11.4.6.3. Technology breakdown size & forecasts, 2026-2035
  - 11.4.6.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.4.6.5. End User breakdown size & forecasts, 2026-2035
11.5. Asia Pacific Pulse Oximeter Market
- 11.5.1. China Pulse Oximeter Market
  - 11.5.1.1. Product breakdown size & forecasts, 2026-2035
  - 11.5.1.2. Type breakdown size & forecasts, 2026-2035
  - 11.5.1.3. Technology breakdown size & forecasts, 2026-2035
  - 11.5.1.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.5.1.5. End User breakdown size & forecasts, 2026-2035
- 11.5.2. India Pulse Oximeter Market
  - 11.5.2.1. Product breakdown size & forecasts, 2026-2035
  - 11.5.2.2. Type breakdown size & forecasts, 2026-2035
  - 11.5.2.3. Technology breakdown size & forecasts, 2026-2035
  - 11.5.2.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.5.2.5. End User breakdown size & forecasts, 2026-2035
- 11.5.3. Japan Pulse Oximeter Market
  - 11.5.3.1. Product breakdown size & forecasts, 2026-2035
  - 11.5.3.2. Type breakdown size & forecasts, 2026-2035
  - 11.5.3.3. Technology breakdown size & forecasts, 2026-2035
  - 11.5.3.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.5.3.5. End User breakdown size & forecasts, 2026-2035
- 11.5.4. Australia Pulse Oximeter Market
  - 11.5.4.1. Product breakdown size & forecasts, 2026-2035
  - 11.5.4.2. Type breakdown size & forecasts, 2026-2035
  - 11.5.4.3. Technology breakdown size & forecasts, 2026-2035
  - 11.5.4.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.5.4.5. End User breakdown size & forecasts, 2026-2035
- 11.5.5. South Korea Pulse Oximeter Market
  - 11.5.5.1. Product breakdown size & forecasts, 2026-2035
  - 11.5.5.2. Type breakdown size & forecasts, 2026-2035
  - 11.5.5.3. Technology breakdown size & forecasts, 2026-2035
  - 11.5.5.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.5.5.5. End User breakdown size & forecasts, 2026-2035
- 11.5.6. Rest of APAC Pulse Oximeter Market
  - 11.5.6.1. Product breakdown size & forecasts, 2026-2035
  - 11.5.6.2. Type breakdown size & forecasts, 2026-2035
  - 11.5.6.3. Technology breakdown size & forecasts, 2026-2035
  - 11.5.6.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.5.6.5. End User breakdown size & forecasts, 2026-2035
11.6. Latin America Pulse Oximeter Market
- 11.6.1. Brazil Pulse Oximeter Market
  - 11.6.1.1. Product breakdown size & forecasts, 2026-2035
  - 11.6.1.2. Type breakdown size & forecasts, 2026-2035
  - 11.6.1.3. Technology breakdown size & forecasts, 2026-2035
  - 11.6.1.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.6.1.5. End User breakdown size & forecasts, 2026-2035
- 11.6.2. Mexico Pulse Oximeter Market
  - 11.6.2.1. Product breakdown size & forecasts, 2026-2035
  - 11.6.2.2. Type breakdown size & forecasts, 2026-2035
  - 11.6.2.3. Technology breakdown size & forecasts, 2026-2035
  - 11.6.2.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.6.2.5. End User breakdown size & forecasts, 2026-2035
11.7. Middle East and Africa Pulse Oximeter Market
- 11.7.1. UAE Pulse Oximeter Market
  - 11.7.1.1. Product breakdown size & forecasts, 2026-2035
  - 11.7.1.2. Type breakdown size & forecasts, 2026-2035
  - 11.7.1.3. Technology breakdown size & forecasts, 2026-2035
  - 11.7.1.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.7.1.5. End User breakdown size & forecasts, 2026-2035
- 11.7.2. Saudi Arabia (KSA) Pulse Oximeter Market
  - 11.7.2.1. Product breakdown size & forecasts, 2026-2035
  - 11.7.2.2. Type breakdown size & forecasts, 2026-2035
  - 11.7.2.3. Technology breakdown size & forecasts, 2026-2035
  - 11.7.2.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.7.2.5. End User breakdown size & forecasts, 2026-2035
- 11.7.3. South Africa Pulse Oximeter Market
  - 11.7.3.1. Product breakdown size & forecasts, 2026-2035
  - 11.7.3.2. Type breakdown size & forecasts, 2026-2035
  - 11.7.3.3. Technology breakdown size & forecasts, 2026-2035
  - 11.7.3.4. Patient Type breakdown size & forecasts, 2026-2035
  - 11.7.3.5. End User breakdown size & forecasts, 2026-2035

Chapter 12. Competitive Intelligence

12.1. Top Market Strategies
12.2. Medtronic (Ireland)
- 12.2.1. Company Overview
- 12.2.2. Key Executives
- 12.2.3. Company Snapshot
- 12.2.4. Financial Performance (Subject to Data Availability)
- 12.2.5. Product/Services Port
- 12.2.6. Recent Development
- 12.2.7. Market Strategies
- 12.2.8. SWOT Analysis
12.3. BD (U.S.)
12.4. GE HealthCare (U.S.)
12.5. Koninklijke Philips N.V (Netherland)
12.6. Masimo (U.S.)
12.7. Nonin (U.S.)
12.8. ICU Medical, Inc (U.S.)
12.9. Welch Allyn (U.S.)
12.10. Spacelabs Healthcare (U.S.)
12.11. EDAN Instruments, Inc. (China)
12.12. Meditech Equipment Co.,Ltd (China)
12.13. NIHON KOHDEN CORPORATION (Japan)
12.14. VYAIRE (U.S.)
12.15. Dragerwerk AG & Co. KGaA (Germany)
12.16. korrida medical systems (India)
12.17. Honeywell International Inc. (U.S.)