The story
From oxi- (variant of oxy-) + -meter. The word was first applied in sense 2 (“a device that measures the oxygen saturation of arterial blood”) by American physiologist Glenn Allan Millikan (1906–1947).
First known use, by meaning
- from 1942 A device that measures the oxygen saturation of arterial blood.
Etymology from Wiktionary, CC BY-SA 4.0.