Sudden arterial oxygen desaturation (SpO2 < 90% or acute drop > 4–5% from baseline) is an immediate critical care emergency. The priority is not contemplating a comprehensive differential diagnosis, but rapidly verifying the signal, screening for immediately fatal mechanical airway/ventilator crises, and escalating oxygenation while narrowing the physiological mechanism (shunt vs V/Q mismatch vs alveolar hypoventilation).
Caution
Dangerous Diagnosis Not to Miss: Tension Pneumothorax in a positive-pressure ventilated patient, or Acute Massive Pulmonary Embolism with obstructive shock. If breath sounds are absent unilaterally with hypotension, decompress the chest immediately without waiting for an X-ray.
Caution
Common Diagnostic Trap: Reflexively giving fluid boluses for hypoxemia and borderline blood pressure when the underlying cause is acute right ventricular failure or cardiogenic pulmonary edema. Fluids worsen septal flattening and exacerbate pulmonary transudation.