A pulse wave analyzer includes: a pulse wave acquirer which is configured to acquire a pulse wave of a subject； a respiration information acquirer which is configured to acquire respiration information of the subject； and an analyzing section which includes: a detector which, based on the respiration information, is configured to detect that spontaneous respiration is generated, and to detect an end-tidal phase of the spontaneous respiration； and an eliminator which is configured to eliminate a unit pulse wave that, in the pulse wave, is generated immediately after the end-tidal phase of the spontaneous respiration, from the pulse wave, wherein the analyzing section is configured to calculate a respiratory variation from the pulse wave from which the unit pulse wave has been eliminated.
