Ever since the medical device pulse oximeter was invented, reliable and accurate estimation of arterial blood oxygen saturation (SpO2), based on the differential absorption of red/infrared light by hemoglobin's, has been a challenging task. The Photoplethysmogram (PPG) waveform, also known as the “pulse oximetry waveform”, is well recognized for its use in pulse oximetry applications for the estimation of SpO2 and can be obtained noninvasively and continuously in a comfortable manner using low cost & portable PPG sensors. Inaccuracy in the estimation of SpO2 may prevail due to the motion artifacts (MA) corruption in the detected PPG signals by the intentional or unintentional movements of a patient. The MA noise corruption is unavoidable while recording the PPG's because of a very small pulsatile component in PPG (0.1% of total signal amplitude) and it can be reduced by suitable processing of the PPG signals. In this paper, an approach for motion artifact (MA) reduction of photoplethysmographic (PPG) signals based on the concept of dual-tree complex wavelet transform technique is proposed. Experimental results revealed that DTCWT processing of MA corrupted PPG's outperformed the db10 wavelet processing for MA reduction of PPG signals and can be referred as best suitable MA reduction technique for pulse oximetry applications.