PUBLISHER: DataM Intelligence | PRODUCT CODE: 1304528
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1304528
The Global Respiratory Monitoring Devices Market reached US$ 4.6 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 9.3 billion by 2030. The global respiratory monitoring devices market is expected to exhibit a CAGR of 9.3% during the forecast period 2023-2030.
A Respiratory Monitoring Device Evaluates the airways' regular operation and oxygen delivery. Several respiratory tests are being developed to evaluate the efficacy of the lungs in exchanging breathing gases and finding respiratory tract blockages. Sales of respiratory monitoring devices are used to augment the respiratory monitoring device market.
Respiratory Monitoring Devices track parameters related to breathing, which help diagnose respiratory illnesses. The growing air pollution, cases of respiratory disorders, geriatric population, and market developments promote the global respiratory monitoring devices market.
The rise in the geriatric population is one of the significant drivers that drive the market growth in the forecast period. The rise in the population of older people led to increasing the respiratory monitoring devices since the immune system of a person gets weak at this age where the requirement of respiratory monitoring devices is essential to use, which indeed helps the market to grow during the forecast period.
For instance, according to the article published in NCBI, being a smoker, an alcoholic, polypharmacy, and the presence of additional co-morbidities were factors that affected the treatment results of older adults infected with respiratory diseases which indeed needed respiratory monitoring devices that helps the market to grow in future.
The respiratory care devices market is driven by rising healthcare expenditures in developed and developing nations. This is due to those nations' governments are spending in enhancing the quality of healthcare facilities. Furthermore, factors such as rising healthcare spending per capita in emerging nations, mainly due to increased government initiatives, will likely boost treatment affordability and accessibility, aiding market expansion.
For instance, according to the Forum of International Respiratory Societies, Asthma and COPD cause around 489,000 fatalities per year, or more than 1300 deaths per day, and impact more than 200 million people worldwide, with 65 million having moderate or severe airway disease. As a result, the rising prevalence of respiratory disorders such as chronic obstructive pulmonary disease and asthma is propelling the market forward.
One of the restraints to market growth is a lack of awareness of respiratory monitoring devices. The lack of information and utilization of the devices will lead to a reduction in market growth.
Many conditions affect the market, including individuals unaware of these devices and failing to recognize the early signs and symptoms of respiratory disorders or the need to monitor their respiratory health. This causes delays in seeking medical attention, leading to delayed diagnosis and treatment.
With the growth of COVID-19 cases worldwide, the need for respiratory monitoring devices, including pulse oximeters, ventilators, and spirometers, has skyrocketed. These devices are critical for monitoring oxygen saturation levels, lung function, and respiratory assistance to patients suffering from acute respiratory distress. Supply chain issues have also been a factor, with growing demand for respiratory monitoring equipment putting strain on the worldwide supply chain.
The Russia-Ukraine conflict is estimated to have a moderate impact on the global respiratory monitoring devices market, owing to the low number of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global respiratory monitoring devices market growth over the forecast period.
The Global Respiratory Monitoring Devices Market is segmented based on product, end user and region.
The peak flow meter devices are used to measure the rate of breathing. Peak flow meters that are lightweight, simple to handle and transport, and remotely accessible are in high demand. For instance, On April 18 2023, Tenovi has introduced a cellular FDA-cleared remote peak flow meter (PFM) for advanced remote physiological monitoring of asthmatic patients.
When combined with Tenovi's cellular gateway, the device allows patients with asthma to transmit peak expiratory flow rate (PEF) and 1-second forced expiratory volume (fev1) readings instantly to clinicians. Asthma is a chronic respiratory condition that affects millions of people worldwide, and effective monitoring of asthmatic symptoms is essential for proper management.
North America is estimated to hold about 39.5% of the total market share throughout the forecast period. The dominating market, such as the United States, is distinguished by increased healthcare expenditures, robust healthcare infrastructure, and enhanced access to healthcare services.
The average per capita healthcare spending in the United States was $40,624 in 2022. Furthermore, rising public awareness of the many sophisticated respiratory monitoring equipment has aided North American respiratory monitoring devices' growth.
The major global players in respiratory monitoring devices include: GE Healthcare, Smith & Nephew, Vyaire (CareFusion Corporation), Masimo Corporation, Medtronic, MGC Diagnostics Corporation, COSMEDN, Nihon Kohden Corporation, Philips Healthcare, and Novelda AS, among others.
The Global Respiratory Monitoring Devices Market Report Would Provide Approximately 53 Tables, 54 Figures And 195 pages.
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