Market Research Report
Europe Respiratory Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Europe Respiratory Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 100 Pages
Delivery time: 2-3 business days
Europe Respiratory Monitoring market is expected witness a CAGR of 9.4% during the forecast period. Certain factors that are driving the market growth include increasing prevalence of respiratory diseases, technological advancements, and growing geriatric population.
Chronic obstructive pulmonary disease (COPD) is a life-threatening lung disease that interferes with the normal breathing. According to the World Health Organization (WHO) European Region, around 66 million people live with COPD (2018), and every hour it is estimated to kill over 250 people worldwide. In Europe 4-10% of adults have COPD and now it is becoming the third leading cause of death worldwide. The high prevalence of COPD is increasing across Europe and globally which affects men and women almost equally, due to the high tobacco usage in high-income countries. Hence, as the number of the COPD cases is increasing the market for respiratory monitoring is also increasing.
The other factors includes rise in number of smokers, urbanization, and growing pollution levels, increase in the demand for respiratory devices in private hospitals and clinics, and development of advanced technologies.
However, high price associated with the devices are expected to hinder the growth of the market to a certain extent over the forecast period. The cost of acquiring the respiratory medical devices is very high, considering the fact that a single device is not sufficient per hospital. The maintenance costs and service contracts are also very high for these devices. Therefore, due to this increasing price the mass adoption is being restricted, which is likely to impede the growth of this market. The other factor also includes the reimbursement concerns.
Peak flow meters are the devices used to measure the rate of respiration. They are portable devices that are used to measure the air flow from the lungs and the person's ability to pump the air. A peak flow meter is an inexpensive, portable, handheld device used to measure the peak flow of air moving out of the lungs. Another factor that contributes to its high demand is its portable nature, which makes these devices easy to handle, easy to carry, and remotely accessible. Owing to their wide area of application, which ranges from diagnosing asthma to lung cancer, the demand for peak flow meters is extremely high across majority of the European countries that helps in the growth of the market.
The Europe Respiratory Monitoring market is highly competitive and consists of a few major players. In terms of market share, few of the major players currently dominate the market. Companies like Draegerwerk AG, GE Healthcare, Koninklijke Philips N.V., Maquet, Medtronic, Merck & Co. Inc, Resmed, and Siemens Healthcare, among others, hold the substantial market share in the Europe Respiratory Monitoring market.