Based on product type, pulse oximeters is expected to generate the highest revenue in respiration rate monitors market with highest product adoption. Among indications chronic obstructive pulmonary disease tends to hold majority share of respiration rate monitors market. Hospitals hold a majority revenue share of respiration rate monitors market with a large patient population. Homecare settings is expected to observe significant growth rate with a rising trend of home-based care in the coming decade.
Respiration rate is measured as the number of breaths per minute. Respiration rate is normally calculated when the person is at rest and not involved in any physical activity and varies with medical conditions. Respiration rate monitors are specially designed devices to observe any significant fluctuation in the number of breaths. Respiration rate monitors are majorly used in respiratory diseases like asthma, COPD, lung cancer and others. According to the Centers for Disease Control and Prevention (CDC), in 2016, 189,000 people in the U.S. were hospitalized due to asthma and required monitoring of respiration rate.
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COVID-19 has proved to have the highest impact on the respiratory system of a human, hence the respiration rate monitors market is expected to observe the exponential rise in demand during the forecast period. Leading manufacturers of medical devices with industrial and government support have increased manufacturing of essential COVID-19 aids like ventilators, respiratory monitors, and temperature monitors, hence leading to the growth of respiration rate monitors market. There has been a significant rise in product adoption leading to the growth of the respiration rate monitors market.
Respiration Rate Monitors Market: Drivers and Restraints
Increasing prevalence of chronic respiratory disorders will lead to rise in demand for respiration rate monitors market. The rising number of geriatric population will boost the demand for respiration rate monitors market. An increasing number of ambulatory care centres also contributes towards respiration rate monitors market growth.
Disorders like chronic pulmonary disorders, asthma, and lung cancer are major contributors to respiration rate monitors market growth. Prevalence of pandemic like COVID that infect respiratory system will lead to significant adoption of respiration rate monitors market. Increasing research and development for product innovation attracts significant investments towards respiration rate monitors market. For instance, in January 2019 a medical device company named Masimo as received FDA clearance for its respiration rate monitor using photoplethysmogram used on the finger pulse oximeter. Lack of reimbursement for respiratory diagnostics will hinder the respiration rate monitors market growth. In regions like Middle East and Africa, respiratory disorders are left undiagnosed at times and hence challenge respiratory rate monitors market growth.
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Respiration Rate Monitors Market: Segmentation
Based on product type, the global respiration rate monitors market is segmented into the following:
- Pulse oximeter
- Sleep test devices
- Gas analyser
- Peak flow meters
Based on the indication, the global respiration rate monitors market is segmented as:
- Chronic obstructive pulmonary disease
- Lung cancer
- Infectious diseases
Based on the end-user, the global respiration rate monitors market is segmented as:
- Ambulatory Care Centers
- Speciality Clinics
- Homecare Settings
Respiration Rate Monitors Market: Region-wise Outlook
North America is expected to dominate the respiration rate monitors market during the forecast period with a large focus on research and development activities and product innovation in the region. Europe tends to be the second leading region in respiration rate monitors market with a high geriatric population and availability of advanced healthcare technology.
Latin America will observe moderate growth in respiration rate monitors market in the coming decade. On the other hand, Asia Pacific is estimated to observe an exponential rise in respiration rate monitors market with an increasing prevalence of infectious diseases in countries like India, China and Japan. The Middle East and Africa with poor healthcare infrastructure are less lucrative for respiration rate monitors market growth.
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Respiration Rate Monitors Market: Key Market Participants
Major players in respiration rate monitors market are GE Healthcare, Siemens Healthcare, Philips Healthcare, Medtronic Plc, Masimo Corporations, ResMed Inc., Smiths Medical, Dragerwerk Ag & Co. KGaA, MGC Diagnostic Corporation, Nihon Kohden Corporation, Welch Allyn, Inc and others.
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- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
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