Respiratory Monitoring Devices Market Overview:
Respiratory rate is a critical sign sensitive to pathological disorders (e.g., adverse cardiac events, pneumonia, and clinical decline) and stressors, including emotional anxiety, mental burden, heat, cold, physical exertion, and exercise-induced fatigue. The sensitivity of respiratory rate to these states is superior to that of most different critical signs, and the abundance of appropriate technical solutions estimating respiratory rate is important for healthcare, occupational settings, and sport.
Market Size Growth Rate:
According to the research report published by DataM Intelligence, the global Respiratory Monitoring Devices market size was valued at USD YY billion in 2021. It is projected to reach USD YY billion by 2029, with growth at a CAGR of 11.2% over the forecast period 2022-2029.
The growth of global respiratory monitoring devices is boosted by increasing air pollution, patients with respiratory conditions, the geriatric population, and market expansions.
The growing burden of respiratory diseases is promoting the global Respiratory Monitoring Devices Market growth in the forecasted period. For instance, according to The Forum of International Respiratory Societies report, an estimated 200 million people have COPD, of which about 3.2 million die each year, making it the third-leading cause of death worldwide. Asthma is one of the commonest non-communicable diseases globally, affecting 262 million people. With more than 2.2 million new lung cancer cases in 2020 and 1.80 million deaths globally, lung cancer is responsible for 1 in 4 cancer deaths. Lower respiratory tract infection or pneumonia is a leading cause of mortality, accounting for more than 2.4 million deaths every year, particularly among those in LMICs. COVID-19 has dramatically increased deaths from pneumonia globally. In children below five years of age, pneumonia is the leading cause of death outside the neonatal period.TB is a major burden, with the World Health Organization’s annual global report finding that TB deaths have risen for the first time in more than a decade due to the COVID pandemic.
However, the unexpected outcomes will slow the global Respiratory Monitoring Devices market growth. For instance, an important application of the pulse oximeter is identifying changes in a patient’s condition before any harm can occur. However, as much as 86% of ICU alarms are false, and the other 6% are not clinically significant, though correct. Moreover, the oximeter saturation reading does not correspond with the saturation from the blood gas analyzer, equipment failure, patient decompensation without any changes in identification in the oximeter, excessive motion or reduced perfusion to particular tissue interferes with the proper function of the oximeter, and sometimes the oximeter probe may cause damage to the skin integrity.
The increased healthcare expenditures provide opportunities for global Respiratory Monitoring Devices growth during the forecast period. For instance, according to the WHO global health expenditure database, the United States of America’s health expenditure in 2020 was 3,931,331 million US$.
COVID-19 Impact Analysis
The infection’s significant symptoms were silent hypoxia, dyspnea, pulmonary failure, and shortness of breath. But in some cases, the symptoms were not visible. Inpatient monitoring was not possible at the moment due to the increasing number of patients all over the world; with the unavailability of hospital beds, WHO Response to the COVID19 outbreak interim guidance suggested that patients with no symptoms or mild forms be monitored and isolated at home after meeting the criteria for Home-Based Isolation and Care with monitoring the sign and symptoms, identify early and intervene quickly. One such sign was a reduction in blood oxygen saturation, and to identify the hypoxia, pulse oximeters and other respiratory monitoring devices were used, which caused a steep rise in sales worldwide.
Recent Developments in the Industry:
- In July 2022, Switzerland-based medical technology company Sleepiz enlisted its Sleepiz One+ contactless respiration and heart rate measuring device with the FDA.
- In March 2022, the growth of remote patient monitoring services for chronic disorders such as chronic obstructive pulmonary disease and heart disease was boosted by Smart Meter’s launch of the iPulseOxTM.
As per the research analysis, the global Respiratory Monitoring Devices market is segmented By Product Type into Spirometer, Peak Flow Meters, Sleep Test Devices, Gas Analyzers, Pulse Oximeters and Capnography. By End Users into Hospitals, Homecare and Diagnostic Laboratories.
- Based on Product Pulse Oximeters is estimated to grow at the highest CAGR of YY% during the forecast period (2022-2029). The easy operation and acquiring minimal space are causing increased demand for portable Respiratory Monitoring Devices in the forecasted period.
- Based on the end-user, Hospitals accounted for the largest market share of around YY% in 2020 and are expected to grow at a CAGR of YY% during the forecast period (2022-2029). The increasing number of hospital admissions is boosting segment growth. For instance, according to American Hospital Association, in 2022, there were around 33,356,853 hospital admissions in all US hospitals.
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The global Respiratory Monitoring Devices market is segmented into major regions, including North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
North America Respiratory Monitoring Devices Market:
The North American region holds the dominant share of about YY% in 2020. This region’s dominance is due to the presence of most key market players holding most of the Respiratory Monitoring Devices market in the North American region.
Asia-pacific Respiratory Monitoring Devices Market:
The Asia-pacific market is expected to grow by showcasing a significant CAGR due growing geriatric population in this region. For instance, according to the U.S. Census Bureau report, Asia’s population is aging faster than any other world region. In 2020 there were an estimated 414 million Asian people age 65 and older, about 20% higher than the total U.S. population (331.4 million).
The Respiratory Monitoring Devices market is highly competitive, with the presence of major players and small emerging players. In the Respiratory Monitoring Devices market, companies, healthcare insurance providers, and hospitals all are emerging at a steady pace with competitive Respiratory Monitoring Devices. Key players compete based on aggressive pricing, features, convenient use, technology upgrades, and marketing strategies. The market players are adopting various key strategies such as collaborations, partnerships, acquisitions, and product launches to expand their presence.
GE Healthcare, Smith & Nephew, Vyaire (Carefusion Corporation), Masimo Corporation, Medtronic plc, MGC Diagnostics Corporation, COSMED, Nihon Kohden Corporation, Philips Healthcare.
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The Full Report has the below insights:
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of the global Respiratory Monitoring Devices market segmentation by Product Type, Application Type, End Users and region, highlighting the key commercial assets and players.
- By Product Type: Spirometer, Peak Flow Meters, Sleep Test Devices, Gas Analyzers, Pulse Oximeters and Capnography.
- By End User: Hospitals, Homecare and Diagnostic Laboratories
- By Region: North America, South America, Europe, Asia Pacific, and the Middle East & Africa
- Identify commercial opportunities in the Respiratory Monitoring Devices market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and pricing analysis.
- Excel data sheet with thousands of data points of Respiratory Monitoring Devices Market -level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
- The report will provide access to approximately 50+ market data tables, 40+ figures, and close to 180 pages.
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