Global Respiratory Monitoring Devices Market is expected to foresee significant growth during the forecast period. North America to witness the highest growth
Global Respiratory Monitoring Devices Market is expected to reach the market valuation of USD XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from USD XX million in 2020. Respiratory monitoring is defined as the collection and analysis of patient data to ensure airway patency and adequate gas exchange.
The various factors driving the growth of the Respiratory Monitoring Devices market include the growing incidence of Asthma and COPD cases, rise in the aging population, upsurge in the prevalence of tobacco smoking, increase in urbanization and pollution, increase in the preterm birth cases, and lifestyle changes. Asthma is a non-communicable disease with major public health concerns for both children and adults all over the world. Though asthma prevalence cases are higher in children, mortality, and morbidity, cases are higher in adults. Moreover, the childhood asthma cases are more in boys whereas the adult asthma cases are more in women. As per the data shared by national and state surveillance systems administered by the Centers for Disease Control and Prevention (CDC), the young teens of 12-14 years old mostly suffers from a high prevalence of Asthma attacks.
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The pharmaceutical companies are focusing more on manufacturing advanced and portable monitoring devices, which is expected to augment the market growth in coming years. For instance, Lupin launched “Adhero”, a connected smart drug delivery device for the treatment of respiratory diseases such as COPD and Asthma. “Ahereo” can be attached to a metered-dose inhaler (MDI), having Bluetooth-like features which can be used to track the daily medication record of patients through “MyAdhero” on smartphones.
However, some of the restraints in the market include high cost of devices and unfavorable reimbursement policies. Besides, low awareness and large underdiagnosed and undertreated population are other factors impeding the growth of this market all over the world.
The sudden outbreak of COVID-19 in Wuhan, China, led to the rapid establishment of multiple hospitals for treating the increasing number of patients. This has been mirrored in other countries as well such as Italy and the US also built large hospitals within days to accommodate a growing patient population. In New York, US, the army converted the Javits convention center into a 2,900-bed hospital within four days. Critical care devices are being manufactured in increased quantities to meet growing demand. The situation resulting from the pandemic has resulted in alliances between healthcare and non-healthcare industries to manufacture respiratory care devices. This is contributing to the high growth of respiratory monitoring devices market all over the world.
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In terms of end user, the global respiratory monitoring devices market is segmented into Home Care, Hospitals, Ambulatory Surgical Centers, and Specialty Clinics. Among them, hospitals segment held the largest market share in 2020 and is further projected to maintain its leading position in the market during the forecast period as well on the back of high use and adoption of the respiratory monitoring devices. Today, the COVID-19 pandemic has led to the high demand for oxygen administration as supportive management. As per the Pan American Health Organization, 75% of all hospitalized patients require supplemental oxygen treatment. Besides, the home care segment is anticipated to gain significant market share in forthcoming years, due to increase in the number of market players receiving Food and Drug Administration (FDA) approval for home use respiratory monitoring devices. For instance, In January 2019, Masimo received the FDA approval for MightSat Rx finger pulse oximeter that can be used at home.
Additionally, the report provides detailed initiatives that are being taken in the field of Respiratory Monitoring Devices. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX million in 2020. The United States market had the highest revenue in the North American region for respiratory monitoring devices market owing to the rising prevalence of respiratory diseases in the U.S region. As per the Office of Disease Prevention and Health Promotion, more than 25 million people in the United States are suffering from Asthma. Around 14.8 million adults have been diagnosed with COPD, and approximately 12 million people have not yet been diagnosed. Moreover, preterm birth leads to respiratory complications such as chronic obstructive pulmonary diseases later in life. As per Verywell family statistics, about 450,000 babies in the United States alone are born too soon and 15 million babies are born preterm around the world – that’s 1 in 10!
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Medtronic, Philips Healthcare (Koninklijke Philips N.V.), Dragerwerk AG & Co. KGaA, GE Healthcare, Smiths Medical, Masimo, Resmed, Siemens Healthcare, Hamilton Medical and Vyaire Medical Inc. are some of the prominent players operating in the global Respiratory Monitoring Devices market. Several M&A’s along with partnerships have been undertaken by these players to develop new and innovative respiratory monitoring devices.
Global Respiratory Monitoring Devices Market Segmentation
Market Insight, by Product
- Pulse Oximeters
- Polysomnographs [PSG]
- Peak Flow Meters
- Gas Analyzers
Market Insight, by End-User
- Home Care
- Ambulatory Surgical Centers
- Specialty Clinics
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Philips Healthcare (Koninklijke Philips N.V.)
- Dragerwerk AG & Co. KGaA
- GE Healthcare
- Smiths Medical
- Siemens Healthcare
- Hamilton Medical
- Vyaire Medical Inc.