Respiratory Monitoring Devices Market to Garner Growth 6.9% by 2030

The respiratory monitoring devices market was estimated at US$ 1.62 billion in 2021 and is estimate to reach US$ 2.95 billion by 2030. It is anticipated grow at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030.

Growth Factors

The rising prevalence of various respiratory disorders such as chronic obstructive pulmonary diseases, asthma, COVID-19, and several others is boosting the demand for the respiratory monitoring devices across the globe. The rising pollution levels owing to rapid industrialization, rising urbanization, rising prevalence of smoking, and extended exposure to dust particles are some of the major factors contributing to the rising burden of respiratory disorders. According to the World Health Organization (WHO), approximately 65 million individuals across the globe are suffering fromchronic pulmonary obstructive disease and about 3 million dies due to it every year. Around 334 million people are suffering from asthma and around 14% of the global children are affected from it. The technological advancements in the monitoring systems and the integration of the sensors technology in the respiratory monitoring devices is significantly fueling the growth of the market across the globe.

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Report Highlights:

• By device type, the pulse oximeters was the dominant segment in the global respiratory devices market in 2020. The demand for the pulse oximeters has witnessed a sudden spike among the COVID-19 patients to regularly monitor their oxygen levels. The integration of the pulse oximeters with the smartphones has facilitated the health professionals to control the death rates owing to the reduction in oxygen levels in the body. The rising prevalence of various respiratory diseases among the population is expected to further fuel the growth of this segment and it is expected to sustain its dominance throughout the forecast period.

• On the basis of indication, chronic obstructive pulmonary disease (COPD) segment dominated the global respiratory monitoring devices market in 2020. The increased prevalence of COPD among the global population has significantly fostered the demand for the respiratory monitoring devices across the globe. Around 65 million people suffers from COPD across the globe, as per the World Health Organization.

• Based on the end user, the hospitals was the leading segment in the market in 2020. The hospitals are the most preferred place for receiving treatment. The availability of numerous advanced respiratory monitoring devices and availability of experienced healthcare professionals in hospitals has fostered the growth of this segment in the global market. The rising government investments in the development of strong and developed healthcare infrastructure is further expected to drive the market growth.

• North America was the most dominant respiratory monitoring devices market in 2020. The presence of huge pool of patients suffering from respiratory diseases, high healthcare expenditure, and increased demand for the technologically advanced devices in the healthcare sector are the major factors that has driven the growth of the North America respiratory monitoring devices market. The presence of developed healthcare infrastructure and the rising popularity of home healthcare is anticipated to retain the dominance of North America in the global market.

• Asia Pacific is witnessing rapid investments in the industrialization and urbanization, which is resulting in increased amount of air pollution. The rising air pollution is resulting in the rising prevalence 0of various chronic diseases including the respiratory disorders. Therefore, the demand for the respiratory monitoring devices is anticipated to grow significantly in Asia Pacific during the forecast period. Further, the rising government expenditure on the development of sophisticated healthcare infrastructure is expected to positively impact the market growth.

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Future of Respiratory Monitoring Devices Market

The surging demand for the respiratory monitoring devices in the home healthcare setting is the latest trend in the market. The rapidly growing geriatric population and rising awareness regarding the hospital acquired infections is fueling the growth of the home healthcare. Therefore, the demand for the respiratory monitoring devices in the home healthcare will have a positive impact on the market in the upcoming future. Furthermore, the emergence of telehealth platforms are supporting the market growth significantly.

COVID-19 Impact Analysis:

• The COVID-19 pandemic is a respiratory disease and its rapid spread among the global population resulted in the increased demand for the respiratory monitoring devices.
• The demand for the pulse oximeters significantly rose in the home healthcare sector across the globe during the pandemic.
• The emergence of the telehealth platforms remotely connected the healthcare professionals with the respiratory monitoring devices and helped the doctors to provide consultations based on the reading of the respiratory monitoring devices.

Key Developments in the Marketplace:

• In January 2019, Masimo acquired the US FDA approval for its MightSat Rx oximeter, which was extensively used in the home healthcare setting.

Market Segmentation

By Device Type

• Capnography
• Peak Flow Meters
• Pulse Oximeters
• Spirometers
• Gas Analyzers
• Polysomnography
• Others

By Indication

• Sleep Apnea
• COPD
• Asthma
• Infectious Disease

By End User

• Hospitals
• Clinics
• Homecare

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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