Respiratory Monitoring Devices Market:
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Executive Summary
The global respiratory monitoring devices market is expected to grow from $4.5 billion in 2019 to about $9 billion in 2020 as hospitals across the globe are increasing their installed base of these equipment due to their demand in the treatment of Covid-19 patients. The market is expected to stabilize and reach $6.2 billion at a CAGR of 8.6% through 2023.
The market for respiratory monitoring devices is experiencing an exponential growth due to the Covid-19 pandemic. The fact that Covid-19 is essentially a respiratory ailment has boosted the use of respiratory monitoring devices, to monitor the physiological functions of lungs during Covid-19 treatment.
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The respiratory monitoring devices market consists of sales of respiratory monitoring devices used to monitor respiration related parameters that aid the detection of acute or chronic respiratory disorders. The respiratory monitoring devices establishments are primarily engaged in the manufacturing of Capnographs, Gas Analyzers, Pulse Oximeters, Peak Flow Meters, Spirometers, and Polysomnographs.
North America was the largest region in the respiratory monitoring devices market in 2019.
Longer duration of time taken in the approval process of respiratory devices is restricting the growth of respiratory monitoring devices market. Before a new respiratory device is introduced to the market, it takes 7.2 months for the FDA approval process, which adds to the development costs to be borne by device manufacturers, thus acting as a restraint to the market growth. To reduce incidences associated with the respiratory devices and ensure that the devices are safe and have least adverse reactions, regulatory authorities such as Medicines and Healthcare products Regulatory Agency (MRHA) in the UK regulates and monitors the devices by restricting devices for use and sending field safety notices to correct the devices. These stringent approval processes and regulatory policies may impact the respiratory monitoring devices market.
The companies in the market are increasingly launching smart respiratory monitoring devices to diagnose and monitor number of respiratory diseases. These smart respiratory monitoring devices are Bluetooth-enabled which can be connected to smartphones to continuously monitor the vital respiratory parameters. For instance, in 2018, Nuva Air, a Swedish digital health startup launched a smart device, Air Next, that monitors all the vital respiratory parameters in patients with asthma and other respiratory diseases.
Rising rate of chronic respiratory diseases is expected to drive the respiratory monitoring devices market in near future. The chronic respiratory diseases such as asthma, bronchitis, pneumonia and others resulting from different bacterial and viral infections will boost the demand of respiratory monitoring devices. For instance, in the USA, 25 million people are currently suffering from Asthma while 14 million people suffer from COPD. The respiratory monitoring devices such as spirometers and pulse oximeters act as essential devices to monitor vital respiratory parameters.
Major players in the respiratory monitoring devices market are Covidien, GE Healthcare, Philips Healthcare, ResMed, Siemens Healthcare, Merck & Co., Calando Pharmaceuticals, Quark Pharmaceuticals, Sirnaomics Inc., and Traversa Therapeutics.
Continuous…
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Respiratory Monitoring Devices Market: IntroductionRespiratory monitoring plays a significant role in the management of patients with respiratory diseases, such as acute respiratory failure, chronic obstructive pulmonary disease (COPD), and asthma, among other diseases.
There are a number of technologically advanced respiratory monitoring devicesavailable in the market for personal use, intensive care, and inpatient settings.Increase in the prevalence of respiratory diseases, such as asthma, cystic fibrosis, and COPD, and rising geriatric population are major factors that are anticipated to drive the global respiratory monitoring devices market during the forecast periodRequest Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=1415According to the World Health Organization, the global geriatric population was approximately 524 millionin- and is anticipated to reach 5 billion by 2050.
Moreover, world population is aging at a rapid pace, especially people in developed nations such as the U.S., Germany, and Japan.North America held a leading share of the global respiratory monitoring devices market in 2018due to the increase in the number of asthma cases and favorable medical schemes and reimbursement policiesAccording to the Behavioral Risk Factor Surveillance System (BRFSS) survey, in 2017, nearly 9 millionadults in the U.S. had asthma and around 16.3 million adults were diagnosed with COPD.
The survey also stated that nearly 33.2 million adults had chronic lung diseases.The respiratory monitoring devices market in Asia Pacific is expected to expand at a high CAGR of ~7%from 2019 to 2027 due to the growing healthcare expenditure, increasing prevalence of respiratory disorders, and improving healthcare infrastructureRequest COVID Analysis on Respiratory Monitoring Devices Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=1415Rise in Prevalence Rate of Respiratory Diseases to Drive Respiratory Monitoring Devices MarketRise in prevalence rate of respiratory diseases worldwide is projected to drive the global respiratory monitoring devices market during the forecast periodApproximately 50% of Latin American countries reported that around 15%of the population suffered from childhood asthma, revealed by Forno and Colleagues in the journal Thorax published in December 2016According to the WHO, in 2015, globally, there were 100 million people affected with chronic respiratory diseases with sleep apnea being the most common problemRequest Customization on Respiratory Monitoring Devices Market Report – https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=1415Increase in Use of Pulse Oximeters in Clinics and LaboratoriesIn terms of product, the global respiratory monitoring devices market has been segmented into pulse oximeters, capnographs, spirometers, polysomnographs (PSG), peak flow meters, gas analyzers, and others.
The pulse oximeter segment accounted for a major market share in 2018.Technological advancements related to respiratory monitoring equipment and high utilization of pulse oximeters in clinics and laboratories are various factors that are likely to drive the pulse oximeters segment during the forecast periodRise in demand for non-invasive respiratory monitors is expected to accelerate the growth of the global respiratory monitoring devices marketIn November 2015, Montefiore Medical Center developed a non-invasive pulseless oximeter, which measures arterial oxygenation in patients with weak pulseHospitals to be Major End User of Respiratory Monitoring DevicesBased on end user, the global respiratory monitoring devices market has been categorized into home care, hospitals, ambulatory surgical centers, and specialty clinicsThe home care segment is likely to gain significant market share by Growth of this segment can be attributed to the increase in the adoption of respiratory monitoring devices for home use, rise in the number of market players launching portable devices, and growing demand for home use spirometers and peak flow meters.Buy Respiratory Monitoring Devices Market Report –https://www.transparencymarketresearch.com/checkout.php?rep_id=1415=SNorth America to Lead Respiratory Monitoring Devices MarketIn terms of region, the global respiratory monitoring devices market has been divided into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
North America is projected to account for a leading share of the global respiratory monitoring devices market during the forecast period, owing to the increase in the number of market players receiving FDA approval, new product launches, and significant growth of diagnostic medical devices market.In January 2019,Masimo received the FDA approval for MightSat Rx finger pulse oximeter that can be used at home, thereby expanding its share of the respiratory monitoring devices marketIn June 2015,Cohero Health received the FDA approval for mobile connected spirometer, a Bluetooth-connected device the measures critical lung functionGrowth Strategies of Key PlayersKey players operating in the global respiratory monitoring devices market are Medtronic, Philips Healthcare (Koninklijke Philips N.V.), Smiths Medical (part of Smiths Group plc), Drägerwerk AG & Co. KGaA, GE Healthcare (part of General Electric Company), Welch Allyn, Inc. (Hill-Rom Holdings, Inc.), Masimo, MGC Diagnostics Corporation, Vyaire Medical Inc. (Becton, Dickinson and Company and Apax Partners’ Joint Venture), Nihon Kohden Corporation, and Novelda ASLaunch of products for home use and increase in research and development activities by prominent players are major strategies adopted by companies operating in the respiratory monitoring devices marketGlobal Respiratory Monitoring Devices Market: SegmentationRespiratory Monitoring Devices Market, by ProductPulse OximetersCapnographsSpirometersPolysomnographs (PSG)Peak Flow MetersGas AnalyzersOthersRespiratory Monitoring Devices Market, by End UserHome careHospitalsAmbulatory Surgical CentersSpecialty Clinics Respiratory Monitoring Devices Market, by RegionNorth AmericaS.CanadaEuropeGermanyK.FranceSpainItalyRest of EuropeAsia PacificJapanChinaIndiaAustralia & New ZealandRest of Asia PacificLatin AmericaBrazilMexicoRest of Latin AmericaMiddle East & AfricaGCC CountriesSouth AfricaRest of Middle East & AfricaAbout UsTransparency Market Research is a global market intelligence company providing global business information reports and services.
The Business Research Company published its Respiratory Monitoring Devices Global Market Report 2020 which provides strategists, marketers and senior management with the critical information they need to assess the global respiratory monitoring devices market.
The report covers the respiratory monitoring devices market’s segments- by type: capnographs; gas analyzers; pulse oximeters; peak flow meters; spirometers; polysomnographs; others and by end-user: laboratories; hospitals; home use.View Complete Report: https://www.thebusinessresearchcompany.com/report/respiratory-monitoring-devices-market-global-report-2020-2030-covid-19-implications-and-growthRespiratory Monitoring Devices Global Market Report 2020 is the most comprehensive report available on this market and will help gain a truly global perspective as it covers 60 geographies.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by region and by country.
It also compares the market’s historic and forecast growth.
It covers all the regions, key developed countries and major emerging markets.
The major regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.Companies in the market are increasingly launching smart respiratory monitoring devices to diagnose and monitor the number of respiratory diseases.