The size of the Europe Respiratory Monitoring Devices Market is expected to grow at a CAGR of 9.6% and reach USD 6.88 billion in 2027 from USD 4.35 billion in 2022. Respiratory Monitoring Devices are utilized to quantify the air we breathe in or breathe out, the amount of oxygen present in the blood, or the amount of carbon dioxide.
The increasing prevalence of respiratory diseases such as Asthma and Tuberculosis are majorly driving the European respiratory monitoring devices market. On the other hand, the growing population due to urbanization primarily contributes to the respiratory monitoring devices market.
In Europe, chronic obstructive pulmonary disease (COPD) is the most frequent life-threatening lung disease. According to WHO data, COPD affects over 66 million people globally, and it is projected to kill over 250 people per hour. COPD affects 4-10% of individuals in Europe, and it is currently the third most significant cause of death globally. However, COPD has become more common in Europe, affecting men and women almost equally due to high cigarette use in high-income countries. As a result, as the number of COPD cases rises, so does the market for respiratory monitoring.
The growing population and geriatric population are significantly influencing the respiratory monitoring devices market. In addition, as the senior population is prone to various respiratory disorders, tobacco smokers and associated lifestyles are driving the market growth. In addition, technological advancements in the healthcare sector and increasing demand for respiratory devices in private hospitals and clinics boost the market growth.
Increasing investments and funding by the government and private organizations, the introduction of smart respiratory monitoring devices by the major companies in the region, and rapid developments in healthcare infrastructure are encouraging market growth. Furthermore, the strategies implemented by the key market players in the area to gain a competitive advantage over the marketplace is likely to uplift the market growth. The strategies include partnerships, mergers, and acquisitions.
Infectious respiratory disorders, on the other hand, directly generate the need for respiratory care. The most recent and severe of these disorders is COVID-19, which has led to a rise in demand for personal protective equipment and ventilators, among other things. The need for ventilators has increased due to the COVID-19 outbreak, prompting government and industry support to accelerate production. As a consequence of the increased focus on respiratory treatment in the wake of an outbreak, the market is likely to grow strongly.
However, the high cost of medicines and doctor visits are expected to be the significant growth restraining factors of the market growth. In addition, the reimbursement concerns in the region limit the European respiratory monitoring devices market growth.
This research report on the European respiratory monitoring devices market has been segmented and sub-segmented into the following categories:
By Diagnostic Devices:
By Monitoring Devices:
Geographically, this region holds the second highest share after North America in the global market because of its developed markets and significant players in this region.
The UK dominated the European respiratory monitoring devices market. It held the largest market share in 2020, and it is expected to register a significant share during the forecast period. The market growth is driven by the increasing prevalence of respiratory diseases, the growing geriatric population, and the high prevalence of tobacco smoking.
On the other hand, Germany is most likely to witness a considerable share in the respiratory monitoring devices market in the coming years. Enhancing PSG implementation in the healthcare industry, increasing patient demand for peak flow meters and pulse oximeters, and rising awareness about advanced therapies amongst people across the country are propelling the market growth.
KEY MARKET PLAYERS:
A few of the notable companies operating in the European respiratory monitoring devices market profiled in this report are Covidien GE Healthcare, Philips Healthcare, Siemens Healthcare, Resmed, Merck & Co. Inc, Calondo Pharmaceuticals Inc., Quark Pharmaceuticals Inc., Access Pharmaceuticals Inc., Sirnaomics Inc., and Traversa Therapeutics Inc.
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