Respiratory Monitoring Devices Market

Respiratory Monitoring Devices Market Size (2023 to 2028)

The size of the global respiratory monitoring devices market was valued at USD 21.92 billion in 2023. As per our report, this value is further estimated to grow at a CAGR of 9.7% from 2023 to 2028 and be worth USD 34.83 billion by 2028.

Respiratory Monitoring Devices Market Share Insights:

• Based on the diagnostic devices, the peak flow meter segment dominated the market in 2022.
• Based on the monitoring devices, the pulse oximeters segment led the market in 2022.
• North America held the largest share of the global market in 2022.
• The market in the European region accounted for a considerable share of the global market in 2022. 

A respiratory monitoring device checks proper airway function and oxygen supply. Various respiratory tests are being developed to assess the lungs' effectiveness in exchanging breathing gases and identifying respiratory tract obstructions. Capnography, gas analyzers, pulse oximeters, peak flow meters, spirometers, and polysomnography are among the most common respiratory monitoring equipment produced. These instruments determine the lungs' respiratory capacities to identify acute or chronic respiratory diseases. Respiratory monitoring is a polysomnography (PSG) component and aids in detecting sleep-related breathing problems linked to diurnal movement disorders. Polysomnography (PSG) is a technique for gathering information about breathing and sleeping patterns. Respiratory monitoring device sales are being utilized to supplement the respiratory monitoring device market. Respiratory monitoring devices monitor respiration-related factors that aid in diagnosing respiratory infections.

MARKET DRIVERS:

The growing geriatric population and the prevalence of chronic respiratory diseases due to pollution, reduced air quality, smoking, and regular chemical interaction propel the respiratory monitoring devices market growth.

According to World Health Organization (WHO), an estimated 2.1 billion population will be over 60 years of age by 2050. The continuous growth in the aging population is anticipated to fuel the need for respiratory monitoring devices and boost the market growth. According to Lancet Respiratory Medicine, approximately 545 million people suffered from chronic respiratory diseases in 2017. Due to air pollution, a significant number of people are getting affected with life-treating diseases such as lung cancer, COPD, and CVDs every year. The emergence of innovative products such as cordless devices, wearables, smartphones, and integrated devices, owing to rapid advancements in technology, led to the increased adoption rate of these devices, another major factor boosting the growth of the global respiratory monitoring devices market. Also, key players and other medical organizations are developing active respiration monitoring devices to measure the capnography, respiration rate, pulse oximetry, and pulse rate, fuelling the growth of the respiratory monitoring devices market.

In addition, the integration of technologies such as machine learning and signal analysis also boosts the growth of respiratory monitoring devices, especially PSG devices leading to the development of the global respiratory monitoring devices market. The rising prevalence of chronic obstructive pulmonary disorders and increasing accounts of asthma-affected populations, resulting in high demand for respiratory monitoring devices, is expected to accelerate the respiratory monitoring devices market further. Rising focus on research and development activities from private and public organizations for developing technologically advanced monitoring devices integrated with advanced technologies such as wearable strain sensors to meet the continually rising demand and are expected to offer lucrative growth opportunities for key market players during the forecast period. The emergence of innovative products and increasing economies of developing countries such as China, India, Saudi Arabia, and others will also likely create lucrative growth opportunities for the global respiratory monitoring devices market during the forecast period.

MARKET RESTRAINTS:

Increasing manufacturing and maintenance costs are limiting the growth rate of the respiratory monitoring devices market. As a result, high costs associated with manufacturing restrain the growth of the global respiratory monitoring devices market to some extent.

Impact of COVID-19 on the global respiratory monitoring devices market:

The sudden outburst of novel coronavirus started in Wuhan, China 2020. The rapid increase in COVID-19 cases has left millions of people critically ill and dead. COVID-19 has created a positive influence on the respiratory monitoring devices market. The patients diagnosed with the infection suffer from breathing problems as they require ventilators and devices. During the crisis, the demand for ventilators increased, and the governmental and industrial companies supported them. For instance, the South African country authorities have introduced the National Ventilator Project to develop and produce ventilation solutions for the pandemic quickly. As per the World Health Organization (WHO), 1845 positive cases were recorded as of 9th April 2020. 

REPORT COVERAGE:

This research report on the global respiratory monitoring devices market has been segmented and sub-segmented based on diagnostic devices, therapeutic devices, and regions.

Respiratory Monitoring Devices Market - By Diagnostic Devices:

• Spirometers
• Peak Flow Meter

The peak flow meter segment is predicted to play a leading role in the global respiratory monitoring devices market during the forecast period. The devices are used to measure the respiration rate. The growing demand for peak flow meters is lightweight, easy to handle and carry, and accessible remotely. The mentioned above factors surge the market growth. Moreover, factors like an extensive range of applications ranging from asthma to lung cancer augment the market development.

Respiratory Monitoring Devices Market - By Monitoring Devices:

• Sleep Test Devices
• Gas Analyzers
• Pulse Oximeters
• Capnograph

The pulse oximeters segment is expected to dominate the market based on monitoring devices because of its accurate and fast results. Furthermore, it is predicted to be the top segment for the coming years because of its better diagnostic results than others.

Respiratory Monitoring Devices Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American respiratory monitoring devices market dominated the market in 2022 with a share of 37% and is expected to stay at the top for a few more years. The growing respiratory diseases like breathing problems, the rising aging population, and new advanced products are majorly promoting the growth of the North American market. In North America, the United States is expected to secure the largest market share in the revenue. In addition, chronic respiratory diseases like asthma, bronchitis, and pneumonia result in viral and bacterial infections bolstering the market growth. For example, in the U.S., 25 million people have asthma, while 14 million suffer from the chronic obstructive pulmonary disease (COPD). In December 2018, ResMed, a respiratory monitoring devices manufacturing company in the U.S., obtained Propeller Health for a value of 225million $. As a result, the Canadian respiratory monitoring devices market is the fastest-growing part of the region. 

The European respiratory monitoring devices market is projected to have impressive growth during the forecast period. According to the World Health Organization (WHO), nearly 66 million people live with COPD every hour, estimated to kill over 250 people worldwide. In Europe, 4-10%of adults have COPD, the third leading cause of death. The U.K. is leading the region's market share with growing demand for COPD, asthma, and sleep apnea patients strengthening the market growth. 

The respiratory monitoring devices market in Asia-Pacific is growing at the highest CAGR because of increased technological advancements and a rise in disposable incomes. Due to increasing urbanization, the region's market growth is the rising purchasing power of patients in countries like India and China. Moreover, the mounting number of smokers, increasing pollution levels, and healthcare awareness programs by local governments escalate the respiratory monitoring devices market's growth. The escalating demand for better healthcare in India snowballs the market growth during the analysis period. 

The Latin American respiratory monitoring devices market is expected to grow constantly over the review period. More than 37,000 people died in Brazilian 2015 due to COPD, as per the Unified Public Health System's Mortality Information System. In addition, burgeoning government funds and investments in the healthcare sector fuel the respiratory monitoring devices market growth. Brazil is leading the market with significant players focusing on acquisitions and mergers. Mexico's market is said to have the quickest change due to the growing adoption rate and mushrooming demand for respiratory diseases.

The Middle East & Africa respiratory monitoring devices market is expected to grow at a moderate CAGR during the forecast period. The South African respiratory monitoring devices market is predicted to grow rapidly in this region due to rising stress on chronic lung diseases and growing advanced technologies. South Africa is ranked 25th for occurrence, with an estimated 18 deaths per 100,000 asthma cases. In addition, the high occurrence and adoption of urban lifestyle and growing obesity integrated with tobacco smoke intake surge the region's market growth. 

KEY MARKET PLAYERS:

Notable market participants dominating the global respiratory monitoring devices market analyzed 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.

RECENT MARKET HAPPENINGS:

• In December 2019, Medtronic Inc. collaborated with Christina to provide enhanced therapies and better medical technologies, increase patient outcomes, and reduce treatment costs. This collaboration's primary objective is to identify the patients with the risk of opioid-induced ventilatory impairment, provide continuous monitoring of breath, and create alert systems. 
• In September 2019, Philips Healthcare showcased its product portfolio, including respiratory solutions.
• In November 2019, Smiths Group announced the demerge and separation of smiths medical to enhance execution and boost their opportunities in the individual market.