The size of the Latin America Respiratory Monitoring Devices Market is predicted to be USD 4.94 billion by 2027 from USD 3.01 billion in 2022, growing at a CAGR of 10.4% from 2022 to 2027.
The market for respiratory monitoring devices in Latin American is forecasted to be driven by the high frequency of respiratory illnesses and rising pollution levels. Manufacturers have benefited from the growing use of home healthcare, likely to drive the market over the forecast period. Furthermore, rising pollution levels and cigarette smoking rates are going to speed up the growth. Asthma and chronic obstructive pulmonary disorders (COPDs) are two key causes of increasing demand for respiratory monitoring equipment. As a result, makers of respiratory monitoring equipment are developing wearable strain sensors for better chronic respiratory illness management (CRDs). Due to the fast progress of technology, the demand for new goods such as wearables, cordless devices, smartphones, and integrated devices is increasing, resulting in a higher acceptance rate of these gadgets, driving the market forward. In addition, the development of active respiratory monitoring devices to measure pulse oximetry, respiratory rate, pulse rate, capnography, and other parameters by manufacturers and other medical organizations is fueling the growth of the Latin American respiratory monitoring devices market.
The growing incidence of chronic respiratory diseases is anticipated to boost the market for respiratory monitoring devices in the near future. The need for respiratory monitoring devices will increase due to chronic respiratory diseases such as asthma, bronchitis, pneumonia, and other infections caused by bacteria and viruses. Makers of respiratory monitoring systems are emerging smartphone technology with pulse oximeters. Smart respiratory monitoring devices are rapidly being introduced into the market to diagnose and monitor various respiratory illnesses. These Bluetooth-enabled smart respiratory monitoring devices may be connected to smartphones to monitor key respiratory parameters continually.
Pulse oximeter adoption has been restricted due to a lack of training and resources. Anesthesia-related deaths have increased due to a lack of training among healthcare workers. Rising maintenance and manufacturing costs will serve as a restraint in the forecast period, posing significant challenges to the respiratory monitoring systems market's growth. However, market development has been limited to some part by a lack of awareness, which has resulted in a huge underdiagnosed and undertreated population and the detrimental effects of some respiratory care equipment on infants.
The research report on the Latin American respiratory monitoring devices market has been segmented and sub-segmented into the following categories.
By Diagnostic Devices:
By Monitoring Devices:
The rising incidence of respiratory diseases has boosted demand for early detection, which is anticipated to boost sales of respiratory monitoring equipment in the Latin American region. As a result, all of these factors are likely to boost the market for respiratory monitoring in Latin America. In addition, the growth of the senior population, combined with advantageous reimbursement policies, is boosting the market's position in the region. Furthermore, the market is expected to grow at the highest rate because of the huge number of respiratory patients, rising healthcare expenditures, quickly improving healthcare infrastructure, rising per capita income, growing middle-class population, and rising cigarette smoking incidence in this region forecast period.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the Latin American 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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