Prevalence of respiratory diseases steering demand for technologically advanced respiratory monitoring devices; burden of COPD and sleep apnea expanding avenues in respiratory monitoring devices market
Increasing access to devices in hospitals underpins lucrative avenues; Europe market to advance at promising growth rate on the back of need for respiratory care management in home care setting
WILMINGTON, Del., July 21, 2022 /PRNewswire/ — Emerging need for early intervention in respiratory diseases is catalyzing R&D on wearable respiratory monitoring devices. These have gained adoption in monitoring the respiratory pattern of certain respiratory disease patients such as chronic obstructive pulmonary disease (COPD) and COVID-19. The global respiratory monitoring devices market is forecast to advance at a CAGR of 6.3% from 2022 to 2031.
The global market study on respiratory monitoring devices has found that novel devices have helped increasing the accuracy in monitoring patients’ respiratory activity in various clinical settings. A granular respiratory monitoring devices market revenue analysis has observed that the prevalence of sleep apnea is increasing with age. Of note, COPD poses a glaring health burden globally, broadening the respiratory monitoring devices market outlook.
Key Findings of Respiratory Monitoring Devices Market Study
Technological Advancements in Systems to Increase Accuracy in Monitoring Respiratory Disease Patients: The prevalence of chronic and acute respiratory diseases, including asthma and cystic fibrosis, has nudged medical device companies to unveil technologically advanced devices. They are developing novel devices to tap into the avenues, particularly wearable systems that can enable patients and caregivers to get real-time data on respiration rate. Increased adoption of technologically advanced respiratory systems for home care has expanded frontiers for companies in the respiratory monitoring devices market. In this regard, pulse oximeters have emerged as non-invasive devices gaining preference for measurement of oxygen saturation level.
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Prevalence of COPD and Sleep Apnea Presents Enormous Opportunities: Ongoing trends of the respiratory monitoring devices market underscore that the elderly population presents a vast untapped revenue potential during the forecast period. The morbidity of COPD is likely to increase in older adults with cardiovascular diseases. Increasing awareness of the symptoms of obstructive sleep apnea and COPD is catalysing the prospects of the respiratory monitoring devices market.
Increased Access to Devices in Hospital Settings to Catalyze Market Growth: Of the various end users, hospitals accounted for the major share of the respiratory monitoring devices market in 2021. The segment is expected to retain its lucrativeness until the end of the forecast study. The access to respiratory monitoring procedures in hospitals and the affordability of newer devices among the patient population has spurred the revenue streams in the segment.
Respiratory Monitoring Devices Market: Key Drivers
Growing incidence of chronic obstructive pulmonary disease (COPD) is a key driver underlying the evolution of the respiratory monitoring devices market. Of note, the prevalence of obstructive sleep apnea among patients has been high, thus enriching the prospects.
Constant product advancements in the respiratory monitoring devices market focus on increasing the accuracy in monitoring as well as improving the patient comfort. The need for meeting these performance parameters has fueled R&D on novel systems by medtech companies.
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Respiratory Monitoring Devices Market: Regional Growth Dynamics
North America held the major market share in 2021. The North America The respiratory monitoring devices market has been fueled by the need for continuous innovation in respiratory care devices.
Europe held a key share of the global respiratory monitoring devices market in the same year. The revenues have been propelled by the adoption of respiratory monitoring technologies in various healthcare settings, more notably in home care in recent years.
Asia Pacific is a potentially lucrative market during the forecast period, notes the TMR study on the respiratory monitoring devices market. Growing pool of respiratory disease patients in the region has led to an uptick in demand.
Respiratory Monitoring Devices Market: Key Players
Medtech and medical device companies are leaning on commercialization of products equipped with cutting-edge technologies. Some of the prominent players in the respiratory monitoring devices market. include Vyaire Medical, Inc., Novelda AS, Nihon Kohden Corporation, MGC Diagnostics Corporation, Masimo, Welch Allyn, Inc., GE Healthcare, Drägerwerk AG & Co. KGaA, Smiths Medical, and Medtronic.
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Respiratory Monitoring Devices Market Segmentation
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Middle East & Africa
Australia & New Zealand
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