Respiratory Rate Monitoring Devices Market - Industry Trends, Growth, Analysis, Opportunities and Overview
Respiratory Monitoring Devices Market: Introduction
- Respiratory 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 devices available 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 period
- According to the World Health Organization, the global geriatric population was approximately 524 million in– and is anticipated to reach 1.5 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 2018 due to the increase in the number of asthma cases and favorable medical schemes and reimbursement policies
- According to the Behavioral Risk Factor Surveillance System (BRFSS) survey, in 2017, nearly 22.9 million adults 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 infrastructure
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Rise in Prevalence Rate of Respiratory Diseases to Drive Respiratory Monitoring Devices Market
- Rise in prevalence rate of respiratory diseases worldwide is projected to drive the global respiratory monitoring devices market during the forecast period
- Approximately 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 2016
- According to the WHO, in 2015, globally, there were 100 million people affected with chronic respiratory diseases with sleep apnea being the most common problem
Increase in Use of Pulse Oximeters in Clinics and Laboratories
- In 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 period
- Rise in demand for non-invasive respiratory monitors is expected to accelerate the growth of the global respiratory monitoring devices market
- In November 2015, Montefiore Medical Center developed a non-invasive pulseless oximeter, which measures arterial oxygenation in patients with weak pulse
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Hospitals to be Major End User of Respiratory Monitoring Devices
- Based on end user, the global respiratory monitoring devices market has been categorized into home care, hospitals, ambulatory surgical centers, and specialty clinics
- The home care segment is likely to gain significant market share by 2027. 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.
North America to Lead Respiratory Monitoring Devices Market
- In 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 market
- In June 2015, Cohero Health received the FDA approval for mobile connected spirometer, a Bluetooth-connected device the measures critical lung function
Growth Strategies of Key Players
- Key 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 AS
- Launch 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 market