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Respiratory Monitoring Devices Market to Reach a Valuation of ~US$ 8.8 Bn by 2027
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The World Health Organizations has predicted that COPD will become the third-leading cause of death globally by 2030. Additionally, growth in technological advancements, and improving access to healthcare will drive robust growth for the respiratory monitoring devices market. Among the latest technological developments, small and portable monitoring devices are worth keeping an eye on, as these promise improved and cost-effective treatment for millions of patients who cannot afford hospitalization.
Among Regions, Asia Pacific promises new opportunities for growth as it is expected to register fastest CAGR growth during the forecast period. Rising disposable incomes, improving access to healthcare, and high penetration of trends like IoT will drive robust growth in the region in the near future.
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Pulse Oximeter Promises Rising Growth Opportunities
Products like pulse oximeter, and spirometer are expected to create lucrative opportunities for growth in the respiratory monitoring devices market. in 2017, these two devices registered highest demand in the market. Additionally, their importance to measuring haemoglobin in the blood is widely used in the healthcare sector.
The growth of new devices like portable mobile and wearable devices to measure blood cells, among others can be a new horizon in the near future. The pulse oximeter segment was valued at nearly a USD$ 1000 mn in 2017. The segment is likely to witness more growth in the near future, thanks to rising demand for COPD, critical care, and rising use of monitoring modalities in areas like cosmetic care among others.
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Respiratory Disorders to Fuel Robust Growth
Respiratory diseases and worsening quality of air pollution will likely drive robust growth. Major illnesses like COPD, asthma, among others are on the rise. Moreover, rising urbanization, and demand for high quality devices are on the rise. Moreover, diseases like lung diseases and cancers are also on the rise. The growth of such chronic illnesses, and demand for portable, and low-cost devices to access healthcare in rural area will present major opportunities in the market.
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