Respiratory Monitoring Devices Market - Know the Latest Profit Sources of the Industry

Respiratory Monitoring Devices Market Outlook 2031

The global respiratory monitoring devices market was valued at US$ 7.7 Bn in 2021

The global market is projected to grow at a CAGR of 6.3% from 2022 to 2031

The global respiratory monitoring devices market is anticipated to reach more than US$ 15 Bn by the end of 2031

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 Respiratory Monitoring Devices Market Introduction

Monitoring refers to evaluation of the physiologic function of a patient. It assists the health care provider in making clinical decisions and determining the line of treatment. It is also used to determine the patient's response to clinical interventions. Respiratory monitoring devices, such as smart pulse oximeters and spirometers, help in monitoring patients' respiratory condition. 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. A number of technologically advanced respiratory monitoring devices are available in the market for personal use, intensive care, and in-patient settings.

The global respiratory monitoring devices market is anticipated to grow at a rapid pace during the forecast period owing to the rise in prevalence of respiratory diseases, such as asthma, cystic fibrosis, and COPD, and increase in geriatric population.

Increase in Prevalence of Respiratory Diseases and Sleep Apnea Driving Global Respiratory Monitoring Devices Market

Prevalence of respiratory diseases such as asthma, cystic fibrosis, and COPD is rising across the globe. Patients suffering from severe COPD require continuous supply of oxygen. Often, symptoms such as increase in breathlessness and coughing are ignored as a common sign of aging; however, these can be early signs of COPD.

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Globally, around 65 million individuals struggle with COPD. Sleep apnea is a partial or complete collapse of the upper airway. It is caused by relaxation of muscles that control the soft palate and the tongue. In 2019, around 25 million people had obstructive sleep apnea disorder globally. Prevalence of sleep apnea is similar to that of asthma and diabetes in the U.S. This is driving the demand for respiratory monitoring devices.

Rise in Geriatric Population Propelling Global Market

Life expectancy of people has increased in the last decade. This has led to a rise in population pool in the above reproducible age group. The immune system of a person weakens with age. Hence, surge in geriatric population increases the risk of contracting diseases in this age group. The number of elderly people in less developed countries is projected to rise more than 250% between 2010 and 2050 compared to 71% in developed countries. Aging increases the risk of contracting respiratory diseases. This is expected to boost the demand for therapeutic respiratory devices during the forecast period.

Technical Advancements and Increase in Demand for Non-invasive & Painless Tests for Measuring Oxygen Saturation Level Augmenting Pulse Oximeters Segment

In terms of product, the global market has been classified into pulse oximeters, capnographs, spirometers, polysomnographs (PSG), peak flow meters, gas analyzers, and others. The pulse oximeters segment dominated the market in 2021, with around 37% share. The trend is anticipated to continue during the forecast period. Technical advancements in pulse oximeters and increase in demand for non-invasive respiratory monitoring devices and painless tests for measuring oxygen saturation level are likely to augment the pulse oximeter segment during the forecast period.

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Easy Availability of Respiratory Monitoring Devices to Bolster Hospitals Segment

In terms of end-user, the global respiratory monitoring device market has been divided into home care, hospitals, ambulatory surgical centers, and specialty clinics. The hospitals segment held major share of around 39% in 2021. This trend is projected to continue during the forecast period. Growth of the segment can be ascribed to the easy availability of respiratory devices in hospitals, increase in patient population, and rise in demand for respiratory monitoring devices.

Regional Outlook of Global Respiratory Monitoring Devices Market

North America accounted for the largest share of around 36% of the global respiratory monitoring devices market in 2021. This can be ascribed to product approvals by the Food and Drug Administration (FDA) and presence of well-established companies that offer respiratory care devices. Europe held around 31% share of the global market in 2021. The market in the region in likely to grow at a rapid pace during the forecast period due to the rise in focus on respiratory care management in home care setting. Asia Pacific held larger share of the global market in 2021 than Latin America and Middle East & Africa. However, the market in Latin America is projected to grow at a faster rate from 2022 to 2031 than that in Middle East & Africa.

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Analysis of Key Players in Global Respiratory Monitoring Devices Market

The respiratory monitoring devices market report concludes with the company profiles section, which includes key information about major players in the global market. Key players are engaged in product innovations and technological advancements to increase their share and strengthen their position in the global market. Leading players in the respiratory monitoring devices market are Medtronic, Philips Healthcare (Koninklijke Philips N.V.), Smiths Medical (Smiths Group plc), Drägerwerk AG & Co. KGaA, GE Healthcare (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.

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