Wilmington, Delaware, United States, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global respiratory monitoring devices market was valued at US$ 7.7 Bn in 2021 and is projected to expand at a CAGR of 6.3% from 2022 to 2031. Pressing need for monitoring patients suffering from chronic respiratory diseases is expected to drive the demand for non-invasive monitoring technology.
Considerable demand for remote patient monitoring technologies for chronic obstructive pulmonary disease (COPD) patients is offering lucrative opportunities to companies in the market. For instance, usage of advanced remote patient monitoring (RPM) tools in home care settings has helped reduce COPD readmissions in hospitals. Introduction of remote patient monitoring technology for sleep apnea patients is likely to augment market size.
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|Market Revenue||US$ 7.7 Bn|
|Estimated Value||US$ 15 Bn|
|Growth Rate - CAGR||6.3%|
|No. of Pages||194 Pages|
|Market Segmentation||By Product Type, End-use, Distribution Channel|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Companies Covered||Medtronic, Philips Healthcare (Koninklijke Philips N.V.), Smiths Medical (part of Smiths Group plc), Dragerwerk AG & Co. KGaA, GE Healthcare (part of General Electric Company), and Welch Allyn, Inc. (Hill-Rom Holdings, Inc.)|
Key Findings of Study
Significant Demand for Pulse Oximeters in Home Care Settings
High preference for pulse oximeters for monitoring respiratory health can be ascribed to the adoption of portable and handheld respiratory monitoring devices. Patients find pulse oximeters convenient to wear and easy to use. This is expected to bolster the adoption of these devices over the next few years.
Manufacturers of pulse oximeters are aiming to carry out design innovations in order to make these devices less bulky and portable. Based on product, the pulse oximeters segment accounted for the major share of about 37.0% in 2021. Rise in demand for non-invasive respiratory monitoring technology is likely to strengthen the segment.
Cost-effectiveness of these devices — these are usually inexpensive compared to other commercially available remote respiratory monitoring devices — is another aspect that is likely to bolster the segment over the next few years.
Rapid Advancement in Remote Patient Monitoring Technology to Benefit Patients
Continuous remote monitoring of patients suffering fromchronic respiratory diseases, especially COPD, is essential to avoid disease exacerbations (flare-ups) and improve the quality of life of the affected individuals. Demand for remote patient monitoring (RPM) devices is also increasing among asthma patients.
Treatment and management of COPD entails high cost. As a result, the usage of RPM technology has increased considerably in at-home care settings for the patient population. Need for novel acoustic respiration rate measurement technology for neonatal and infant care presents significant untapped opportunities for market players (untapped because not many devices are approved by the U.S. FDA or are available worldwide).
High Usage of Respiratory Monitoring Devices in Hospital Settings
Based on end-user, the hospitals segment accounted for the leading market share of 39.0% in 2021. Significant demand for respiratory monitoring devices among hospitalized patients is anticipated to propel the segment during the forecast period.
Key Growth Drivers of Respiratory Monitoring Devices Market
- High prevalence of chronic respiratory diseases, especially COPD and asthma, is a key factor that is driving the need for continuous monitoring of respiratory health of the patients. This is expected to strengthen the demand for respiratory monitoring devices.
- Rise in incidence of sleep apnea in several developing and developed regions around the globe is anticipated to drive the respiratory monitoring devices market. The prevalence is likely to increase due to obesity and advancing age. Growth in the elderly population, particularly males, is estimated to fuel the prevalence of obstructive sleep apnea.
- Rapid advancements in wearable patient monitoring technologies, such as sensor and flexible electronics, is likely to broaden the market outlook.
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North America accounted for the dominant market share of about 36.0% in 2021. The U.S. FDA has approved a number of advanced respiratory monitoring devices in the past few years. Significant adoption of novel respiratory care devices is anticipated to fuel the market development in North America over the next few years.
Europe accounted for 31.0% share of the global market in 2021. Rapid adoption of respiratory care devices in at-home care settings is projected to create significant growth opportunities for companies operating in the region.
The market in Asia Pacific is lucrative. It is driven by the rise in demand for monitoring devices for the management of chronic respiratory diseases such as asthma and COPD. Extensive R&D activities in novel respiratory technology for critically-ill patients are expected to augment market size in the region in the near future.
Prominent medtech companies in the respiratory monitoring devices industry are pursuing research in respiratory system mechanics. They are unveiling devices with novel features to monitor lung mechanics of the critically ill patients. Leading players are engaged in innovation in respiratory monitoring technology to stay ahead of competitors.
Prominent players operating in the market are
- Drägerwerk AG & Co. KGaA
- Welch Allyn, Inc.
- Nihon Kohden Corporation
- MGC Diagnostics
- Vyaire Medical, Inc.
- Ge Healthcare
- Novelda AS
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The respiratory monitoring devices market is segmented based on
- Pulse Oximeters
- Polysomnographs (PSG)
- Peak Flow Meters
- Gas Analyzers
- Ambulatory Surgical Centers
- Specialty Clinics
- Home Care
- Asia Pacific
- Middle East & Africa
- Latin America
- North America
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