New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Lung Monitoring Devices Market Size, Share & Industry Trends Analysis Report By Product Type, By End User, By Regional Outlook and Forecast, 2023 - 2030" - www.reportlinker.com/p06487954/?utm_source=GNW
Therefore, the Homecare segment will capture around 30% share in the market by 2030. The WHO reports that people are living longer overall. The majority of people today likely plan to live until their sixties and beyond. In 2030, one in six individuals will be 60 or older. By this period, 1.4 billion people will be over the age of 60, up from 1 billion in 2020. By 2050, there will be 2.1 billion people in the globe who are 60 years of age or older. The high growth potential of developing nations, the decentralization of healthcare, and the development of miniaturized equipment are some of the key drivers that are anticipated to provide companies in the respiratory home health care sector considerable growth prospects.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In April, 2023, Philips signed an agreement with Northwell Health to support emerging technologies as they advance and grow their patient monitoring systems effectively and fast. Additionally, In January, 2023, Philips extended its partnership with Masimo for accelerating patient monitoring capabilities in home telehealth applications with Masimo W1™ advanced health tracking watch.
Based on the Analysis presented in the Cardinal matrix, Medtronic PLC is the major forerunner in the Market. In March, 2022, Medtronic partnered with Rockley Photonics to create the next generation of wearable healthcare monitoring devices. Companies such as Becton, Dickinson and Company, Nihon Kohden Corporation, and Koninklijke Philips N.V. are some of the key innovators in the Market.
The COVID-19 pandemic severely impacted the global economy. Almost all industries have been impacted by the pandemic either positively or negatively. The pandemic outbreak positively affected the market. It can be understood that the COVID-19 virus mostly affects the respiratory system and COVID-19 had weaken the lungs and immunity in patients, making them susceptible to viral infections and lung diseases which led to a significant increase in demand for lung monitoring devices.
Market Growth Factors
Increasing air pollution across the globe
Motor vehicles, household combustion, forest fires, and industrial facilities are familiar air pollution sources. Pollutants of primary public health concern contain particulate matter, carbon monoxide, ozone, sulphur dioxide, and nitrogen. Indoor and outdoor air pollution cause respiratory and other diseases and are significant factors for mortality and morbidity. According to World Health Organization, almost all of the world’s population breathes air that exceeds WHO guideline limits and has high levels of pollutants. Out of that, low and middle-income countries are suffering from the highest exposures. Long-term exposure to ambient air pollutants is connected with rising cases of COPD and other lung diseases, which are expected to surge the demand and thereby propel the market’s growth.
Rising Tobacco Consumption globally
Tobacco consumption has increased significantly and has become one of the biggest health threats to the world, responsible for many deaths. The World Health Organization (WHO) has predicted that tobacco kills more than 8 million people annually. Out of these, 7 million die from direct tobacco use, while around 1.2 million are from passive or second-hand smoking. About 80% of the world’s 1.3 billion tobacco users are in low-and middle-income nations. As the cases of lung disease are predicted to increase due to the rising consumption of tobacco globally, the utilization lung monitoring devices for the treatment will also surge and boost the market growth.
Market Restraining Factors
High cost of imaging equipment
A chest X-ray can aid in assisting the diagnosis of many lung diseases and rule out other causes of shortness of breath. Various hospitals in developing nations cannot invest in diagnostic imaging equipment due to high costs and financial restrictions. Although several well-known domestic companies have entered this business and started supplying low-cost refurbished equipment to all medical facilities globally, the cost-benefit ratio of this refurbished medical equipment is on the higher side for many small and medium-sized healthcare facilities. This factor poses a significant challenge to the market.
Product Type Outlook
By product type, the lung monitoring device market is fragmented into pulse oximeters, capnographs, others, and spirometers. The pulse oximeters segment garnered a significant revenue share in the lung monitoring market in 2022. Pulse oximeters have been used to determine the patient’s body’s oxygen saturation. The rise in the prevalence of cardiovascular and respiratory disorders, the rise in demand for minimally invasive operations, and the development of novel pulse oximeters by numerous major players all contribute to the growth of this segment.
End User Outlook
Based on end user, the market is segmented into hospitals, homecare, and others. In 2022, the hospitals segment dominated the market with the maximum revenue share. This is because the acceptance of lung monitoring devices in hospital for monitoring and diagnosis. These devices used during surgery, such as gas analyzers and capnography, is also growing as hospital surgeries rise in frequency.
Region wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region generated the highest revenue share in the market. The aging population increased respiratory ailments like breathing issues, and new cutting-edge products are all significantly fueling the expansion of the North American market. Additionally, viral and bacterial infections brought due to chronic respiratory conditions, including pneumonia, bronchitis, and asthma fuel market’s expansion.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Teleflex, Inc., Medtronic PLC, Masimo Corporation, Baxter International, Inc. (Hill-Rom Holdings, Inc.), Nihon Kohden Corporation, ICU Medical, Inc., Vyaire Medical, Inc. (Apax Partners LLP), Becton, Dickinson and Company, Koninklijke Philips N.V. and Propeller Health (ResMed, Inc.)
Strategies deployed in Lung Monitoring Devices Market
Partnerships, Collaborations, and Agreements:
Apr-2023: Philips signed an agreement with Northwell Health, the largest healthcare provider in New York, USA, for helping the health system in increasing patient care, standardizing patient monitoring, and improving patient outcomes while driving interoperability and data innovation. Following this agreement, Northwell Health will not only create the groundwork for an enterprise-wide platform that is future-proof but also be able to support emerging technologies as they advance and grow their patient monitoring systems effectively and fast.
Jan-2023: Philips extended its partnership with Masimo, a medical technology company, for accelerating patient monitoring capabilities in home telehealth applications with Masimo W1™ advanced health tracking watch. To push telemonitoring and telehealth to the forefront, the W1 will interface with Philips’ enterprise patient monitoring ecosystem.
Aug-2022: Medtronic partnered with BioIntelliSense, a clinical intelligence, and continuous health monitoring company, to distribute the BioButton® multi-parameter wearable for continuous, connected monitoring exclusively in U.S. hospitals and 30 days following discharge from a hospital to the patient’s home. Following the partnership, Medtronic aimed to support continuous, connected care from the hospital to the patient’s home, extending its reach to more patients in more locations than ever before.
Mar-2022: Medtronic partnered with Rockley Photonics for creating the next generation of wearable healthcare monitoring devices. The partnership aimed to incorporate Rockley’s brand-new Bioptx biomarker sensing platform into Medtronic’s offerings for use in various healthcare environments.
Acquisition and Mergers:
Jul-2023: ResMed took over Somnoware, the provider of sleep and respiratory care diagnostic software. Together, the companies would foster innovation and provide treatments for patients with sleep problems and other chronic respiratory illnesses.
Jan-2022: ICU Medical acquired Smiths Medical from Smiths Group PLC. Smiths Medical business comprises vascular access, syringe and ambulatory infusion devices, and vital care products. The combined operations, when coupled with ICU Medical’s current businesses, created a market-leading infusion therapy company with pro forma combined revenues of about $2.5 billion. The acquisition of Smiths Medical complemented ICU Medical’s current operations effectively and provides a sizable US-based international rival that strengthened the medical supply chain’s stability and expanded as clinical care models change.
Dec-2021: Baxter International completed the acquisition of Hillrom, a leading medical technology company. The acquisition enabled Baxter to offer a wider range of medical products and services to patients and clinicians across the care continuum and globally. Additionally, the combination quickened the companies’ entry into the digital and connected care solutions markets, which are progressively enabling patients to get hospital-level care at home or in other care settings.
Mar-2020: Masimo announced an agreement to acquire TNI Medical AG, a ventilation company. With the help of TNI’s innovative softFlow technology, clinicians will have crucial new resources at their disposal to treat the rising number of people suffering from pulmonary disorders and respiratory-related ailments, including COVID-19. This acquisition demonstrates the company’s dedication to enhancing patient outcomes and lowering healthcare costs.
Product Launches and Product Expansions:
Jan-2023: Nihon Kohden announced the launch of CoMET (Continuous Monitoring of Event Trajectories), a tool for an early indication of potential risks of catastrophic clinical events. CoMET can forecast the occurrence of important clinical events in the future, such as sepsis, hemorrhage, cardiogenic shock, respiratory failure, and urgent intubation, among others. CoMET continuously monitors data to find small physiological changes, which helps real-time decisions for managing and stabilizing patients. The artificial intelligence application may also illustrate paths of decline and recovery and rank patients according to the estimated risk of developing serious illnesses.
Aug-2022: Masimo launched the Masimo W1™ health watch for consumer use. The Masimo W1, the first of its type, is a wrist-worn wearable that provides precise, continuous measurements and informative health data from the pioneer in hospital pulse oximetry. Masimo W1 offers accurate, continuous monitoring of oxygen saturation (SpO2), as well as pulse rate, respiration rate, and more, and, in a limited market release, hydration index - for consumers wanting to better understand their overall health, improve their fitness, or share their health data with friends and family.
Mar-2021: Vyaire Medical released the AioCare mobile spirometry system in more than 15 countries across Europe, the Middle East, and Australia. Asthma and COPD may now be quickly and accurately diagnosed by doctors using this scientifically tested technology, which builds on Vyaire’s extensive knowledge in respiratory diagnostics. Additionally, it provides top-notch patient monitoring at home via cutting-edge digital connectivity.
Approvals & Trials:
Jul-2023: BD received approval from the U.S. Food and Drug Administration (FDA) for its new version of BD Alaris™ Infusion System. The updated system provides both remediation and a return to complete commercial operations for the most comprehensive infusion system in the US.
Apr-2023: Masimo got the U.S. Food and Drugs Administration Approval for its Rad-G® with Temperature. It is a rugged, versatile, handheld monitor that provides clinically proven SET® pulse oximetry, respiration rate from the pleth (RRp®), and other important parameters alongside non-contact infrared clinical thermometry. With its long-lasting rechargeable battery, robust rubber casing, lightweight, and the added convenience of integrated noninvasive forehead thermometry, Rad-G with Temperature makes it easier for care teams to quickly measure vital signs using a single, compact, portable device and make informed decisions anywhere patient assessment is needed.
Scope of the Study
Market Segments covered in the Report:
By Product Type
• Pulse Oximeters
By End User
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Teleflex, Inc.
• Medtronic PLC
• Masimo Corporation
• Baxter International, Inc. (Hill-Rom Holdings, Inc.)
• Nihon Kohden Corporation
• ICU Medical, Inc.
• Vyaire Medical, Inc. (Apax Partners LLP)
• Becton, Dickinson and Company
• Koninklijke Philips N.V.
• Propeller Health (ResMed, Inc.)
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