Respiratory Monitoring Devices Market: Current Analysis and Forecast (2021-2027)
Respiratory diseases, such as respiratory infections, asthma, lung cancer, and COPDs are increasing at an alarming rate and are the leading cause of death all around the globe. Hence, the manufacturers operating in the market are innovating in wearable strain sensors for effective management of chronic respiratory diseases (CRDs). Increasing efforts to introduce wearable sensors capable of providing measurements on respiration rate as well as volume with high fidelity are further boosting the demand for respiratory monitoring devices. To offer more convenience to patients, manufacturers are increasing their production capabilities of disposable wearable sensors.
Chronic respiratory diseases affect more than 1 billion people, globally, as per the Global Asthma report, 2018. Asthma is one of the largest contributors to this figure, affecting children, adults, and elderly people. There is a high prevalence of severe asthma in the emerging markets, such as MEA and Latin America, as compared to the mid-range prevalence in North America, Europe, and Asia-Pacific countries, which is augmenting the demand for early diagnosis, thereby increasing the sales of respiratory monitoring devices.
Based on product the global Respiratory Monitoring Devices market is segmented into Pulse Oximeters, Capnographs, Spirometers, Polysomnographs, Peak Flow Meters, Gas Analyzers, and Others. Currently, pulse oximeters segment is expected to dominate the market by holding largest market share during the forecast period. Continuous technological advancements coupled with availability of cost-effective pulse oximeters are certain factors contributing to the growth of this segment.
Based on end-user the market is categorized into Home Care, Hospitals, Ambulatory Surgical Centers, and Specialty Clinics. Currently hospital segment dominates the market and is expected to maintain its dominance during the analyzed period. This supremacy is ascribed to growing public-private partnerships to improve access to healthcare services along with rapid developments in healthcare infrastructure in hospitals.
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, United Kingdom, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea and Rest of APAC), and Rest of World. North America has dominated the respiratory monitoring market which is attributable to the surging prevalence of respiratory diseases, rise in per capita health expenditure in the region and increasing number of smokers population. On the other hand, Europe region is anticipated to hold the second largest market share due to the increasing geriatric population and rising awareness about advanced therapies amongst the people.
Some of the major players operating in the market include Medtronic, Philips Healthcare (Koninklijke Philips N.V.), Dragerwerk AG & Co. KGaA, GE Healthcare, Smiths Medical, Masimo, Resmed, Siemens Healthcare, Hamilton Medical and Vyaire Medical Inc.