Published Date : 15 Nov 2022
The global respiratory monitoring devices market size accounted for USD 1.72 billion in 2022 and is expected to hit around USD 2.95 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.9% from 2022 to 2030.
The rising prevalence of chronic respiratory disease, growing geriatric population, and rising healthcare expenditure coupled with the advancements in respiration monitoring devices are the major drivers of the global respiratory monitoring devices market. The rising pollution level and the rising prevalence of tobacco smoking is resulting in an alarming rise in the incidences of various chronic respiratory diseases such as COPD, asthma, Coronavirus infection, and various other respiratory infections is boosting the adoption of various respiratory monitoring devices across the globe. Moreover, the development of advanced healthcare infrastructure has enhanced access to healthcare services, which augments the demand for respiratory monitoring devices in the market.
Respiratory Monitoring Devices Market Report Scope
|Market Size In 2022||USD 1.72 Billion|
|Market Size By 2030||USD 2.95 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 6.9%
|Forecast Period||2022 to 2030|
North America dominated the global respiratory monitoring devices market in 2021. As per the Behavioral Risk Factor Surveillance System survey in 2017, over 16 million people were suffering from COPD, around 23 million were suffering from asthma, and over 33 million adults were having lung diseases. Therefore, the increased prevalence of various respiratory diseases among the US population and improved access to healthcare facilities has boosted the demand for respiratory monitoring devices in the region. Moreover, increased disposable income, better reimbursement policies, increasing healthcare expenditure, and the presence of advanced healthcare facilities in North America are the major drivers of the respiratory monitoring devices market.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is witnessing rapid industrialization and rapid urbanization, which is fueling the pollution levels in the region. The changing lifestyle, increasing prevalence of smoking, and rising air pollution are the major contributors to the increasing prevalence of respiratory diseases among the population. The rising adoption of advanced healthcare equipment in the region is expected to drive the demand for respiratory monitoring devices in the forthcoming years.
Driver: Rising prevalence of various chronic respiratory diseases
The globe is witnessing a surging prevalence of numerous chronic respiratory diseases among the population. According to the World Health Organization, around 65 million people suffer from COPD and around 3 million die due to it every year. Around 334 million people are suffering from asthma and around 14% of global children are affected from it. Hence, the surging number of respiratory disease cases is expected to boost the growth of the global respiratory monitoring devices market during the forecast period.
Restraint: Lack of reimbursement policies for diagnostics
Many times, patients rely on reimbursements to get treatment of various chronic diseases. The respiratory monitoring devices industry is facing the problem of a lack of reimbursements. Most diagnostics are not covered by insurance companies. This may hinder the adoption of respiratory monitoring devices across the globe.
Opportunities: Integration of the latest technologies with the respiratory monitoring devices
The proliferation of technologies in the healthcare sector has encouraged the integration of respiratory devices with smartphones that allow remote access and can facilitate healthcare professionals to control the death rate of patients. For instance, the development of smartphone-connected spirometers, Bluetooth connectivity, and smartphone integration with pulse oximeters. These technological developments are expected to provide new growth opportunities to the market players in the forthcoming years.
Challenges: Huge population that remains undertreated and underdiagnosed
The low affordability, lack of awareness, and low access to healthcare services owing to the lack of proper healthcare infrastructure in underdeveloped and developing regions is a major challenges for the market players. A huge population remains undertreated and underdiagnosed, which restricts the further growth of respiratory monitoring devices.
Some of the Prominent Players:
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