Respiratory Monitoring Devices Market Size USD 2.95 Bn By 2030

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15 Nov 2022

Table of Content

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

Report Highlights

• Based on the device type, pulse oximeters dominated the global respiratory monitoring devices market in 2020. This is attributable to a sudden spike in the adoption of oximeters among the global population owing to the rapid spread of the COVID-19 disease in 2020. Moreover, the non-invasiveness and efficient oxygen saturation monitoring offered by pulse oximeters had significantly driven the demand for pulse oximeters across the globe.
• Based on the indication, the COPD segment dominated the market in 2020. This is attributable to the increased prevalence of chronic obstructive pulmonary disease among the global population. Around 65 million people across the globe are suffering from COPD, as per the WHO.
• Based on the end user, homecare is estimated to be the most opportunistic segment during the forecast period. With the rising demand for convenient treatment services and the growing geriatric population, people are opting for home healthcare services. Further, the easy availability of devices like oximeters that can be operated without the guidance of healthcare professionals is boosting the adoption of respiratory monitoring devices among the population.

Regional Snapshot

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.

Market Dynamics

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:

• McKesson Medical-Surgical Inc.
• Fresenius Medical Care
• Becton, Dickinson And Company
• Arkray, Inc.
• Medline Industries, Inc.
• 3M Healthcare
• Baxter International Inc.
• Medtronic PLC
• Braun Melsungen AG
• ConvaTec Group PLC
• Molnlycke Health Care
• Acelity L.P.
• Hollister Inc.
• Others

Market Segmentation

By Type

• Device
• Services

By Device

• Diagnostic & Monitoring Devices
• Therapeutic Devices
• Home Mobility Assist Devices

By Services

• Rehabilitation
• Telehealth
• Respiratory Therapy
• Infusion Therapy
• Unskilled Homecare

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