Respiratory Monitoring Devices Global Market Report 2023
Major players in the respiratory monitoring devices market are COVIDien, GE Healthcare, Philips Healthcare, ResMed, Siemens Healthcare, Merck & Co., Calando Pharmaceuticals, Quark Pharmaceuticals, Sirnaomics Inc, and Traversa Therapeutics.
New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Respiratory Monitoring Devices Global Market Report 2023" - https://www.reportlinker.com/p06277132/?utm_source=GNW
The global respiratory monitoring devices market will grow from $1.32 billion in 2022 to $1.46 billion in 2023 at a compound annual growth rate (CAGR) of 10.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The respiratory monitoring devices market is expected to grow to $2.04 billion in 2027 at a CAGR of 8.7%.
The respiratory monitoring devices market consists of sales of pulse oximeters, capnography, spirometers, polysomnography (PSG), peak flow meters, gas analyzers, and others that are used to monitor respiration and heart rate.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Respiratory monitoring devices are used to assess the patient’s respiratory organs and include patches that are placed on the body to measure respiration and heart rates.
Asia Pacific was the largest region in the respiratory monitoring devices market in 2022.North America was the second-largest region in the respiratory monitoring devices market.
The regions covered in the respiratory monitoring devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of respiratory monitoring devices are capnographs, gas analyzers, pulse oximeters, peak flow meters, spirometers, polysomnography, and others.Capnographs are monitoring devices that measure the concentration of carbon dioxide in exhaled air and display a numerical readout and waveform tracing.
The various applications involved are chronic obstructive pulmonary disease (COPD), infectious diseases, asthma, and others that are used by end-users such as laboratories, hospitals, and home use.
The market for respiratory monitoring devices is experiencing exponential growth due to the COVID-19 pandemic. The fact that COVID-19 is essentially a respiratory ailment has boosted the use of respiratory monitoring devices to monitor the physiological functions of the lungs during COVID-19 treatment.
The rising rate of chronic respiratory diseases is expected to drive the respiratory monitoring devices market in the near future.Chronic respiratory diseases such as asthma, bronchitis, pneumonia, and others resulting from different bacterial and viral infections will boost the demand for respiratory monitoring devices.
For example, in according to the National health survey 2021, 4.6% of adults agreed of ever been diagnosed with COPD, emphysema, and chronic bronchitis. Furthermore, according to the national vital statistics system, in 2020, COPD caused 152,657 deaths in the US and bronchitis caused 457 deaths in 2020. The respiratory monitoring devices such as spirometers and pulse oximeters act as essential devices to monitor vital respiratory parameters.
The longer duration of time taken in the approval process of respiratory devices is restricting the growth of the respiratory monitoring devices market. Before a new respiratory device is introduced to the market, it takes 7.2 months for the FDA approval process, which adds to the development costs to be borne by device manufacturers, thus acting as a restraint to the market growth. To reduce incidences associated with respiratory devices and ensure that the devices are safe and have the least adverse reactions, regulatory authorities such as the Medicines and Healthcare products Regulatory Agency (MRHA) in the UK regulates and monitors the devices by restricting devices for use and sending field safety notices to correct the devices. These stringent approval processes and regulatory policies may impact the respiratory monitoring devices market.
The companies in the market are increasingly launching smart respiratory monitoring devices to diagnose and monitor some respiratory diseases.These smart respiratory monitoring devices are Bluetooth-enabled and can be connected to smartphones to continuously monitor vital respiratory parameters.
For instance, in February 2022, Aptar Pharma, a US-based manufacturer of drug delivery systems, launched HeroTracker® Sense.The new offering is a novel digital respiratory health solution that converts a standard meter dose inhaler into a smart connected healthcare device.
It is useful for patients to track their MDI usage and help them stick to their prescribed doses.
In June 2022, Senzime AB, a US-based manufacturer of patient monitoring systems, acquired Respiratory Motion for an initial cash payment of $19 million.The acquisition will help Senzime to expand its product portfolio in monitoring devices market and extend company’s capabilities.
Respiratory motion is a US-based respiratory medical device manufacturer.
The countries covered in the respiratory monitoring devices market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The respiratory monitoring devices market research report is one of a series of new reports that provides respiratory monitoring devices market statistics, including respiratory monitoring devices industry global market size, regional shares, competitors with a respiratory monitoring devices market share, detailed respiratory monitoring devices market segments, market trends and opportunities, and any further data you may need to thrive in the respiratory monitoring devices industry. This respiratory monitoring devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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