Coronavirus Impact: Respiratory Monitoring Devices Market Grows Exponentially, TBRC Reports

LONDON, June 9, 2020 /PRNewswire/ -- The global respiratory monitoring devices market is expected to grow from $4.5 billion in 2019 to about $9 billion in 2020, as hospitals across the globe are increasing their installed base of these equipment due to their demand in the treatment of COVID-19 patients. The market is expected to stabilize and reach $6.2 billion at an annual rate of 8.6% through 2023. 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 lungs during COVID-19 treatment.

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Respiratory Monitoring Devices Market Driven By Chronic Respiratory Diseases

Rising rate of chronic respiratory diseases is expected to further drive the respiratory monitoring devices market in the near future. The 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 instance, in the USA, 25 million people are currently suffering from asthma while 14 million people suffer from chronic obstructive pulmonary disease (COPD). Respiratory monitoring devices such as spirometers and pulse oximeters act as essential devices to monitor vital respiratory parameters.

Stringent Regulations In The Respiratory Monitoring Devices Market

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 US Food and Drug Administration (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 least adverse reactions, regulatory authorities such as 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.

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Introduction Of Smart Respiratory Monitoring Devices In The Market

Companies in the market are increasingly launching smart respiratory monitoring devices to diagnose and monitor number of respiratory diseases. These smart respiratory monitoring devices are Bluetooth-enabled which can be connected to smartphones to continuously monitor vital respiratory parameters. For instance, in 2018, Nuva Air, a Swedish digital health startup launched a smart device, Air Next, that monitors all the vital respiratory parameters in patients with asthma and other respiratory diseases.

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