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 a CAGR of 8.6% through 2023.
This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider respiratory monitoring devices market, and compares it with other markets.
The market for respiratory monitoring devices is experiencing an 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. North America was the largest region in the respiratory monitoring devices market in 2019.
Rising rate of chronic respiratory diseases is expected to drive the respiratory monitoring devices market in near future. The chronic respiratory diseases such as asthma, bronchitis, pneumonia and others resulting from different bacterial and viral infections will boost the demand of respiratory monitoring devices. For instance, in the USA, 25 million people are currently suffering from Asthma while 14 million people suffer from COPD. The respiratory monitoring devices such as spirometers and pulse oximeters act as essential devices to monitor vital respiratory parameters.
Longer duration of time taken in the approval process of respiratory devices is restricting the growth of 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 the 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.
The 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 the 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.
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.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.
Market segmentations break down market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
The respiratory monitoring devices market section of the report gives context. It compares the respiratory monitoring devices market with other segments of the respiratory monitoring devices market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, respiratory monitoring devices indicators comparison.
3. Respiratory Monitoring Devices Market Size and Growth 3.1. Global Respiratory Monitoring Devices Historic Market, 2015-2019, $ Billion 3.1.1. Drivers Of The Market 3.1.2. Restraints On The Market 3.2. Global Respiratory Monitoring Devices Forecast Market, 2019-2023F, 2025F, 2030F, $ Billion 3.2.1. Drivers Of The Market 3.2.2. Restraints On the Market
4. Respiratory Monitoring Devices Market Segmentation 4.1. Global Respiratory Monitoring Devices Market, Segmentation by Type, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
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4.2. Global Respiratory Monitoring Devices Market, Segmentation by End-User, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Respiratory Monitoring Devices Market Regional and Country Analysis 5.1. Global Respiratory Monitoring Devices Market, Split by Region, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion 5.2. Global Respiratory Monitoring Devices Market, Split by Country, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion