A range of sensors are integrated with respiratory monitoring devices, notably polysomnography, capnographs, and pulse oximeters, help in monitoring sleep patterns and in managing chronic respiratory diseases (CRDs), mainly through respiration rate (RR).
Adoption of machine learning in such devices help in automated diagnosis of sleep-related events and respiratory conditions.
The popularity of non-invasive methods has helped the pulse oximeters segment climb to valuation of ~US$ 3.4 Bn by 2027.
The global respiratory monitoring devices market is expected to garner ~6% CAGR during 2019 to 2027.
Research analysts at TMR assert that manufacturers in the respiratory monitoring devices market should focus on improving the effectiveness, convenience, and reliability of sensors in spirometry and capnometry. In particular, focus on innovation on flow and pressure sensors to improve management of respiratory diseases in all clinical settings.
Key Findings of Respiratory Monitoring Devices Market Report
- Of the various types of products, pulse oximeter segment held the leading share in 2018 in respiratory monitoring devices market
- Of all the end-use segments, hospitals held the majority of market share in 2018
- Home care is expected to rise at promising pace and will gain share by the end of 2027
- Among the various key regional markets, North America accounted for the majority of share in 2018
- Asia Pacific respiratory monitoring devices market to rise at robust CAGR of ~7% during 2019 – 2027
Respiratory Monitoring Devices Market: Key Driving Factors and Promising Avenues
- Growing focus on respiratory health in worldwide population is a key driver for opportunities in the respiratory monitoring devices market. The prevalence and mortality of chronic obstructive pulmonary disease (COPD) and asthma is a key factor bolstering the demand for respiratory monitoring devices for diagnostic and therapeutic ends.
- To put things in perspective, per a 2017 report by the WHO, 3 million die every year due to COPD. Further, asthma is the third leading cause of death worldwide
- Rapidly aging population and increasing pollution levels have fueled the prospects in the respiratory monitoring devices market. According to a projection by the WHO, the geriatric population will touch 1.5 Bn by 2050.
- Advances in performance of polysomnography have improved clinical evaluation of problems in sleep patterns, thereby boosting the respiratory monitoring devices market.
- The growing clinical role of respiratory monitoring devices in managing sleep apnea. Over the years, sleep monitoring devices have grown in clinical relevance
- In recent years, numerous product approvals have been made in home care segments. The application smart peak flow meters in detecting asthma exacerbations has also fueled revenues in the respiratory monitoring devices market.
Respiratory Monitoring Devices Market: Competitive Landscape
Players in general are leaning on unveiling respiratory monitoring devices that are reliable, portable, patient-friendly, and cost-effective.
Most have thus focused on ambulatory setting and home care segment to strengthen their competitiveness in the respiratory monitoring devices market.
A few manufacturers and vendors are focusing on mobile technology, such as combining smartphones with pulse oximeters.
Furthermore, players with huge financial might are focusing on research and development activities to gain a competitive edge over others and consolidate shares in respiratory monitoring devices market.
Respiratory Monitoring Devices Market: Regional Assessment
Among the various regions, North America has been a vibrant market for various players in the respiratory monitoring devices market.
The striking appetite for cutting-edge diagnostic devices in the management of chronic respiratory diseases has cemented the high potential in the regional market.
Numerous players in the region have been able to bag approvals, thereby imparting momentum to revenue generation in this regional market.
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