Global Respiratory Monitoring Devices Market to Register Sustainable Growth at a CAGR of ~6% by 2030 | DelveInsight
The respiratory monitoring devices market is expected to experience significant growth due to the rising incidence of respiratory disorders, the growing number of risk factors contributing to these conditions, and the expanding elderly population vulnerable to respiratory diseases, among other factors, throughout the forecast period from 2024 to 2030.
LAS VEGAS, Sept. 10, 2024 /PRNewswire/ -- DelveInsight's Respiratory Monitoring Devices Market Insights report provides the current and forecast market analysis, individual leading respiratory monitoring devices companies' market shares, challenges, respiratory monitoring devices market drivers, barriers, trends, and key market respiratory monitoring devices companies in the market.
Key Takeaways from the Respiratory Monitoring Devices Market Report
As per DelveInsight estimates, North America is anticipated to dominate the global respiratory monitoring devices market during the forecast period.
In the product type segment of the respiratory monitoring devices market, the spirometers category held a considerable market share in 2023.
Notable respiratory monitoring devices companies such as Koninklijke Philips NV, ResMed, Medtronic plc., GE Healthcare, Draegerwerk, Seimens Healthineers, Nihon Kohden Corporation, Vyaire Medical, Inc., Hamilton Medical, Getinge Inc., BD, Airsep Corporation, Smiths Medical, Masimo, Fisher and Paykel Healthcare, and several others, are currently operating in the Respiratory Monitoring Devices market.
In February 2024, Masimo announced the FDA clearance of MightySat® Medical, making it the first and only FDA-cleared medical fingertip pulse oximeter available Over-The-Counter (OTC) directly to consumers without a prescription. This clearance brought consumers a pulse oximeter medical device powered by Masimo SET® pulse oximetry.
In September 2023, Alveofit (Roundworks Technologies) received approval from the US Food and Drug Administration (FDA) for its portable digital spirometer, alveoair. The product is part of Alveofit's ecosystem, which provides real-time insights to healthcare professionals and enables timely interventions in respiratory care. These insights can offer predictive analytics along with AI models into respiratory health and allow clinicians to prioritize cases and deliver quality care.
To read more about the latest highlights related to the respiratory monitoring devices market, get a snapshot of the key highlights entailed in the Global Respiratory Monitoring Devices Market Report
Respiratory Monitoring Devices Overview
Respiratory monitoring devices play a critical role in assessing and managing patients' respiratory health by measuring key parameters such as respiratory rate, oxygen saturation (SpO2), and carbon dioxide levels. These devices are essential in hospitals, clinics, and home care settings for tracking respiratory function in patients with chronic conditions like asthma, COPD, or sleep apnea. Common types of respiratory monitoring devices include pulse oximeters, capnographs, and spirometers. These tools help in the early detection of respiratory issues, enabling timely interventions and improving patient outcomes, particularly in critical care settings.
Advancements in technology have made respiratory monitoring devices more portable, user-friendly, and accurate. For instance, wearable devices and mobile-integrated solutions are gaining popularity as they allow continuous, non-invasive monitoring, making it easier for patients to manage their conditions outside of clinical environments. These innovations provide real-time data, which can be shared with healthcare providers to offer personalized care and improve the quality of life for individuals with respiratory disorders.
Respiratory Monitoring Devices Market Insights
North America held the largest share of the respiratory monitoring devices market in 2023 compared to other regions. It is also anticipated to lead the global market throughout the forecast period from 2024 to 2030.
Key drivers for the market growth in North America include a significant patient population suffering from respiratory conditions, product approvals, and the presence of advanced healthcare infrastructure, particularly in the United States. The growing number of respiratory disorder cases is likely to increase the demand for respiratory monitoring devices in the U.S. in the coming years.
For instance, in 2020, Aluna, a portable spirometry device, received approval from the FDA, enabling patients to monitor lung health from home without visiting a doctor. As a result of these factors, the U.S. respiratory monitoring devices market is expected to experience strong growth during the 2024–2030 forecast period.
To know more about why North America is leading the market growth in the respiratory monitoring devices market, get a snapshot of the Respiratory Monitoring Devices Market Outlook
Respiratory Monitoring Devices Market Dynamics
The respiratory monitoring devices market has experienced significant growth over recent years, driven by a confluence of factors that have reshaped the healthcare industry. One of the major forces propelling this growth is the increasing prevalence of respiratory diseases, such as chronic obstructive pulmonary disease (COPD), asthma, and sleep apnea. As these conditions affect millions globally, healthcare providers are investing heavily in technology to improve patient care and monitoring. Respiratory monitoring devices, including pulse oximeters, capnographs, and spirometers, are essential for continuous and non-invasive tracking of patients' respiratory health, which is particularly critical for managing chronic conditions.
Technological advancements have also played a pivotal role in enhancing the capabilities of respiratory monitoring devices. The integration of artificial intelligence (AI) and machine learning (ML) algorithms into these devices has enabled the development of more accurate and predictive diagnostics. Wireless and portable respiratory monitoring devices have gained immense popularity, particularly in home care settings, as patients prefer convenient, on-the-go health monitoring solutions. Additionally, telemedicine has emerged as a complementary service, allowing physicians to remotely monitor patients' respiratory parameters, which has become increasingly vital post-pandemic.
The rise in geriatric populations worldwide has further fueled demand for these devices. Older adults are more susceptible to respiratory ailments and typically require constant health monitoring. As a result, there has been a surge in demand for portable, easy-to-use devices that can be operated with minimal supervision. Additionally, the expanding availability of affordable healthcare options in developing countries has also led to greater market penetration of respiratory monitoring technologies in regions like Asia-Pacific and Latin America.
However, despite the positive growth trajectory, certain challenges continue to impede the market's full potential. High costs associated with advanced respiratory monitoring systems can be a barrier for low- and middle-income populations. Moreover, issues related to data privacy and cybersecurity are becoming increasingly relevant as more devices become connected to cloud systems for data storage and analysis. Stricter regulatory frameworks and standards must be adhered to ensure device safety and patient privacy.
Looking ahead, the respiratory monitoring devices market is expected to maintain its upward growth trend. Expanding healthcare infrastructure, especially in emerging economies, and increasing awareness about early disease detection will further enhance market demand. Collaborative partnerships between device manufacturers, healthcare providers, and tech companies will also foster innovation and reduce the cost of these devices, making them more accessible to a wider patient base.
Get a sneak peek at the respiratory monitoring devices market dynamics @ Respiratory Monitoring Devices Market Dynamics Analysis
Report Metrics | Details |
Coverage | Global |
Study Period | 2021–2030 |
Respiratory Monitoring Devices Market CAGR | ~6% |
Key Respiratory Monitoring Devices Companies | Koninklijke Philips NV, ResMed, Medtronic plc., GE Healthcare, Draegerwerk, Seimens Healthineers, Nihon Kohden Corporation, Vyaire Medical, Inc., Hamilton Medical, Getinge Inc., BD, Airsep Corporation, Smiths Medical, Masimo, Fisher and Paykel Healthcare, among others |
Respiratory Monitoring Devices Market Assessment
Respiratory Monitoring Devices Market Segmentation
Porter's Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View
Which MedTech key players in the respiratory monitoring devices market are set to emerge as the trendsetter explore @ Respiratory Monitoring Devices Companies
Table of Contents
1 | Respiratory Monitoring Devices Market Report Introduction |
2 | Respiratory Monitoring Devices Market Executive Summary |
3 | Competitive Landscape |
4 | Regulatory Analysis |
5 | Respiratory Monitoring Devices Market Key Factors Analysis |
6 | Respiratory Monitoring Devices Market Porter's Five Forces Analysis |
7 | Respiratory Monitoring Devices Market Layout |
8 | Respiratory Monitoring Devices Market Company and Product Profiles |
9 | KOL Views |
10 | Project Approach |
11 | About DelveInsight |
12 | Disclaimer & Contact Us |
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