According to a new report by Transparency Market Research (TMR), the global respiratory monitoring devices market is expected to garner around 6% CAGR during 2019 to 2027.
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The popularity of non-invasive methods has helped the pulse oximeters segment climb to valuation of approximately US$ 3.4 Bn by 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, says a press release.
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.
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The Respiratory Monitoring Devices Market can be segmented as follows:
- Pulse Oximeters
- Polysomnographs (PSG)
- Peak Flow Meters
- Gas Analyzers
- Home care
- Ambulatory Surgical Centers
- Specialty Clinics
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa