Respiratory Monitoring Devices Market

Global Respiratory Monitoring Devices Market Size (2024 to 2029)

As per our research report, the size of the global respiratory monitoring devices market was valued at USD 21.92 billion in 2023. The global market size is estimated to grow at a CAGR of 9.7% from 204 to 2029 and be worth USD 38.2 billion by 2029 from USD 24.05 billion in 2024. 

A respiratory monitoring device checks proper airway function and oxygen supply. Various respiratory tests are being developed to assess the lungs' effectiveness in exchanging breathing gases and identifying respiratory tract obstructions. Capnography, gas analyzers, pulse oximeters, peak flow meters, spirometers, and polysomnography are among the most common respiratory monitoring equipment produced. These instruments determine the lungs' respiratory capacities to identify acute or chronic respiratory diseases. Respiratory monitoring is a polysomnography (PSG) component and aids in detecting sleep-related breathing problems linked to diurnal movement disorders. Polysomnography (PSG) is a technique for gathering information about breathing and sleeping patterns. Respiratory monitoring device sales are being utilized to supplement the respiratory monitoring device market. Respiratory monitoring devices monitor respiration-related factors that aid in diagnosing respiratory infections.

MARKET DRIVERS

The growing geriatric population and the prevalence of chronic respiratory diseases due to pollution, reduced air quality, smoking, and regular chemical interaction propel the respiratory monitoring devices market growth.

According to the World Health Organization (WHO), an estimated 2.1 billion population will be over 60 years of age by 2050. The continuous growth in the aging population is anticipated to fuel the need for respiratory monitoring devices and boost market growth. According to Lancet Respiratory Medicine, approximately 545 million people suffered from chronic respiratory diseases in 2017. Due to air pollution, a significant number of people are getting affected with life-treating diseases such as lung cancer, COPD, and CVDs every year. The emergence of innovative products such as cordless devices, wearables, smartphones, and integrated devices, owing to rapid advancements in technology, led to the increased adoption rate of these devices, another major factor boosting the growth of the global respiratory monitoring devices market. Also, key players and other medical organizations are developing active respiration monitoring devices to measure the capnography, respiration rate, pulse oximetry, and pulse rate, fuelling the growth of the respiratory monitoring devices market.

In addition, the integration of technologies such as machine learning and signal analysis also boosts the growth of respiratory monitoring devices, especially PSG devices leading to the development of the global respiratory monitoring devices market. The rising prevalence of chronic obstructive pulmonary disorders and increasing accounts of asthma-affected populations, resulting in high demand for respiratory monitoring devices, is expected to accelerate the respiratory monitoring devices market further. Rising focus on research and development activities from private and public organizations for developing technologically advanced monitoring devices integrated with advanced technologies such as wearable strain sensors to meet the continually rising demand and are expected to offer lucrative growth opportunities for key market players during the forecast period. The emergence of innovative products and increasing economies of developing countries such as China, India, Saudi Arabia, and others will also likely create lucrative growth opportunities for the global respiratory monitoring devices market during the forecast period.

MARKET RESTRAINTS

Increasing manufacturing and maintenance costs are limiting the growth rate of the respiratory monitoring devices market. As a result, high manufacturing costs restrain the growth of the global respiratory monitoring devices market to some extent.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Respiratory Monitoring Devices Market Analysis By Diagnostic Devices

The peak flow meter segment is predicted to play a leading role in the global respiratory monitoring devices market during the forecast period. The devices are used to measure the respiration rate. The growing demand for peak flow meters is lightweight, easy to handle and carry, and accessible remotely. The mentioned above factors surge the market growth. Moreover, factors like an extensive range of applications ranging from asthma to lung cancer augment the market development.

Global Respiratory Monitoring Devices Market Analysis By Monitoring Devices

The pulse oximeters segment is expected to dominate the market based on monitoring devices because of its accurate and fast results. Furthermore, it is predicted to be the top segment for the coming years because of its better diagnostic results than others.

REGIONAL ANALYSIS

North America dominated the market in 2023 with a share of 37% and is expected to stay at the top for a few more years. The growing respiratory diseases like breathing problems, the rising aging population, and new advanced products are majorly promoting the growth of the North American market. In North America, the United States is expected to secure the largest market share in revenue. In addition, chronic respiratory diseases like asthma, bronchitis, and pneumonia result in viral and bacterial infections bolstering the market growth. For example, in the U.S., 25 million people have asthma, while 14 million suffer from chronic obstructive pulmonary disease (COPD). In December 2018, ResMed, a respiratory monitoring device manufacturing company in the U.S., obtained Propeller Health for a value of 225million $. As a result, the Canadian respiratory monitoring devices market is the fastest-growing part of the region. 

Europe is projected to have impressive growth during the forecast period. According to the World Health Organization (WHO), nearly 66 million people live with COPD every hour, estimated to kill over 250 people worldwide. In Europe, 4-10%of adults have COPD, the third leading cause of death. The U.K. is leading the region's market share with growing demand for COPD, asthma, and sleep apnea patients strengthening the market growth. 

Asia-Pacific is expected to be growing at the highest CAGR because of increased technological advancements and a rise in disposable incomes. Due to increasing urbanization, the region's market growth is the rising purchasing power of patients in countries like India and China. Moreover, the mounting number of smokers, increasing pollution levels, and healthcare awareness programs by local governments escalate the respiratory monitoring devices market's growth. The escalating demand for better healthcare in India snowballs the market growth during the analysis period. 

Latin America is expected to grow constantly over the review period. More than 37,000 people died in Brazilian 2015 due to COPD, as per the Unified Public Health System's Mortality Information System. In addition, burgeoning government funds and investments in the healthcare sector fuel the respiratory monitoring devices market growth. Brazil is leading the market with significant players focusing on acquisitions and mergers. Mexico's market is said to have the quickest change due to the growing adoption rate and mushrooming demand for respiratory diseases.

MEA is expected to grow at a moderate CAGR during the forecast period. The South African respiratory monitoring devices market is predicted to grow rapidly in this region due to rising stress on chronic lung diseases and growing advanced technologies. South Africa is ranked 25th for occurrence, with an estimated 18 deaths per 100,000 asthma cases. In addition, the high occurrence and adoption of urban lifestyle and growing obesity integrated with tobacco smoke intake surge the region's market growth. 

KEY PLAYERS IN THE GLOBAL RESPIRATORY MONITORING DEVICES MARKET

Notable market participants dominating the global respiratory monitoring devices market analyzed in this report are Covidien, GE Healthcare, Philips Healthcare, Siemens Healthcare, Resmed, Merck & Co. Inc., Calondo Pharmaceuticals Inc., Quark Pharmaceuticals Inc., Access Pharmaceuticals Inc., Sirnaomics Inc., and Traversa Therapeutics Inc.

RECENT HAPPENINGS IN THE MARKET

• In December 2019, Medtronic Inc. collaborated with Christina to provide enhanced therapies and better medical technologies, increase patient outcomes, and reduce treatment costs. This collaboration's primary objective is to identify the patients with the risk of opioid-induced ventilatory impairment, provide continuous monitoring of breath, and create alert systems. 
• In September 2019, Philips Healthcare showcased its product portfolio, including respiratory solutions.
• In November 2019, Smiths Group announced the demerge and separation of smiths medical to enhance execution and boost their opportunities in the individual market.

DETAILED SEGMENTATION OF THE GLOBAL RESPIRATORY MONITORING DEVICES MARKET INCLUDED IN THIS REPORT

This research report on the global respiratory monitoring devices market has been segmented and sub-segmented based on diagnostic devices, therapeutic devices, and regions.

By Diagnostic Devices

• Spirometers
• Peak Flow Meter

By Monitoring Devices

• Sleep Test Devices
• Gas Analyzers
• Pulse Oximeters
• Capnograph

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa