Respiratory Monitoring Devices Market (By Product: Pulse Oximeters, Capnographs, Spirometers, Polysomnographs, Peak Flow Meters, Gas Analyzers, Others; By End Use: Home Care, Hospitals, Ambulatory Surgical Centers, Specialty Clinics) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027
The global respiratory monitoring devices market is anticipated to grow at a CAGR of around 6.3% during the forecast period 2020 to 2027 and to reach around US$ 9.1 Bn by 2027.
Market Dynamics
Increasing COVID-19 effect across the globe, increasing prevalence of chronic respiratory issues and demand for technologically advanced monitoring devices from hospitals and clinics are major factors expected to drive the growth of global market. According to U.S. Department of Health and Human Services currently more than 25 million people in the United States have asthma and approximately 14.8 million adults have been diagnosed with COPD. In the U.S. coronavirus cases crossed the 3 million mark reporting 3,009,611 cases and 131,514 deaths.
High spending on development of healthcare infrastructure and high investment by major players for development of advanced diagnostic devices these are factors expected to impact the growth of target market. In addition, developing regulatory scenario, high R&D activities, and major players focus on tracking the untapped market in developing countries are factors expected to augment the market growth.
Business development activities by major players in order to enhance the customer base and increase the product portfolio is another important factor expected to augment the growth of target market.
- In 2020, Masimo Corporation a global medical technology company acquired Connected Care Business with the focus to provide constant care to the patients through connectivity, automation, and innovative noninvasive monitoring technologies.
- In 2019, ResMed a medical equipment company acquired HB Healthcare Safety this acquisition is expected to help the company to enhance the customer base of homecare settings by providing home-based medical equipment for sleep and respiratory care devices.
- In 2020, Protonic Medical Systems Pvt Ltd a medical device manufacturing company launched Pulse Oximeter (POM – 600) CE Approved used to monitor the amount of oxygen carried in the body. This is expected to help the company to enhance the customer base and enhance the product portfolio.
- In 2020, Mitocon Biomed a medical device company launched Oxysat a Pulse Oximeter with the focus to aid hospitals in order to treat the COVID-19 patients. This is expected to help the company to enhance the customer base.
- In 2020, Neptune Wellness Solutions Inc. a health and wellness company Neptune Halo, an electronic pulse oximeter device. This is expected to help the company to enhance the product portfolio.
Increasing patients approach towards home healthcare is resulting in adoption of smart monitoring devices that aid in providing better treatment of patients on real time basis this is expected to support the growth of target market.
However, factors such as high cost of devices and stringent government regulation related to product approval are expected to hamper the growth of global respiratory monitoring devices market. In addition, unfavorable reimbursement policies in developing countries and availability of low cost alterative are factors expected to challenge the growth of target market.
Growing demand for homecare therapeutic and player’s inclination towards developing countries are factors expected to create new opportunities over the forecast period. In addition, increasing partnership and agreements between regional and international players are factor expected to support the revenue traction of target market.
Segment Analysis by Region
The market in North America is expected to account for significant revenue share owing to availability of advanced infrastructure for adoption of advanced devices. In addition, high healthcare spending by the government, favorable reimbursement policies, and approach towards adoption of home healthcare are factors expected to support the growth of target market.
Presence of major players operating in the country and introduction of innovative solutions in order to attract new customers is expected to boost the growth of target market. In addition, increasing partnership and agreements is expected to support the revenue traction of regional market.
Competitive Landscape
The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.
Report coverage
|
Market |
Global Respiratory Monitoring Devices Market |
|
Analysis Period |
2016 – 2027 |
|
Base Year |
2019 |
|
Forecast Data |
2020 – 2027 |
|
Market Stratification |
Product, End Use and Geography |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Respiratory Monitoring Devices Market Segment Analysis, 2019
The global respiratory monitoring devices market is segmented into product and end use. The product segment is bifurcated into pulse oximeters, capnographs, spirometers, polysomnographs, peak flow meters, gas analyzers, and others. Among product the pulse oximeters is expected to account for significant revenue share in the target segment due to high investment by major players for R&D activities and introduction of innovative solutions in order to attract new customers.
The end use segment is divided in to home care, hospitals, ambulatory surgical centers, and specialty clinics. Among end use the home care is expected to witness faster growth in the global market due to increasing government spending on development of healthcare infrastructure and availability of favorable reimbursement policies.
The players profiled in the report are Beckman Coulter, Abbott Diagnostics, Siemens AG, Ortho-Clinical Diagnostics, Thermo Fisher Scientific, Randox Laboratories Ltd., Roche Diagnostics, ElitechGroup, Mindray, and Horiba.
Market Segmentation
Market By Product:
- Pulse Oximeters
- Capnographs
- Spirometers
- Polysomnographs
- Peak Flow Meters
- Gas Analyzers
- Others
Market By End Use:
- Home Care
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
Market By Region
North America
- U.S
- Canada
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest if Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Meddle East & Africa
Frequently Asked Questions
Which factor expected to drive the growth of respiratory monitoring devices market?
Increasing COVID-19 effect across the globe, increasing prevalence of chronic respiratory issues and demand for technologically advanced monitoring devices from hospitals and clinics are major factors expected to drive the growth of global market.
What will be the market size of global respiratory monitoring devices market in 2027?
The global respiratory monitoring devices market in 2027 is expected to be above US$ 9.1 Bn.
What is the CAGR of the global respiratory monitoring devices market?
The CAGR of the global respiratory monitoring devices market from 2020-2027 is above 6.3%.
Which are the prominent players in the respiratory monitoring devices market?
Beckman Coulter, Abbott Diagnostics, Siemens AG, Ortho-Clinical Diagnostics, Thermo Fisher Scientific, Randox Laboratories Ltd., Roche Diagnostics, ElitechGroup, Mindray, Horiba, and others are the prominent players in the market.
Which segment is growing in end use segment?
In end use segment the home care segment is growing at faster pace.
Which region is expected to grow faster?
In the global market the Asia Pacific region is expected to grow faster
Which insight provides on the respiratory monitoring devices market?
The report provides insights on global respiratory monitoring devices market segment by product, end use, and major geographic regions.
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