Respiratory Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Respiratory Monitoring Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The respiratory monitoring market is poised to grow at a CAGR of 9.5% over the forecast period.

Major respiratory devices were in great demand since the onset of the COVID-19 pandemic. According to the press release by Dozee in February 2021, hundreds of hospitals have embraced Dozee's contactless Remote Patient Monitoring (RPM) technology, which is used to monitor thousands of patients for life-saving alarms. Since COVID-19, the company has aggressively expanded in RPM in terms of production and operational skills, with a strong 20% MoM sales increase. Additionally, as per the study published in MDPI Journal in June 2021, titled "On Analyzing Capnogram as a Novel Method for Screening COVID-19: A Review on Assessment Methods for COVID-19" lower CO2 levels were associated with an increased risk of death in COVID-19 patients. As a result, analyzing capnogram can be an effective tool for monitoring CO2 levels in COVID-19 patients. Hence, the study indicated the rise in the adoption of various respiratory monitoring devices for COVID-19 illness has positively impacted the market studied.

The respiratory monitoring market will show rapid growth due to the rise in the number of chronic obstructive pulmonary disease (COPD) patients, asthma, TB, etc., urbanization and growing pollution levels, the high prevalence of tobacco smoking, and the development of advanced technologies. As stated by the data from the World Health Organization in 2021, chronic respiratory diseases affect more than one billion people globally. Additionally, as per the data from Lung India as of August 2022, the prevalence of asthma among Indian children was around 18.2%. Therefore, the increasing prevalence of respiratory diseases has augmented the demand for early diagnosis and treatment, which is expected to increase the sales of respiratory monitoring devices. Thus, all these factors are expected to drive the respiratory monitoring market.

Moreover, various product launches by the key market players support the market expansion over the forecast period. For instance, in March 2021, Vyaire Medical launched its innovative remote Aiocare mobile spirometer in the United Kingdom. The device helps to promptly diagnose pulmonary diseases including asthma and COPD as accurately as hospital-grade spirometers. Such product launches are expected to propel the growth of the respiratory monitoring devices market over the forecast period. Additionally, various initiatives taken by the pharmaceutical players propel the growth of the market. For instance, in November 2021, Smile Train and Lifebox issued a Request for Proposals (RFP) for a capnography device that would help Smile Train partner hospitals provide complete, safe cleft care for children.

Thus, all the aforementioned factors are expected to boost market growth over the forecast period. However, reimbursement issues and the high price of monitoring devices may restrain the market's growth over the forecast period.

Key Market TrendsSpirometer is Expected to Dominate the Respiratory Monitoring Market During the Forecast Period

A spirometer is a device that measures the amount of air that is inspired and expelled by the lungs. The passage of air into and out of the lungs is measured with a spirometer. Obstructive and restrictive aberrant ventilation patterns can identified by the spirogram.

The segment is expanding as a result of the increasing prevalence of various chronic respiratory diseases and technological improvements in spirometers. For instance, according to the study titled "COPD Guidelines in the Asia-Pacific Regions: Similarities and Differences" published in MDPI Diagnostics in July 2021, COPD is projected to be 14.5% in Australia, 4.4% to 16.7% in China, and 5.6% in Indonesia, while COPD (after removing asthmatics) was 8.6% in Japan, 13.4% in Korea, 4.7% in Malaysia, 5.4% to 6.1% in Taiwan, 3.7% to 6.8% in Thailand, 3.5% to 20.8% in the Philippines, and 6.7% in Vietnam, respectively. Thus, with the increasing prevalence of respiratory diseases, the demand for its monitoring is expected to increase, which is likely to propel the growth of the segment.

Furthermore, technological advancements, greater mobility, and increased ease of operation are expected to fuel segment expansion. For instance, in March 2021, Vyaire Medical launched the AioCare (HealthUp SA, Poland) mobile spirometry system in more than 15 countries, including Australia and other countries. This clinically proven technology expands upon Vyaire’s deep respiratory diagnostics expertise and allows physicians to promptly diagnose pulmonary diseases including asthma and COPD as accurately as hospital-grade spirometers.

Thus, the abovementioned factors are likely to propel the segment's growth over the analysis period.

North America is Expected to Dominate the Respiratory Monitoring Market

North America has dominated the respiratory monitoring market, and the dominance of the market is mainly attributable to the increasing prevalence of respiratory diseases. Also, there is a rise in per capita health expenditure in the country, which is expected to increase over the forecast period owing to the decrease in the unemployment rate. As per the April 2021 statistics by the Asthma and Allergy Foundation of America, each year, over 20 million people in the United States aged 18 and above suffer from asthma. Thus, the frequency of such conditions in the country implies a steady need for respiratory devices in the country, leading to the expansion of the market examined in the United States.

In addition, according to the study titled "Respiratory Symptoms among US Adults: a Cross-Sectional Health Survey Study" published in the Pulmonary Therapy in July 2022, the most common respiratory symptom, followed by a productive cough and shortness of breath, affects 17% of adult Americans. Thus, with the growing burden of respiratory diseases, the demand for respiratory monitoring devices is expected to increase over the forecast period, thereby boosting the market's growth.

Additionally, the development of advanced technology by the market players in the region supports market expansion. For instance, in March 2022, Respira Labs, a respiratory healthcare tech business based in the United States, released Sylvee, an AI-powered wearable lung monitor that employs acoustic resonance to assess lung function and identify variations in lung air volume. It can aid in the early detection and treatment of chronic obstructive pulmonary disease (COPD), asthma, and COVID-19. Additionally, in March 2022, Respiri, a respiratory health management company, started its first reimbursed remote patient monitoring (RPM) pilot program at the Children's Hospital of Michigan in the United States. Such initiatives by the market players are expected to boost market growth over the forecast period.

Competitive Landscape

The Respiratory Monitoring Market studied is highly competitive owing to the presence of major market players. The presence of a considerable number of companies significantly contributes to the market's growth. Product innovation and ongoing R&D activities to develop advanced technologies have helped in boosting the growth of the market. Various strategies and collaborations are being adopted by these key players to maintain their market share. Some of the major market players operating in the market are Airsep Corporation, Medtronic (Covidien), Draegerwerk, GE Healthcare, Getinge Inc., Philips Healthcare, Resmed, and Siemens Healthcare, among others.

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