Respiratory Monitoring Market Size

Respiratory Monitoring Market Analysis

The respiratory monitoring market is expected to register a CAGR of 9.5% over the forecast period.

The outbreak of COVID-19 impacted the respiratory monitoring market significantly. The demand for respiratory monitoring devices has witnessed significant growth during the COVID-19 pandemic due to the increasing number of COVID-19 cases which require continuous respiratory monitoring. Additionally, as per the study published in MDPI Journal in June 2021, lower CO2 levels were associated with an increased risk of death in COVID-19 patients. Hence, analysis of the capnogram can therefore be a useful method for tracking CO2 levels in COVID-19 patients. Such an advantage is expected to drive the market over the pandemic. Furthermore, as per Medtronic's 2022 annual report, COVID-19 is having, and will continue to have, an adverse impact on increasing respiratory monitoring. It also stated that there is a continuous acceptance and growth in respiratory monitoring, led by the Nellcor pulse oximetry sensors and SonarMed Airway Monitoring System for the NICU in the fiscal year 2022. Hence, the above-mentioned factor indicated the impact of the pandemic on the rising adoption of various respiratory monitoring devices, thus driving growth.

The respiratory monitoring market will show rapid growth due to the rise in the number of respiratory diseases, the high prevalence of tobacco smoking, and the development of advanced technologies in respiratory monitoring market. For instance, as per WHO, in 2021, chronic respiratory diseases affect more than one billion people globally. Also, as per the data from Lung India as of August 2022, the prevalence of asthma among Indian children was around 18.2%, in 2021. Furthermore, according to the Forum of International Respiratory Societies report 2022, approximately 200 million people are estimated to have COPD, and 262 million people are affected by Asthma. Additionally, in November 2022, FDA and CDC released federal data from the 2022 National Youth Tobacco Survey which showed that in 2022, more than 1 in 10 middle and high school students (3.08 million) had used a tobacco product from October to November 2022 including 16.5% of high school and 4.5% of middle school students out of which 2.4% were smokeless. Such a high prevalence of respiratory disease and the high prevalence of tobacco smoking are expected to increase the demand for respiratory monitoring, eventually driving the market over the forecast period.

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 promptly diagnose pulmonary diseases such as 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 market's growth. For instance, in November 2021, Smile Train and Lifebox issued a Request for Proposals (RFP) for a capnography device to help Smile Train partner hospitals provide complete, safe cleft care for children. Such company developments are expected to drive the market over the forecast period.

However, reimbursement concerns and the high price of the monitoring devices are the factors expected to restrain the market growth.