Market Size of South America Respiratory Monitoring Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Market Size (2024) | USD 199.74 Million |
Market Size (2029) | USD 284.09 Million |
CAGR (2024 - 2029) | 7.30 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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South America Respiratory Monitoring Market Analysis
The South America Respiratory Monitoring Market size is estimated at USD 199.74 million in 2024, and is expected to reach USD 284.09 million by 2029, growing at a CAGR of 7.30% during the forecast period (2024-2029).
- The COVID-19 pandemic impacted the respiratory monitoring market significantly. The demand for respiratory monitoring devices has witnessed significant growth during the pandemic due to the increasing number of COVID-19 cases that require continuous respiratory monitoring. 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 became useful for tracking CO2 levels in COVID-19 patients. Thus, increasing demand for capnograms for monitoring CO2 levels in COVID-19 patients drove the market over the pandemic. According to an article published in the American Journal of Public Health in August 2022, South America turned out to be one of the most vulnerable areas to the pandemic because of regional disparities in health capacities, weak health authority, and structural and historical inequalities that undergird social determinants of health.
- The major factors driving the market's growth include:
- The rise in the prevalence of respiratory diseases.
- A high prevalence of tobacco smoking.
- The development of advanced technologies in respiratory monitoring devices.
- COPD is prevalent in South America owing to multiple factors, such as increased cigarette smoking, exposure to tobacco smoke, and high air pollution. According to a systematic review and meta-analysis published by National Center for Biotechnology Information in 2021, the prevalence of COPD from 37 studies was 7.6%, and pooled prevalence from 26 spirometry estimates was 8.9%. The high prevalence of respiratory disease and tobacco smoking are expected to increase the demand for respiratory monitoring, eventually driving the market over the forecast period.
- Therefore, the increasing prevalence of respiratory diseases has augmented the demand for early diagnosis. All these factors are expected to drive the South American respiratory monitoring market over the forecast period. However, reimbursement concerns and the high cost of monitoring devices are expected to restrain the market's growth.