Preliminary research of Fairfield Market Research indicates a promising growth outlook for global respiratory measurement devices market during the course of next few years.
Constantly Surging Prevalence of Chronic Respiratory Conditions Drives Respiratory Measurement Devices Market Ahead
The respiratory measurement devices market is expected to expand significantly over the coming years. The growth can be linked to rising rates of lung cancer and asthma, particularly in the elderly population, as well as rising medical device technology advancement. For instance, the WHO estimates that there are 235 million cases of asthma worldwide, with children more likely to develop the condition. Additionally, chronic obstructive lung disease claims the lives of almost 3 million individuals annually. Therefore, it is projected that the primary factor driving market growth is the increased incidence of respiratory disorders. Other factors influencing the market growth include an aging population, quick urbanization, an increase in surgical operations, rising pollution levels, and a rise in the incidence of respiratory illnesses including obstructive sleep apnea (OSA), and chronic obstructive pulmonary disease (COPD). For instance, the Centers for Disease Control & Prevention estimates that more than 15.0 million Americans will have COPD in 2021. According to the National Health Service (NHS) UK, 1.17 million people in England had a COPD diagnosis in 2020–2021.
Growing Integration with Wireless Technology Bodes Well for Respiratory Measurement Devices Market
Development of wireless respiratory measurement devices is another major driver for the global respiratory measurement device market. These devices are more effective thanks to the wireless monitoring systems, which also support automated corrective actions. The various respiratory parameters can be improved, which offers sufferers significant alleviation. On the other hand, it is anticipated that the market will see significant growth challenges throughout the targeted period due to the unfavorable reimbursement environment and the availability of inexpensive goods from regional producers. However, shortly, the respiratory measurement devices market may face additional difficulties due to low awareness, and a sizable population that is both underdiagnosed, and undertreated.
Respiratory Measurement Devices Market: COVID-19 Impact
Several hospitals were quickly established in response to the COVID-19 outbreak in Wuhan, China, in order to treat the growing number of patients. To serve an increasing patient population, huge hospitals were established in the US, and Italy over a short period. Within four days, the army in New York transformed the Javits Convention Center into a 2,900-bed hospital. The production of critical care devices has expanded to keep up with demand. Alliances between the healthcare and non-healthcare sectors have been formed to produce respiratory care products due to the situation brought about by the pandemic.
Respiratory Infectious Disease Outbreaks to Promote Respiratory Measurement Devices Market Expansion
Infectious respiratory illnesses directly influence the demand for respiratory care. The most recent and serious of these illnesses is COVID-19; due to the epidemic, demand for ventilators, anda other personal and respiratory protective equipment has increased significantly. The COVID-19 outbreak has increased the need for ventilators, which has led to governmental and commercial backing for accelerating manufacturing. This demonstrates the importance placed on respiratory treatment in the context of an outbreak; as a result, a good growth rate in the respiratory measurement devices market is anticipated.
Respiratory Measurement Devices Market Will Benefit from Rising Demand for Therapeutic Home Care Equipment
The primary drivers influencing the growth of the respiratory measurement devices market are the worldwide elderly population's rapid expansion, the incidence of chronic diseases like COPD, and asthma increasing, and the cost benefits of home care devices and services (compared to hospital visits). Some of the key drivers that are anticipated to present participants in the market with substantial growth prospects include the high growth potential of emerging markets, healthcare decentralization, and the development of smaller devices. Numerous individuals with chronic respiratory illnesses choose to receive care at home because of the escalating cost of healthcare. Since patients utilize these products in home care settings to treat, diagnose, and monitor a range of respiratory ailments, this trend is anticipated to raise demand for goods such as nebulizers, ventilators, and CPAP devices.
Unfavorable Reimbursement Scenario May Restrain Respiratory Measurement Devices Market Expansion
Many patients depend on payments to cover the cost of care. The issue of inadequate payments for various diagnostic tests is currently a problem for the diagnostic industry as a whole and respiratory care diagnostics in particular. In several European nations, only PAP devices and oral appliances are eligible for reimbursement programs (devices that are not covered by insurance have a low market share in the region). Most Asian, and RoW nations also provide very little financial support for respiratory care devices.
Spirometer Dominant in Respiratory Measurement Devices Market as Prevalence of Chronic Respiratory Devices Soars
The spirometer category held the largest market share, and it is anticipated that it will continue to rule the market during the forecast period. The amount of air that is inhaled and exhaled by the lungs is measured by a spirometer. With the aid of a spirometer, airflow into and out of the lungs is measured. The spirogram can detect restrictive and obstructive abnormal breathing patterns. The respiratory measurement devices market is growing due to advancements in spirometer technology and the rising prevalence of various chronic respiratory disorders. According to a study titled "COPD Guidelines in the Asia-Pacific Regions: Similarities and Differences," which was published in MDPI Diagnostics in July 2021, COPD is predicted to affect 14.5% of the population in Australia, 4.4% to 16.7% of the population in China, and 5.6% of the population in Indonesia, whereas 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 As a result, the need for monitoring respiratory disorders is anticipated to rise along with their prevalence, which is projected to fuel the segment's expansion. Furthermore, category growth is anticipated to be fueled by technical developments, enhanced mobility, and improved usability.
COPD Category Spearheads Respiratory Measurement Devices Market on Account of Rising Incidence of Smoking
The COPD category held the largest respiratory measurement devices market share. It is anticipated that it will continue to rule the market during the forecast period linked to environmental factors and the rising incidence of smoking. Following asthma, this market segment is anticipated to develop faster. Furthermore, people with COPD will be impacted by the recent COVID-19 outbreak. Although they do not have an increased risk of getting the condition, it can negatively affect these patients. Therefore, it is anticipated that the high incidence of COPD and the rising number of COPD-related deaths will fuel demand for respiratory care devices over the projection period.
Expanding Tobacco Industry Boosts Respiratory Measurement Devices Market Build-up in Asia Pacific
Over the forecast period, it is anticipated that the Asia Pacific respiratory measurement devices market will account for the largest revenue share due to the region's expanding tobacco use rates, the big pool of respiratory patients, rising healthcare costs, quickly building healthcare infrastructure, rising per capita income, and all of the factors above. Asia Pacific is also becoming a hotspot for medical tourism and is thought to be one of the markets for medical procedures and devices that is expanding the fastest. Medical tourists have been drawn to Asia Pacific nations, especially India, and China, because of the region's affordable infrastructure and healthcare services, as well as the availability of highly trained doctors. Additionally, it is projected that this region's growing older population would fuel market expansion. The elderly population in India—defined as those 60 and older—is anticipated to increase by 41% over the course of a decade, from 138 million in 2021 to 194 million in 2031, according to the National Statistical Office Senior in India 2021 research.
The North American respiratory measurement devices market is anticipated to experience stable revenue growth throughout the forecast period. The aging population, increased respiratory ailments like breathing issues, and new cutting-edge goods are all significantly fueling market expansion in North America. The United States is anticipated to hold the greatest revenue market share in North America. Additionally, viral and bacterial infections brought on by chronic respiratory conditions, including pneumonia, bronchitis, and asthma, fuel market expansion. For instance, 25 million Americans have asthma, compared to 14 million who have the chronic obstructive pulmonary disease (COPD). ResMed, a U.S. manufacturer of respiratory monitoring devices, acquired Propeller Health in December 2018 for 225 million dollars. As a result, the market in Canada is expanding at the fastest rate in the world.
Global Respiratory Measurement Devices Market: Competitive Landscape
A few of the players in the respiratory measurement devices market include Medtronic, Philips Healthcare, Smiths Medical, Drägerwerk AG & Co. KgaA, GE Healthcare, Welch Allyn, Inc., Masimo, MGC Diagnostics Corporation, Vyaire Medical, Inc., Nihon Kohden Corporation, Novelda AS, Welch Allyn, Inc., Masimo, Getinge Inc., Resmed, and Siemens Healthcare.
Recent Notable Developments
Regional Classification of Global Respiratory Measurement Devices Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Respiratory Measurement Devices Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.View Methodology