Global Respiratory Monitoring Device Market

Global Respiratory Monitoring Device Market Size, Share, Growth Analysis, By Type(Capnographs, Gas Analyzers), By Application(Chronic Obstructive Pulmonary Disease, Infectious Diseases), By End User(Hospitals, Laboratories) - Industry Forecast 2024-2031

Report ID: SQMIG35A2849 | Region: Global | Published Date: April, 2024
Pages: 221 | Tables: 94 | Figures: 73

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Global Respiratory Monitoring Device Market size was valued at USD 1.35 billion in 2022, USD 1.5 billion in 2023 and is projected to grow USD 3.11 billion by 2031, growing at a CAGR of 11.0% in the forecast period (2024-2031).

Important Players Put Partnerships First to Get an Edge Over Their Rivals. To keep ahead of the competition, major competitors in the market are collaborating with other businesses. To broaden their product offering, numerous businesses are also investing in the introduction of new products. Players also employ mergers and acquisitions as important tactics to diversify their product offerings. 'Sirnaomics Inc. (US) ', 'Siemens Healthcare GmbH (Germany) ', 'CareFusion Corporation (US) ', 'Philips Healthcare (Netherlands) ', 'GE Healthcare Inc. (US) ', 'Micro Idea Instruments Co. Ltd. (Taiwan) ', 'Masimo Corporation (US) ', 'Calondo Pharmaceuticals Inc. (Switzerland) ', 'Pulmonx Corporation (US) Merck & Co. Inc. (US) ', 'ResMed Corp. (US) ', 'Smiths Medical ASD Inc. (US) ', 'Covidien LLC (US) ', 'IITC Life Science Inc. (US) ', 'COSMED S.r.I. (Italy) ', 'Traversa Therapeutics Inc. (US) ', 'OES Medical Ltd. (Israel) ', 'Quark Pharmaceuticals Inc. (US)'

The need for monitoring equipment has surged because of growing public and professional awareness of the significance of respiratory health. Better results and an enhanced quality of life can result from early detection and monitoring of respiratory diseases. The adoption of remote patient monitoring, the heightened focus on respiratory health, and the spike in demand for products like pulse oximeters during the pandemic have all contributed to the market's rise.

Rise of Portable and Home-Based Devices: The market for respiratory care devices is seeing notable developments that are indicative of the rising need for cutting-edge technologies in the diagnosis, treatment, and management of respiratory diseases. The growing use of portable and home-based respiratory care equipment is one noteworthy trend. People who suffer from long-term respiratory conditions, such as asthma and chronic obstructive pulmonary disease (COPD), are finding that home ventilators and portable oxygen concentrators are convenient and easily accessible options. This pattern reduces the need for frequent hospital visits by enabling people to maintain their respiratory health from the comfort of their homes, which is consistent with the larger movement towards patient-centric care.

The global market for respiratory monitoring devices is dominated by North America and Europe for several reasons. These areas are known for their sophisticated technology uptake, well-established healthcare infrastructure, and high healthcare costs. Furthermore, these areas have a comparatively high prevalence of respiratory conditions including asthma and COPD, which fuels the need for respiratory monitoring equipment. Furthermore, North America and Europe dominate this market due to favorable government initiatives, significant R&D, and the presence of major market players. As a result, these regions are important for respiratory monitoring technology innovation and revenue generation.

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