Market Trends of Global Respiratory Devices Industry
This section covers the major market trends shaping the Respiratory Devices Market according to our research experts:
Pulse Oximeters Segment is Expected to Witness a Significant Growth Over the Forecast Period
Pulse oximetry is a noninvasive method for monitoring a person's oxygen saturation. This can be a useful tool in the management of chronic obstructive pulmonary disease (COPD) and other lung conditions. The rise in respiratory disease and increasing research and development activities by the market players are propelling the growth of the market segment. For instance, as per clinicaltrials.gov, the study sponsored by Raydiant Oximetry, Inc. was initiated in July 2022 and is expected to be completed by December 2023. The Raydiant Oximetry Sensing System (Lumerah) is a non-invasive fetal pulse oximeter that measures fetal arterial oxygen saturation using safe, non-invasive, transabdominal near-infrared spectroscopy. The study aims to verify the accuracy of the sensors. The positive results from such clinical trials could lead to the development of new products, which would drive the growth of the market segment.
Additionally, the initiatives taken by the market players, such as the development of technically advanced products due to the concerns raised by the various regulatory authorities, are also driving the growth of the market segment. For instance, in November 2022, BioIntelliSense unveiled a patented pulse oximetry sensor chipset and integrated processing technology that accurately measures blood oxygen levels across the full range of light to very dark skin pigmentations, as well as during movement and activity, as the United States Food and Drug Administration has concerns over fingertip devices for racial disparity. Over the next few years, this kind of initiative is likely to help the market grow.
Hence, factors such as increasing research and development activities are expected to drive pulse oximeter segment growth over the forecast period.
North America Region Holds Significant Market Share of Respiratory Devices Market Over the Forecast Period
North America holds a healthy market share of the respiratory devices market due to the high burden of COPD, TB, asthma, and sleep apnea in the region. For instance, according to the CDC's 2022 update, 4.6% of adults aged 18 and over had COPD, emphysema, or chronic bronchitis in 2021 in the United States. Because of this, the high number of respiratory diseases in the US is expected to drive market growth over the next few years.
In addition, the advanced research and development (R&D) facilities leading to the development of technologically advanced devices, product launches, and partnerships are leading to significant market growth in North America. According to the NIH's May 2022 update, the United States will spend USD 150 million in 2022 on R&D for respiratory diseases, including COPD (USD 150 million), Asthma (USD 328 million), Tuberculosis (USD 621 million), and Sleep Research (USD 515 million).Therefore, the rising spending on respiratory diseases research is expected to boost the development of innovative respiratory devices in the nation, which is further expected to augment the market's growth during the forecast period.
Additionally, the increasing initiatives, product launches, and strategies by market players in India are also expected to contribute to the market's growth. For example, in December 2021, Vivos Therapeutics started the registration process with Health Canada to make and sell devices for sleep disorders, snoring, and sleep apnea to keep and improve the health of Canadians.
Therefore, owing to the above-mentioned factors, such as the rise in respiratory disease and the increase in company initiatives, North America is expected to dominate the market for respiratory devices.
