Market Trends of Respiratory Monitoring Industry
This section covers the major market trends shaping the Respiratory Monitoring Market according to our research experts:
Spirometer Segment is Expected to Witness High Growth Over the Forecast Period
A spirometer is a device that measures the amount of air that is inspired and expelled by the lungs. The passage of air in and out of the lungs is measured with a spirometer. Obstructive and restrictive aberrant ventilation patterns can be identified by the spirogram. The segment is expected to grow due to the increasing prevalence of chronic respiratory diseases such as COPD, Asthma, TB, etc., and technological improvements in spirometers. For instance, according to the study published in MDPI Diagnostics in July 2021, COPD is projected to be 14.5% in Australia, 4.4% to 16.7% in China, and 5.6% in Indonesia, while 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 Thailand, 3.5% to 20.8% in the Philippines, and 6.7% in Vietnam, respectively. Thus, with the increasing prevalence of respiratory diseases, the demand for its monitoring is expected to increase, which is likely to propel the growth of the segment.
Furthermore, companies are developing advanced technologies, launching new products, and forming strategic alliances with the market players to stay competitive in the market. For instance, in November 2021, Cipla Limited launched Spirofy, India's first pneumotach based portable, wireless Spirometer, on World COPD Day. With this launch, the company intends to revolutionize Obstructive Airway Disease (OAD) diagnosis, in line with its ambition to strengthen its position as the lung leader in India. Such launches are expected to drive the segmental growth over the forecast period.
Thus, owing to the above factors, the spirometer segment is expected to show significant growth over the coming years.
North America is Expected to Dominate the Respiratory Monitoring Market Over the Forecast Period
North America has dominated the respiratory monitoring market, and the dominance of the market is mainly attributable to the increasing prevalence of respiratory diseases. Also, there is a rise in per capita health expenditure in the country, which is expected to increase over the forecast period owing to the decrease in the unemployment rate. According to data from the Asthma and Allergy Foundation of America, in April 2021, over 20 million people in the United States aged 18 and above suffer from asthma each year. Thus, the frequency of such conditions in the country implies a steady need for respiratory devices, causing the market under study in the United States to grow. In addition, according to the study published in Pulmonary Therapy in July 2022, the most common respiratory symptom, followed by a productive cough and shortness of breath, affects 17% of adult Americans. Thus, with the growing burden of respiratory diseases, the demand for respiratory monitoring devices is expected to increase over the forecast period, thereby boosting the market's growth.
Additionally, the development of advanced technology by the market players in the region supports market expansion. For instance, in March 2022, Respira Labs, a respiratory healthcare tech business based in the United States, released Sylvee, an AI-powered wearable lung monitor that employs acoustic resonance to assess lung function and identify variations in lung air volume. It aided in the early detection and treatment of chronic obstructive pulmonary disease (COPD), asthma, and COVID-19. Additionally, in March 2022, Respiri, a respiratory health management company, started its first reimbursed remote patient monitoring (RPM) pilot program at the Children's Hospital of Michigan in the United States. Such initiatives by the market players are expected to boost market growth over the forecast period.
