The global respiratory monitoring devices market is expected to grow from $4.5 billion in 2019 to about $9 billion in 2020, as hospitals across the globe are increasing their installed base of such equipment due to their demand in the treatment of COVID-19 patients. The market is expected to stabilize and reach $6.2 billion at an annual rate of 8.6% through 2023. The market for respiratory monitoring devices is experiencing exponential growth due to the coronavirus pandemic. COVID-19, being a respiratory ailment, has boosted the use of respiratory monitoring devices to monitor the physiological functions of lungs during treatment of the disease. These devices include capnographs, gas analyzers, pulse oximeters, peak flow meters, spirometers, and polysomnographs.
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Respiratory Monitoring Devices Market Driven By Chronic Respiratory Diseases
Apart from COVID-19, the rising rate of chronic respiratory diseases in general is expected to further drive the global respiratory monitoring devices market in the near future. Asthma, bronchitis, pneumonia and others, resulting from different bacterial and viral infections, will boost the demand for respiratory monitoring devices. For instance, in the USA, 25 million people are currently suffering from asthma while 14 million people suffer from chronic obstructive pulmonary disease (COPD). Respiratory monitoring devices such as spirometers and pulse oximeters act as essential devices to monitor vital respiratory parameters.
Stringent Regulations In The Respiratory Monitoring Devices Market
A longer duration of time taken in the approval process of respiratory devices is restricting the growth of the respiratory monitoring devices market. Before a new respiratory device is introduced to the market, it takes 7.2 months for the US Food and Drug Administration (FDA) approval process, which adds to the development costs to be borne by device manufacturers. This acts as a restraint to the respiratory monitoring devices market growth. To reduce incidences associated with respiratory devices and ensure that they are safe and have the least adverse reactions, regulatory authorities such as Medicines and Healthcare products Regulatory Agency (MRHA) in the UK regulate and monitor the devices by restricting devices for use and sending field safety notices to correct the devices. These stringent approval processes and regulatory policies may impact the market.
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Introduction Of Smart Respiratory Monitoring Devices In The Market
Companies in the market are increasingly launching smart respiratory monitoring devices to diagnose and monitor the number of respiratory diseases. These smart respiratory monitoring devices are Bluetooth-enabled, which can be connected to smartphones to continuously monitor vital respiratory parameters.
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