Respiratory Monitoring Devices Market (By Device Type: Capnography, Peak Flow Meters, Pulse Oximeters, Spirometers, Gas Analyzers, Polysomnography, and Others; By Indication: Sleep Apnea, COPD, Asthma, and Infectious Disease; By End User: Hospitals, Clinics, and Homecare) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024 – 2033

The global respiratory monitoring devices market size was exhibited at USD 1.53 billion in 2023 and is projected to hit around USD 3.07 billion by 2033, growing at a CAGR of 7.22% during the forecast period of 2024 to 2033.

Key Takeaways:

• North America led the global market with the largest market share in 2023.
• Asia-Pacific is expected to expand at the fastest CAGR during the forecast period.
• By Device Type, the pulse oximeters segment has held the largest revenue share in 2023.
• By Device Type, the peak flow meters segment is anticipated to grow at the fastest CAGR during the projected period.
• By Indication, the COPD dominated the global market in 2023.
• By Indication, the infectious disease segment is projected to expand at the fastest CAGR over the projected period.
• By End User, the hospitals segment had the biggest market share in 2023.
• By End User, the homecare segment is anticipated to grow at the fastest CAGR over the projected period.

Respiratory Monitoring Devices Market Size in the U.S. 2024 To 2033

The U.S. respiratory monitoring devices market size reached US$ 0.29 billion in 2023 and is projected to be worth around US$ 2.95 billion by 2033, with a CAGR of 6.9% between 2024 to 2033.

Based on region, North America dominated the global respiratory monitoring devices market in 2023, in terms of revenue and is estimated to sustain its dominance during the forecast period. The dominant market like US is characterized by the rising healthcare expenditure along with the presence of strong healthcare infrastructure and improved access to the healthcare services. The per capita healthcare expenditure in US is significant, which amounted to US$ 10,624 in 2018. Moreover, increased awareness regarding the various advanced respiratory monitoring devices among the population has fostered the growth of the North America respiratory monitoring devices market.

On the other hand, Asia Pacific is estimated to be the most opportunistic segment during the forecast period. The rising prevalence of the chronic respiratory diseases among the population owing to the rising pollution levels due to rapid industrialization and rapid urbanization is a significant driver that boosts the demand for the respiratory monitoring devices in Asia Pacific. Asia Pacific is considered to be a hub for medical tourism, which makes it one of the fastest-growing markets for the advanced medical devices and equipment. Hence, this region is expected to grow at a significant CAGR during the forecast period.

Growth Factors

The demand for the respiratory monitoring devices is expected to grow at a promising rate in the forthcoming years owing to the rising prevalence of various respiratory diseases. The alarming rising in the incidences of chronic obstructive pulmonary disease (COPD), asthma, and respiratory infections across the globe is boosting the growth of the global respiratory monitoring devices market. According to the World Health Organization, around 65 million people across the globe suffers from COPD and around 3 million dies due to it every year. Around 334 million people are suffering from asthma and around 14% of the global children are affected from it. The rising pollution levels, rising demand for tobacco smoking, and changing lifestyle of the consumers are the major contributors to the surging cases of respiratory diseases among the global population. The manufacturers are investing in the development of the wearable sensors that can efficiently monitor the respiration rate. The increasing focus on making comfortable and convenient devices for the patients is expected to drive the demand for the various innovative respiratory monitoring devices in the forthcoming years. Furthermore, the integration of the latest technologies like integration of the smartphone technology with the pulse oximeters is driving the growth of the market.

Respiratory Monitoring Devices Market Report Scope

Segments Insights:

Device Type Insights

Based on the device type, the pulse oximeters segment dominated the global respiratory monitoring devices market in 2023, in terms of revenue and is estimated to sustain its dominance during the forecast period. The increased popularity of the pulse oximeters in the recent times owing to the COVID-19 pandemic has fostered its growth significantly. In 2020, owing to the rapid spread of the COVID-19 disease, patients were increasingly adopting the pulse oximeters to monitor their oxygen saturation. Moreover, pulse oximeters are non-invasive and can efficiently monitor heart rate and oxygen level, which fueled the demand for the pulse oximeters among the global population. Moreover, the integration of the smartphones with the pulse oximeters can help the healthcare professionals to curb the death rate of the patients suffering from the chronic respiratory diseases. Therefore, the technological advancements in the pulse oximeters are expected to provide new growth avenues to the market players in the forthcoming future.

On the other hand, the peak flow meters are estimated to be the most opportunistic segment during the forecast period. The various benefits of the peak flow meters such as portability, remote accessibility, and easy to handle are the major factors that boosts the growth of the peak flow meters. It can monitor respiratory disease like asthma and can also diagnose chronic disease like lungs cancer. This is a significant driver of the peak flow meters segment. The growing prevalence of asthma and alarming rise in the incidences of lungs cancer is expected to drive the growth of this segment.

Indication Insights

Based on the indication, the COPD segment dominated the global respiratory monitoring devices market in 2023, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributable to the increased pollution levels and high prevalence of smoking. The increased prevalence of chronic obstructive pulmonary disease among the global population is the sole driver of the segment.

On the other hand, infectious disease segment is expected to be the fastest-growing segment during the forecast period. The rising prevalence of various infectious respiratory diseases such as influenza, coronavirus infection, and pneumonia is expected to boost the growth of this segment during the forecast period.

End User Insights

Based on the end user, the hospitals segment dominated the global respiratory monitoring devices market in 2023, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributed to the increased penetration of hospitals across the globe. The increasing investments by the public and the private sector in improving the access to the healthcare facilities coupled with the development of healthcare infrastructure has significantly boosted the growth of the respiratory monitoring devices usage in the hospitals.

On the other hand, the homecare is estimated to be the fastest-growing segment during the forecast period. The increased healthcare expenditure, availability of home healthcare services, growing geriatric population, and increased demand for the convenient healthcare services is fueling the growth of the homecare segment across the globe.

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.

In January 2019, the FDA approved Masimo’sMightSat Rx oximeter used especially for homecare setting.

The various developmental strategies like new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.

Some of the prominent players in the Respiratory monitoring devices market include:

• Medtronic
• GE Healthcare
• Masimo
• Philips Healthcare
• Welch Allyn, Inc.
• Smiths Medical
• MGC Diagnostics Corporation
• Novelda AS
• Dragerwerk AG & Co. KGaA
• Nihon Kohden Corporation

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global respiratory monitoring devices market.

By Device Type

• Capnography
• Peak Flow Meters
• Pulse Oximeters
• Spirometers
• Gas Analyzers
• Polysomnography
• Others

By Indication

• Sleep Apnea
• COPD
• Asthma
• Infectious Disease

By End User

• Hospitals
• Clinics
• Homecare

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)