Respiratory Monitoring Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type of Device (Spirometers, Peak Flow Meters, Sleep Test Devices, Gas Analysers, Pulse Oximeters, Capnography, and Other Types of Devices), By End-User (Hospitals, Home Care Settings, and Others) and Region

The Respiratory Monitoring Market size was valued at US$ 8,289.1 million in 2023 and is poised to grow at a 6.5% CAGR from 2024 to 2030. Respiratory monitoring involves the continuous or intermittent observation of a patient's respiratory function using various devices. These monitoring tools are essential for diagnosing, managing, and treating respiratory conditions such as chronic obstructive pulmonary disease (COPD), asthma, and sleep apnea. According to the World Health Organization, respiratory diseases accounted for 7% of global deaths in 2019, underscoring the critical need for effective monitoring solutions. The market's growth is primarily driven by the increasing prevalence of respiratory diseases, exacerbated by factors such as air pollution, smoking, and an aging population. The COVID-19 pandemic has further heightened awareness about respiratory health, leading to increased demand for monitoring devices. Technological advancements, such as the integration of artificial intelligence and cloud connectivity in monitoring devices, are enhancing the accuracy and accessibility of respiratory monitoring, thereby contributing to market expansion.

Moreover, the shift towards home healthcare and remote patient monitoring, accelerated by the pandemic, is expected to boost the adoption of portable and user-friendly respiratory monitoring devices. However, challenges like the high cost of advanced monitoring equipment and a shortage of trained healthcare professionals in some regions may impede market growth. The North American region held the largest market share in 2021 and is projected to maintain its dominance throughout the forecast period, primarily due to its advanced healthcare infrastructure and high healthcare expenditure.

Respiratory Monitoring Market Key Developments:

In 2021, Philips achieved a significant milestone:

• Received FDA 510(k) clearance for IntelliVue MX750 and MX850 patient monitors
• These monitors include advanced respiratory monitoring features
• Aims to improve patient care and monitoring in clinical settings

In 2020, Masimo introduced Radius T°, a new product with the following features:

• A wearable, wireless thermometer
• Provides continuous body temperature measurements
• Enhances remote patient monitoring capabilities