Global Lung Monitoring Devices Market To Register Substantial Expansion By 2031

Posted on 2022-11-07 by Fact.MR in Healthcare // 0 Comments

Respiration is an irreplaceable human life process, starting at the time of birth and continuing until death. For many decades, a healthy human body has been able to breathe, but due to rising levels of pollution in metropolitan cities and lifestyles involving cigarette smoking, clogging of airways and other lung structures, it is becoming a worldwide issue.

Lung monitoring systems are devices that offer medication to avoid and manage symptoms and help mitigate exacerbations of multiple lung disorders such as chronic obstructive pulmonary disease (COPD) and asthma. Lung monitoring devices may contain either a single or a combination of drugs, such as a bronchodilator, a corticosteroid, a combination of different bronchodilator or corticosteroid respectively.

More than 1 billion people worldwide are affected by chronic respiratory diseases, as per the 2018 Global Asthma Survey. One of the main contributors to this statistic is asthma, which affects infants, adults, and elderly people.

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What are the Key Trends Impacting Growth of the Lung Monitoring Devices Market?

As continuous innovation in the spirometers & sleep test devices, the lung monitoring devices market contoured strong growth rate. The instruments used to calculate the rate of respiration are peak flow meters. The compact design is the factor leading to its high demand, which makes these devices easy to manage, easy to transport, and remotely accessible, hence is expected to increase the growth of lung monitoring devices market.

Therefore, due to their wide variety of uses, ranging from the diagnosis of lung cancer to asthma, the demand for peak flow meters in many countries is extremely strong, helping to expand the lung monitoring devices market.

For intansce, In March 2019, ResMed acquired HB Healthcare Protection, a sleep and respiratory treatment system provider of home-based medical equipment.

Thus, technological assessment fuels the growth of lung monitoring devices market.

Will Transformation in Pricing Due to The Shift in Production to Emerging Economies Increase the Demand for Lung Monitoring Systems?

Manufacturers are concentrating on moving their manufacturing facilities for medical devices to developing regions, owing to the easy availability of essential resources and land for the manufacture of devices with low-cost labor. Therefore, key players are preparing to move their manufacturing facilities to emerging economies, which is expected to inflate profit margins for businesses in turn.

Companies with manufacturing facilities in India, such as Koninklijke Philips N.V., GSK, AstraZeneca and others, concentrate solely on the strategy of growing their sales and expanding their geographical reach by selling their goods in emerging regions. Thus, this in turn is expected to boost the lung monitoring systems market in near future.

Will Rise in Number of COPD Cases in India Along with Increase in Disposable Income Spur the Demand for Lung Monitoring Devices?

Chronic obstructive pulmonary disease (COPD) is a general term used to describe lung conditions such as chronic bronchitis and asthma that are chronically progressive. The prevalence rate of COPD cases in India is 3-4 percent, according to the Journal of Thoracic Disease, and is linked to the rise in biomass smoke exposure.

It is estimated that there are 5 lakh fatalities in India every year because of COPD, according to the Journal of Lung, Pulmonary & Respiratory Science.

With the developing economy, disposable income in the Asia Pacific countries is growing. Rising disposable income is thus expected to allow spirometer devices to have more population numbers. This aspect is projected to drive the growth in India of the market for lung monitoring devices products.

How is the Growing Awareness Programs for Education and Treatment of COPD and Asthma Reshaping the Lung Monitoring Devices Market?

Health care providers and health organizations/societies have launched various awareness programs such as environmental programs, medication maintenance programs, and online education programs for public and health care professionals around the world to control asthma, COPD, and other lung diseases.

COPD is not curable, but with careful treatment it can be handled. These services enable individuals to adopt early treatment, which is projected to result in improved sales over the forecast period for the global market for lung monitoring devices.

Healthcare professionals and associations are working together around the world to develop and prevent lung diseases. AstraZeneca and 10 other business leaders are working together to avoid and monitor the rise in the prevalence of lung diseases. This, in turn, is therefore expected to increase the growth lung monitoring devices market in the near future.

What are the Key Challenges that may Restrain Growth of the Lung Monitoring Devices Market?

The lack of knowledge of the symptoms of asthma and COPD has caused the vast majority of people with respiratory disorders to remain undiagnosed and, ultimately, untreated. This is a significant factor hampering the development of the worldwide demand for lung monitoring devices. A majority of people with COPD symptoms are unaware of the disease and 90 percent of COPD-related deaths occur in low-economy countries.

In many low-income and middle-income countries, the treatment rate for COPD is very low. In addition, low patient awareness of new lung monitoring devices and the high cost of lung monitoring devices will hamper the growth of the demand for lung monitoring devices.

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Competitive Landscape

Key players such as

DeVilbiss Healthcare LLC
Koninklijke Philips N.V.
Vitalograph Ltd
ResMed Inc.
Haag-Streit group
Medline Industries Inc.
Trudell Medical International
Teleflex Inc.
Omron Healthcare Co Ltd.
Rossmax International Ltd.
Vyaire Medical Inc.
nSpire Health Inc.
And others are actively involved in offering lung monitoring devices for different treatment.

What strategies are the Key Players adopting for Increasing their Market Share in the lung monitoring devices Market?

Manufacturers of lung monitoring devices carry out various expansion projects to increase their market share in the global protein markets. The new trend in the healthcare industry is the launch of new products and the expansion with a new product of the company’s product range. With booming medical technology, there is more innovation in inhaler equipment, with main payers launching new products with advanced features.

Philips formed a partnership with Masimo in May 2020. The goal of this collaboration was to incorporate Masimo’s measurement technologies into select multi-parameter MX-Series intelligence monitors to assist clinicians in evaluating ventilation status and cerebral oximetry.

Besides,

Masimo Corporation purchased NantHealth’s Linked Treatment Company in January 2020, (US). This acquisition would help Masimo in assisting hospitals through networking, automation, and creative non-invasive monitoring technology to provide constant treatment.

Thus, this in turn, is expected to boost the growth of lung monitoring devices market

Key Segments of Lung Monitoring Devices Market Covered in the Report

Based on type of device, the lung monitoring devices market has been segmented as:

Spirometers
Pulse Oximeters
Peak Flow Meters
Sleep Test Devices
Gas Analyzers
Capnographs
Other Types of Devices

Based on end user, the lung monitoring devices market has been segmented as:

Hospitals
Clinics
Ambulatory Surgical Centers
Diagnostic Centers
Homecare Settings

Based on the region, the lung monitoring devices market has been segmented as:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa

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