Global Lung Monitoring Devices Market: Market Outlook
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.
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 asthma to lung cancer, 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.
Will Strong Growth Potential in China Boost the Lung Monitoring Devices Market Growth?
Compared to countries in North America and Europe, the lung monitoring devices market is experiencing substantial growth (highest growth) in China. This is partially due to the prevalence in these regions of large patient (asthma) populations, including children and geriatrics, which is expected to spur the growth of lung monitoring devices market.
Companies involved in the market for lung monitoring devices are therefore more focused on investing in developing Asia-Pacific economies, such as China and other Asia-Pacific region. Due to increasing health care spending and the existence of large patient pools suffering from various chronic diseases such as asthma and chronic pulmonary obstructive disease, these economies represent tremendous potential for different healthcare devices (sleep test devices and others) (COPD). For intansce,
- In July 2020, In Shanghai, China, Boehringer Ingelheim GmbH announced the opening of its external innovation centre. One part of the company's expansion in Asia is the initiative.
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.
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:
- Pulse Oximeters
- Peak Flow Meters
- Sleep Test Devices
- Gas Analyzers
- Other Types of Devices
Based on end user, the lung monitoring devices market has been segmented as:
- Ambulatory Surgical Centers
- Diagnostic Centers
- Homecare Settings
Based on the region, the lung monitoring devices market has been segmented as:
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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.
- 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.
What are the Key Opportunities for Lung Monitoring Devices Manufacturers?
The increasing digitalization of healthcare is a big opportunity for the growth of the lung monitoring device industry. Precise results are provided by lung monitoring device such as digital peak flow meters and are widely used by people, which can provide an impetus for the lung monitoring device industry to grow significantly. Digital peak flow meters are lightweight and cost-effective, so they can be used at home easily.
Besides, optical peak flow meters are readily available in hospitals and pharmacies for precise monitoring of lung diseases, so more individuals prefer to use them. There are smart pocket peak flow meters, and they can also provide the overall demand with the capacity to grow at a considerable rate.
Due to its scale, technology and simplicity, the intelligent peak flow device is a brilliant device. There are no batteries in the pocket peak flow system and just one moving component, which is a little propeller that rotates to blow. These smart peak flow devices are linked to Android and I devices and the mobile app will share and measure the peak flow data flow. For intansce,
Key players such as
- GSK, Boehringer Ingelheim
- Merck & Co Inc. are emphasis more on the use of portable these devices
Hence, the demand for smart peak flow meters can increase in the future, which can ultimately increase the growth of the lung monitoring devices market at a higher rate.
What is the Repercussion of the Pandemic On the Growth of the Lung Monitoring Devices Market?
In most cases, COVID-19 is a lower-respiratory tract infection that can cause lung tissue inflammation, coughing, and shortness of breath. COVID-19's respiratory damage decreases the overall performance of the lungs.
The pandemic has contributed, among other things, to a rise in demand for personal protective equipment and lung monitoring devices. Due to the COVID-19 outbreak, demand for lung monitoring devices has also increased, resulting in governmental and industrial support to drive the rate of development. This is representative of the backspace emphasis on respiratory treatment.
Therefore, the demand for lung monitoring devices is experiencing enormous requirements worldwide, resulting from the increased need for ventilators due to growing cases of COVID-19.
Lung monitoring devices market provides analysis and information according to market segments such as geographies, type of device, and industry. The research report on lung monitoring devices market provides facts, thoughtful insight and market-validated data.
The report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Historical Actual Market Size, 2016 - 2020
- Market Size & Forecast 2021 to 2031
- Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Market Drivers and Restraints
Regional analysis includes:
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
- Shifting Industry dynamics
- In-depth market segmentation
- Historical, current and projected industry size recent industry trends
- Key Competition landscape
- Strategies for key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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